Mortgage lending in the Canary Islands continues to fall in 2024

The number of mortgages on homes registered in the property registries in January fell by 14.6% compared to the same month of 2023 in the Canary Islands, standing at 1,215, according to data published this Tuesday by the National Institute of Statistics (INE).

The capital loaned on account of these operations formalized in the first month of the current year reached a total volume of 141.36 million euros in the islands, according to the latest Mortgage Statistics prepared by the INE.

In the whole of Spain, the number of mortgages constituted to buy homes fell in January by 10.3% in year-on-year rate, up to 33,128, accumulating twelve consecutive months of decline, according to the aforementioned statistics.

Which underlines that the only communities with a positive annual variation rate in the number of mortgages on homes in January were the Community of Madrid (13.2%), Galicia (9.0%) and Aragon (5.9%), and that, among those that had a negative rate, the Canary Islands was the sixth in the smallest percentage decrease.

So that, although its decrease was greater than the average in Spain, it did not reach half of that recorded by the Principality of Asturias, which recorded the largest decrease in the country, of 30.6%.

Although it almost multiplied by 5 the fall that occurred in the region that had the smallest of the decreases among autonomous communities, Castilla La Mancha, whose decrease was 3.3%, according to data from the INE.

Throughout Spain, globally, the capital loaned on account of the mortgages constituted in the first month of this year stood at 4,576.6 million euros, 12.7% less than in January 2023, while the average amount of these operations fell by 2.7%, to 138,149 euros, they point out.