The Canary Islands recorded the sale of 1,590 homes in September, 40.1% less than a year earlier, in the largest drop in the real estate market observed that month in Spain as a whole, which almost doubles the average drop in the sector.
Throughout the country, the sale of homes sharpened its fall in September by plummeting 23.7% year-on-year, its biggest drop since June 2020, and chained eight months in negative territory, in a context marked by successive interest rate hikes and the consequent increase in the cost of financing.
Specifically, 44,086 home sales were recorded, the lowest number of transactions since April, and the month of September with the fewest transactions in three years, according to data released this Friday by the National Institute of Statistics (INE).
In addition to this year-on-year drop, compared to the previous month, August, home sales fell by 10.5%, bringing the accumulated drop so far this year to 8.5%.
Sales fall in all communities with the Canary Islands in the lead
Home sales fell in September in all communities and the Canary Islands led the declines with a drop of more than 40%. Among the largest declines was also Extremadura (32.2%) or Aragon (31.1%).
Above the average were also Catalonia (-28.8%); Balearic Islands (-27.2%); Andalusia (-26.6%); Basque Country (-25.6%) and Madrid (-23.8%).
In September, 153,247 properties were registered in the land registry, 13.2% less. The sale of registered properties decreased by 20.1% year-on-year with 82,778 transactions, exchanges by 17% (404): donations by 16.2% (3,306 units) and inheritances by 3.8% (36,934).
Other transactions (land consolidation, horizontal divisions, payments in kind, foreclosures or judicial awards, among others) totaled 29,825, 1.1% less.
