Sharp Decline in Canary Islands Property Market
Property sales transactions in the Canary Islands fell by 11% in October compared to the same month in 2024. This significant drop positioned the archipelago as the second autonomous community in Spain with the steepest decline in such operations, alongside the Balearic Islands. According to data published this Monday by Spain’s National Statistics Institute (INE), only the Madrid region recorded a steeper fall, at 11.7%.
Transaction Numbers and Historical Context
In total, 2,287 home sales were registered in the Canaries in October, a notable decrease from the 2,516 recorded in October 2024. This decline follows a period of strong growth, as transactions in October last year had actually surged by 44.9% compared to October 2023, according to the latest INE Statistics on the Transfer of Property Rights.
Low Rate of Transactions Per Capita
The data further reveals that the islands had the second-lowest number of property transactions per 100,000 inhabitants of any Spanish region. With a rate of 121 transactions per 100,000 people, the Canaries were barely ahead of the region at the bottom of the table, Navarre, which recorded 120.
National Trend and Market Breakdown
Across Spain as a whole, the number of housing sales also decreased in October compared to the same month in 2024, though the national decline of 2.5% was far less pronounced than in the Canaries. The INE figures detail that of the 2,287 homes that changed hands in the islands during October, 81 were protected housing and 2,206 were on the free market. Of the total, 1,628 were second-hand properties and 659 were new builds.
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