Now that Gran Canaria property prices have risen for several years, new build property in Las Palmas is becoming far more common.
You can’t walk for five minutes in the Puerto and Guanarteme districts without finding a new building site.
A whole new barrio is currently going up between Guanarteme and the Dr Negrín hospital. It will eventually be connected ton the rest of the city.
The new build properties that hit the market are selling and at a premium to an equivalent property on the second-hand property market. However, this could well change as the supply of new property increases. At the moment, new projects are selling well amongst investors and private buyers.
Is off-plan property in Las Palmas safe to buy?
Spanish law is clear and strict about off-plan property. The sellers have to put any funds they receive into escrow and can only access it once that have reached agreed stages of the build.
There are also strict rules about the guarantees that off-plan sellers must offer their buyers. These include a 10-year structural guarantee.
- Spanish Property Insights have an excellent guide to your rights as an off-plan property buyer in Spain.
If you buy an off-plan property, it’s well worth getting a lawyer, asesor or estate agent to check your contract to make sure that it complies with the law.
Is off-plan and new property in Las Palmas a good deal?
Buying off-plan can save you a significant amount of money and allows you to stagger payments so you don’t have to spend all your capital at once.
Brand new apartments tend to sell at a premium to an equivalent second-hand property. This is because the sellers factor in the low maintenance costs of new property.
Buying new should bring you peace of mind and a hassle-free property for many years.
- Note that the new draft holiday let law includes a clause banning new properties from being used for short-term rental. It’s expected to become official sometime in early 2019 and will only affect buildings that start after it is approved.
Buying off plan and new build property in Las Palmas
Most constructors and building promoters in Las Palmas sell their new apartments privately without agencies. This means that most agents aren’t that helpful if you are in the market for a new build property.
The only way a foreign buyer can find out about them is to contact the company directly. This can be difficult as most building companies target the local market and only speak Spanish.
The alternative is to use a good estate agent to keep you posted about what is on the market. As an established estate agent in the city, I am well-placed to advise you and am always happy to help.
If you’re looking for new build property in Las Palmas, please feel free to get in touch.