The Canary Islands experienced a significant rise in property sales In January, with a 22.7% increase over the year before, ranking as the second-highest in Spain. This surge resulted in the highest number of transactions for January since 2008.
The nationwide trend in Spain showed an 11% increase in home sales compared to the previous year, with the Canary Islands leading the way for the seventh consecutive month.
Growth was particularly strong in new home sales, which saw nearly a 31% rise, reflecting a steady upward trend over recent months.
While existing home sales were more frequent, their increase was more modest. Overall, the number of property sales registered, including both rural and urban, saw a slight increase from the same time last year, with urban property sales dominating the market.
La Rioja topped the list in Spain with the highest increase in home sales, followed closely by the Canary Islands and Asturias. Cantabria was the only region to see a drop in sales.
Across Spain, similar growth patterns were observed in several regions, while a few areas experienced decreases in total property sales.
This increase in property sales in the Canary Islands brings a wave of benefits to the region. A boom in real estate can invigorate the local economy by attracting both local and international investors, creating more jobs in construction and related industries.
As the economy thrives, local governments benefit from increased tax revenue from property transactions, allowing for improved infrastructure and public services. A robust property market also boosts consumer confidence, encouraging further spending and investment throughout the islands.
