Mortgage signings in the Canary Islands return to positive rates

In the islands, €235.61 million was lent for mortgage contracts on homes in November, a 45.61 % increase over the capital lent a year earlier.

The number of mortgages signed on residential properties in the Canary Islands rose by 12.6 % in November compared with the same month last year (versus a 12.43 % rise nationwide), ending a period of negative rates and reaching a total of 1,456 operations.

Compared with the previous month, mortgage signings fell in the region, down 9.9 %, according to data from the National Statistics Institute (INE).

• In November, €235.61 million was lent for residential mortgages, 45.61 % more than a year ago.
• Compared with October, the amount of capital allocated to mortgages increased by 3.3 %.

Overall Mortgage Activity

• 1,910 mortgages were concluded across the Canary Islands, with a total capital outlay of €571.21 million.

  • 35 of these were on rural properties.
  • 1,875 were on urban properties.

• Of the 1,875 urban‑property mortgages signed in November:

  • 1,456 were on residential homes.
  • 7 were on building plots.
  • 412 were on other types of urban property.

• 6 operations involved a change of creditor (subrogation to a new lender).

• 204 mortgages saw a change of the property owner (subrogation to a new debtor).

• 407 mortgages underwent changes in their conditions, 197 of which were due to novations.

• Conversely, 2,680 mortgage loans were cancelled in the Canary Islands:

  • 2,016 pertained to residential homes.
  • 41 to rural properties.
  • 590 to urban properties.
  • 33 to building plots.

Regional Comparison (Autonomous Communities)

• The strongest mortgage markets compared with the previous year were:

  • Cantabria (+54.30 %)
  • Valencian Community (+25.68 %)
  • Andalusia (+25.17 %)

• The regions with the weakest performance were:

  • Balearic Islands (‑9.23 %)
  • Aragon (‑7.35 %)
  • Madrid (‑3.28 %)

• In terms of loan amounts, all regions saw increases, with the highest rises in:

  • Cantabria (+81.14 %)
  • Canary Islands (+45.61 %)
  • Valencian Community (+41.94 %)

  The only exception was Aragon, where the loan volume decreased by 1.86 %.