Canary Islands mortgage approvals fall 17% as year‑on‑year growth worsens in January
Out of the 1,854 mortgages granted on urban properties in January in the Canary Islands, 1,447 were for homes; nine on plots and 398 on other types.
The number of mortgages on residential properties in the Canary Islands dropped 16.9 % in January compared with the same month last year (while the national figure rose 6.29 %), worsening the year‑on‑year trend to a total of 1,447 operations, according to data from the National Statistics Institute (INE). Compared with the previous month, the region recorded a 16.8 % increase.
- €202.53 million was lent for residential mortgages in January, 9.21 % less than a year ago.
- Compared with December, the amount lent for mortgages rose 9.6 %.
Looking at all property types, a total of 1,912 mortgages were signed in the region, with a capital outflow of €340.11 million. Of these, 58 were on rural land and 1,854 on urban land.
- 13 operations involved a change of creditor (subrogation to the lender).
- 92 mortgages saw a change of the property owner (subrogation to the debtor).
- 420 mortgages had their conditions altered, 315 of them through novation.
Conversely, 2,096 loans on properties were cancelled in the Canary Islands. The breakdown is:
- 1,615 residential mortgages
- 49 rural land mortgages
- 422 urban land mortgages
- 10 mortgages on plots
Extremadura, the autonomous community with the best performance
When comparing autonomous communities, the mortgage market performed best in:
- Extremadura (+28.80 %)
- Navarra (+28.64 %)
- Andalusia (+19.22 %)
The regions with the poorest records were:
- Aragón (‑20.91 %)
- La Rioja (‑19.5 %)
- Canary Islands (‑16.89 %)
Regarding the total amount lent, the strongest growth was seen in:
- Extremadura (+58.75 %)
- Navarra (+40.21 %)
- Galicia (+38.52 %)
The amount lent fell in:
- La Rioja (‑15.64 %)
- Murcia (‑13.97 %)
- Canary Islands (‑9.21 %).