Property sales fell by 19.2% in May in the Canary Islands

The sale of residential properties in the Canary Islands dropped by 19.2% in May this year compared to the same month in 2022, with a total of 2,239 transactions at notaries, according to the latest data just released by the National Institute of Statistics (INE).

Meanwhile, in Spain as a whole, the sale of homes fell by 6.4% year-on-year, with 56,137 transactions in May, which is a drop of almost two points from the one registered in April (-8.1%) but is also the fourth month in a row that numbers have decreased.

Specifically, the sale of ‘second hand’ homes fell by 8.6% in the fifth month of the year, to a total of 45,479 transactions, while the sales of new properties increased by 4.1%, up to 10,658 transactions, the first time the number has increased since January of this year.

OTHER INE STATS:
Looking at month-on-month sales, i.e. May compared to April, sales increased by 29.6% which is the biggest increase since May 2017.

In May of this year, a total of 38,536 sales transactions were carried out between individuals, i.e. not a company, which is 7% less than in the same month of 2022.

Accumulatively in the first five months of the year, the purchase and sale of homes fell by 4.1%, with new homes falling by 2.4% and used homes by 4.5%.

In May the highest number of residential property sales per 100,000 inhabitants occurred in Valencia (232), Cantabria (183), and Andalusia (173).

Eleven regions of Spain sold fewer homes in May 2023 than in the same month of 2022. The most pronounced decreases occurred in La Rioja (-37%), Madrid (-20.5%), Canarias (-19.2%), and the Basque Country (-18.2%), while the most moderate were for Aragon (-2.7%) and Valencia (-1.3%).