The property market starts to slow down after an initial rebound after the pandemic
Property sales in the Canary Islands increased by 31% in April compared to the same month of 2021, with the islands being one of the regions in Spain where it has rebounded the most, according to the latest data from the INE (National Institute of Statistics) released yesterday, even though growth has slowed down overall at national level.
Nationally, the sale of homes rose by 11.9% in April, compared to the same month in 2021, with 47,349 transactions, the highest figure for April since 2008 when it exceeded 54,800 sales.
However, when compared to any other month, the number of deals nationally for April this year is the lowest since October 2021.
With the year-on-year increase in April, which has reduced by more than 13 points (+11.9%) compared to the growth experienced in March (+25.6%), property sales have now increased compared to the previous year for the last 14 months in a row, even though this April was the smallest increase in that period.
The year-on-year rise is due to the increase in sales of new homes, which grew by 3.4% to 8,788 transactions, the lowest number since April 2021, as well as the increase in sales of used properties by 14%, to add 38,561 transactions, the lowest number since December 2021.
In monthly terms (April over March), the sale of homes fell by 20.1%, its largest decrease in a month of April since 2020, when the Covid pandemic began.
In the first four months of the year, the sale of homes has increased by 23.1%, with increases of 26.3% in the case of second-hand homes and 11.5% in new homes.