House prices in the Canary Islands rise 0.9% in March
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The price of housing in the Canary Islands has grown by 0.9 percent in March in relation to the previous month, thus registeringThe biggest monthly reboundl together with the Balearic Islands (+0.9%), according to the Tinsa IMIE General and Large Markets statistics.
In the national setthe price of housing in Spain It maintained the stabilization trend in March, with a slight increase of 0.2% over February and a year-on-year growth of 3.4%.
In this context of progressive stabilizationthe Tinsa Studies Service highlights a series of factors that are favoring the maintenance of demand solvency.
«In the first months of the year the moderation of the Underlying inflation, the resilience of employment and the recovery of household purchasing power. Furthermore, interest rate increases appear to have peaked. All of this contributes to sustaining the solvency and confidence of the demand,” highlighted the director of Tinsa’s Research Service, Cristina Arias.
According to the March index, the average price in Spain It is 18.2% below the maximums reached in 2007 and has appreciated 39% since it hit its lowest value after the financial crisis.
By areas and in interannual terms, most of the groups analyzed showed increases in March. In capitals and large cities, prices rose 2.6% year-on-year in March, while in metropolitan areas they rose 2.9%. For their part, the islands increased their price by 8.2% year-on-year, and the Mediterranean coast registered an increase of 6.5%, thus showing a certain acceleration.
«The slowdown slower in tourist areas “It is consistent with a second home buyer profile with greater purchasing power and an investor profile, which sustains the dynamism of demand in these areas,” Arias pointed out.
The director of the Tinsa Studies Service has indicated that, in the employment centers, reflects greater difficulty in accessing housing after the contraction of mortgage credit and the loss of household purchasing power accumulated since the pandemic. “The shortage of supply helps support prices despite the fact that demand contracts,” he added.
In monthly values (March over February), Tinsa statistics reflect a single decrease in price, that registered by the smallest towns in the interior of the peninsula, with a drop of 0.3%. The largest monthly rise in price was recorded by the Balearic Islands and the Canary Islands, with an increase of 0.9%.
“The proportion of foreign sales in 2023 It reached maximums similar to those of the years 2015-2016. The correction in residential prices after the bursting of the 2008 bubble was more intense in Spain than in other European countries, and its recovery in the last decade has been less. This has meant that Spanish residential has once again become competitive compared to other countries,” concluded Cristina Arias.
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