The number of homes sold in the Canary Islands has dropped sharply, with sales in April down by more than 19% compared to the same month last year, official figures show.
The latest data from the National Institute of Statistics (INE) recorded 1,967 property transactions in the archipelago during the month. Nationally, home sales rose by just over 2% during the same period. Compared to March, sales in the Canary Islands also fell by 13%.
The drop comes amid growing concerns over housing affordability in the region. Only 15% of young people in the Canary Islands have managed to leave the family home, marking the worst figure recorded for this time of year.
Of the sales completed in April, the vast majority involved properties on the open market, with 1,896 transactions. Just 71 were for subsidised or protected housing.
Newly built homes accounted for 507 of the sales, while 1,460 were for second-hand properties.
In total, nearly 3,000 transactions involving homes took place in April, including sales, inheritances, donations and property exchanges. When all commercial property types are included, the total number of transactions reached just over 5,000. Additionally, 736 rural property transactions were recorded.
The slowdown comes as housing costs continue to rise across the islands, putting pressure on many households. Some people are paying as much as €400 a month for a room, according to reports. Charities such as Cáritas say they are struggling to meet growing demand for support as more people face difficulties finding affordable accommodation.
