The sale of houses in the Canary Islands has registered a decrease of 29.2% in August, the largest drop among the regions of Spain. Despite this, the price of housing for sale in the archipelago increased by 2.4%, according to the statistics published this Thursday by the General Council of Notaries.
At a national level, the sale of homes decreased by 17.3% in August, while the granting of mortgages for the purchase of a house fell even further, by 26.8% compared to the same period in 2022, in a context marked by the rise in interest rates to curb inflation and the increased cost of financing.
Despite the significant drop recorded by both indicators for another month, in line with the previous month, the statistics published this Thursday by the General Council of Notaries show an increase in housing prices of 1.8% year-on-year to 1,526 euros/m2.
Coinciding with the changes in monetary policy by the European Central Bank (ECB), notaries were the first to detect decreases in both home sales and mortgages in October of last year.
Purchases fall in all communities with the Canary Islands leading the way
In August, 35,278 home sales were recorded, and by type of house, transactions of apartments decreased by 16.9% year-on-year, reaching 26,103 units, while single-family homes decreased by 18.2% to 9,175 units.
Home sales fell in all autonomous communities, with the largest adjustments occurring in the Canary Islands (-29.2%); Navarre (-28.1%); Basque Country (-25.6%); Catalonia (-21%); Balearic Islands (-20.9%); Andalusia (-18.6%); Madrid (-18.4%) and La Rioja (-17.5%).
With a better performance than the average were Cantabria (-8.9%); Castile and León (-10.5%); Castile-La Mancha (-10.8%); Galicia (-13.4%); Valencian Community (-14.7%); Murcia (-14.8%); Extremadura (-16%) and Aragon (-16.1%). The smallest cut was in Asturias (-0.6%).
