Historical record in the Canary Islands: third community where the most foreigners buy a home in 2023

Historical record in the Canary Islands: third community where the most foreigners buy a home in 2023

The purchase and sale of housing by foreigners registered an “excellent” performance in 2023, accumulating two consecutive years with intense growth, and this type of operations accounted for 15% of the total home purchases in Spain compared to the previous year (13 .8%), reached nearly 88,000 operations. In the case of the Canary Islands It represents 28.5%, according to data from the ‘2023 Yearbook of Real Estate Registration Statistics’ of the College of Registrars.

The Italians They were the ones that had the greatest weight in the purchase of homes in the Canary Islands community.

The autonomous communities with the highest purchase weights by foreigners coincide again with those with great tourist activity, led by the Balearic Islands, with 31.7%, followed by the Valencian Community (29.3%), Canary Islands (28.5%) and Murcia (23.8%).

9.7 percent of the total home purchases made by foreigners had an amount equal to or greater than 500,000 euros (10.1% in 2022). 50.4% of these purchases corresponded to non-EU nationalities, compared to 42.3% in 2022.

House prices grow by 1% in Spain

The average price of housing in Spain has increased by one percent in 2023 at an annual rate, reaching an average amount of 1,963 euros per square meter, the highest level since 2008.

By type of housing, the increase in the price of the new home has been 3.5%, reaching an average of 2,161 euros per square meter, while in used housing it rose by 0.2%, reaching an average price of 1,917 euros.

However the average price per home purchased has fallen slightly 1.1% in annual rate in 2023, breaking the upward trend that began in 2014, and placing the national average at 185,980 euros per home.

By territory, registrars see “notable” differences, both in price per square meter and in average surface area transmitted. Thus, the Balearic Islands and Madrid stand out, above 300,000 euros per operation, which contrasts with the prices of Castilla-La Mancha and Extremadura, below 100,000 euros.

Sales close 2023 with a drop of 9.8%

In relation to number of registered home sales, the year 2023 closed with a drop of 9.8% in the annual rate, giving rise to a change in trend, with 583,042 registrations. This result means reaching twelve sales for every thousand inhabitants.

By type of housing, used, with 474,658 operations, fell by 10.7% annually, while new housing, with 108,384 transactions, experienced a drop of 5.5%. By average surface area, apartments of more than 80 square meters accounted for 50.4% of sales in the last year, compared to 51.6% in 2022, which confirms the loss of weight in the purchase and sale of larger homes. surface.

In relation to sales of bare home ownership – data recorded in this yearbook for the second consecutive year – 1,845 sales of bare home ownership were registered in 2023, 11.3% more compared to the previous year, when the increase was of 23.7%. The growth of 2023 represents three years of growth from the lows of 2020, when they fell 25.7% due to the pandemic.

The number of mortgages on housing falls

In 2023, 383,738 housing mortgages have been created through registration, a 17.2% decrease over the previous yearafter accumulating two consecutive years with notable growth, although this figure remains above the values ​​registered in 2019 (361,414 mortgages).

In all autonomous communities Annual declines have been recorded, with double-digit rates in almost all of them, especially in La Rioja (-36.5%), Cantabria (-21.4%), Galicia (-20.9%) and Aragón (- 20.8%).

On the other hand, 7.5% of the Mortgages constituted on housing in 2023 were formalized by foreign buyers, a percentage higher than the previous year (6.6%). In terms of volume, 28,919 operations were registered, 5.2% less compared to the previous year, in line with the reductions observed at the national level, although with a more moderate drop.

The average mortgage of foreigners in 2023 It was 157,637 euros, with a decrease of 7.8% compared to the previous year, after nine consecutive years of promotions. As for nationals, the general average mortgage was 140,509 euros (-2%), which slightly reduces the differential with respect to foreigners.

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