In the last twelve months I have saved several clients large amounts of money thanks to my in-depth knowledge of the Las Palmas property market, and of the process of buying and selling property in Spain.
Here are three real-world examples of how my expertise as a Las Palmas property expert, has put thousands of euros back in my clients’ pockets.
1. Recovering 3% in non-resident sales tax
When a non-resident sells a property in Spain, the government automatically withholds 3% of the sale price in case of capital gains tax liabilities. However, many sellers never reclaim the excess, especially when they leave the island just after selling their property.
In 2024, I assisted a client who had sold their property for €400,000. Since they did not make a profit on the sale, they were entitled to a full refund of the €12,000 retention. With my guidance, they successfully claimed it back from the tax authorities – money they would otherwise have lost.
2. Challenging an inflated property valuation to save €20,000
When buying a resale property in Gran Canaria, buyers pay a 6.5% ITP transfer tax, calculated based on the price or a government-estimated value—whichever is higher. This means that even if you negotiate a great deal, the tax office might still demand tax on an inflated value.
A recent buyer of mine was shocked when the taxman tried to charge ITP on a much higher valuation than the actual purchase price. I stepped in and we formally challenged the valuation. The result? The authorities accepted a lower and more accurate valuation, reducing the client’s tax bill by nearly €20,000.
3. Increasing a seller’s profits by €20,000
Property valuation is an art and a science, and under-pricing a home can lead to huge financial losses.
A recent seller was about to sell his property to a friend at an agreed price. However, when I valued it, my estimate was €30,000 higher than what he had planned to sell for. The original sale fell through for unrelated reasons, and the property went on the open market.
It was quickly reserved at my estimated price, meaning that—even after paying my commission—the seller walked away with €20,000 more than he originally expected.
Why a Las Palmas property expert is an investment, not a cost
These cases highlight how a skilled and active estate agent does more than just list properties and arrange viewings. We ensure that you:
- Claim back tax refunds you’re entitled to.
- Avoid overpaying on purchase taxes.
- Maximise the value of your sale.
- Eliminate the risk of unforeseen problems costing you money in the future.
If you’re buying or selling a property in Las Palmas or anywhere in Gran Canaria, work with a Las Palmas property expert. We often earn you more than we cost and save you from expensive mistakes.
If you have questions about taxes, valuations, or pricing your property correctly, I’d be happy to help. Reach out for a free consultation, and let’s make sure you get the best possible deal.