canary islands property sales prices may 2026

House sales slump in Canary Islands as prices soar 13.7%

Property sales slump in the Canary Islands

The Canary Islands recorded 1,959 property sales in May, a drop of 9.5% compared to the same month in 2025, according to data from the Spanish General Council of Notaries. Meanwhile, prices across the islands rose by an average of 13.7%, reaching €2,516 per square metre.

Nationally, the decline in home sales accelerated in May, posting an 11.8% year-on-year fall, while the average price of housing rose by 8.8% to €2,049 per square metre. This latest downturn marks the eighth consecutive month of falling sales, a trend that began in October 2025 (-1.9%) and continued through November (-2.4%), December (-1%), January (-11.4%), February (-7.7%), March (-4.7%), April (-10.2%) and May (-11.8%).

All of this is playing out against a backdrop of a housing market struggling with a chronic shortage of properties to meet growing demand. This is driving up prices and making it increasingly difficult to get onto the property ladder, particularly for young people and those on lower incomes.

Flats and houses: sales breakdown

A total of 55,761 sales were recorded nationwide in May. By property type, sales of flats fell by 14.1% year-on-year, reaching 41,211 units, while detached homes saw a smaller decline of 4.7%, with 14,550 units sold. Notaries also reported a 2.2% reduction in the average floor area of homes sold across Spain.

Transactions fell in 14 of Spain’s autonomous communities, with the sharpest drops seen in the Valencian Community (-35.8%), the Balearic Islands (-20.6%), Cantabria (-19.7%), Asturias (-17.4%), the Basque Country (-13.6%) and La Rioja (-11.7%). In the Community of Madrid, sales fell by 10.6%, while Catalonia recorded a 4.1% decrease. By contrast, increases were registered in Navarre (8.2%), Castilla-La Mancha (4.5%) and Extremadura (0.2%).

Prices continue to climb across Spain

The price per square metre rose by 8.8% year-on-year across Spain in May. Sixteen of the 17 autonomous communities saw property prices increase, with Galicia being the only region where they fell — by 6.8%. The biggest price hikes were recorded in the Balearic Islands (16.3%), Castilla-La Mancha (15.4%), Andalusia (14.4%), the Canary Islands (13.7%), Navarre (13.5%), Cantabria (12.3%), the Valencian Community (11.9%), Murcia (10.7%), the Community of Madrid (9.2%), Asturias (8.5%) and Catalonia (8.2%).

The price of flats rose by 14% compared to the same month last year, reaching €2,455 per square metre, while detached homes averaged €1,445 per square metre, an increase of 2.7%.

Mortgage lending dips while average loan amount rises

The number of mortgages granted for home purchases fell by 4% year-on-year in May, to 30,577 loans. However, the average loan amount increased by 3.9%, reaching €181,976. Some 54.8% of home purchases were financed through a mortgage, with the loan representing on average 72.5% of the property price.

Mortgage lending for home purchases declined in ten autonomous communities, with the steepest falls recorded in the Valencian Community (-26.1%), Asturias (-15.4%), Castile and León (-12.3%) and Aragon (-9.8%). Increases were seen in six regions: Castilla-La Mancha (14.2%), Catalonia (3.4%), Andalusia (1.5%), the Canary Islands (1.1%), Extremadura (1%) and Murcia (1%). Figures in the Basque Country remained stable compared to the previous year.

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