In the Canary Islands there were 31,440 home sales in 2022, according to data published by the General Council of Notaries.
With a growth compared to the previous year of 26.9%, the highest in all of Spain, the region reached the maximum number of transactions since the Great Recession caused a halt in sales 15 years ago.
However, the market was much more dynamic during the first part of the year and slowed down over the following months as interest rates rose.
The price per square meter, with an increase of 10.4% compared to the previous year, exceeded the barrier of 3,000 euros for the first time, reaching an average of 3,200 euros.
A total of 15,302 mortgages were formalized in the Canary Islands during 2022, which represents an increase of 11.1%. The average amount was 154,000 euros, 4.3% higher than in 2021.
In Spain the growth was 6.1%
At the national level, the number of sales increased by 6.1% annually, reaching 719,680 units, the highest figure in 15 years.
Meanwhile, the average price per square meter stood at 1,615 euros, registering an annual increase of 7.2%.
The recovery of real estate activity and prices continued to be dynamic in 2022, although at lower rates than in 2021, influenced by the anomalous year 2020 due to the impact of the health and economic crisis of COVID-19.
However, one of the trends of the year was the progressive cooling of the market throughout the year. Sales went from growing 22.8% year-on-year in the first quarter to decreasing 10.6% in the fourth.
For their part, average prices per square meter grew at rates of 11.0% in the first quarter of the year and moderated their rates to 3.5% in the last quarter, even being very close to 0% in Dec-22.
