How To Find The Perfect Las Palmas Rental Apartment

Guide to finding a property to rent in Las Palmas de Gran Canaria city

Most people who live in Las Palmas rent an apartment; the rental market is moving fast at the moment so here’s my guide to searching for a place to live in the city.

The Las Palmas property rental market is currently high on demand and low on supply. Finding a good place to live at short notice is pretty tricky, especially if you want to be close to Las Canteras beach.

There are a couple of good reasons for this…

The first is that most people, local and foreign, want to live in the flat part of Las Palmas close to the beach.

The second is that a lot of residential property is now being rented out as holiday lets; short-term rental was legalised in the city in 2015 and the market is currently booming.

Good news if you own a property, not so good if you want to rent one.

The cost of renting a Las Palmas Property

Studios and one-bedroom apartments close to the beach cost at least 600 euros per month and up to 750 euros, depending on location and on whether they have outside space. A two-bed place costs upwards of 900 per month and three bedrooms will set you back well over 1000 euros per month.

As you move back from the beach and up the hill, prices drop in line with the distance from the flat part of town. In the high parts of the city you can rent three bedrooms for 700 euros per month.

Tenants pay the owner a month’s deposit and the first month’s rent in advance. Some owners ask for two month’s rent as a deposit if their apartment is well furnished or if you have a pet.

In most cases, you don’t have to pay anything else. However, it is legal for the property owner to include clauses in the rental contract that make the tenant liable for the monthly community charge (for lift and communal area maintenance) and even the annual IBI property tax.

Your rights as a Las Palmas rental tenant

See this article for a full guide to your rights as a tenant in Las Palmas & Gran Canaria.

Finding a Las Palmas rental property

It’s almost impossible to find a long-term rental property in Las Palmas before you arrive. Flats rent out fast and owners are not willing to wait for a tenant who isn’t on the island.

So, I advise you to book a holiday let apartment for the first few weeks you are in the city or stay in a hostel, co-working space, or cheap hotel. This way you know you have somewhere to sleep (and an internet connection) while you look for a long-term place to live.

Most owners and estate agencies now advertise their rental properties on the internet on portals like Idealista and Fotocasa.

The portals are the best place to start looking and to get a feel for prices and availability. Check them regularly as good rentals don’t stay on the market for long these days.

Note that many rentals advertised on the portals are listed by estate agents.

Using an estate agency to find a rental property

If you are in Las Palmas and ready to move into a flat, having a good agent scanning for new rentals is a good idea; agents see the latest rentals before they go onto the portals.

Estate agencies in Las Palmas charge a month’s rent as commission when they rent out a property. This fee is paid by the tenant.

So, if you use an agency you have to pay out three month’s rent in advance; one for the commission, one as a deposit, and one in advance.

Las Palmas property rental hacks

Many older owners still don’t trust the internet so it’s always worth walking around looking for signs that say ‘alquiler’.

Also, some owners don’t use agencies and rely on word-of-mouth to rent their apartments so it’s always worth asking in local shops and bars.

The porters in big buildings often act as unofficial letting agents and know if anything is about to become available.

Another option is to scan holiday rental websites like Airbnb and ask owners if they are willing to let you rent long-term. Most owners with property close to the beach will say no, but you may be lucky if you target properties in residential areas of the city away from the sand.

The best months to look are in the slowest months for holiday lets; May, June and September.

If you want to rent a room rather than a flat, look in Facebook groups like Rent & Share Gran Canaria. It’s also worth checking noticeboards in language bookshops and academies, and even up at the University in Tafira.

Las Palmas Property

I’m Laura Leyshon, Las Palmas’ resident British estate agent. If you’re looking for an apartment to rent in the city, please feel free to contact me with the details.

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Selling Luxury Gran Canaria Property: Going Beyond The Basics

Selling a luxury Gran Canaria property is about going beyond the basics and offering quality service to bother seller and potential buyers

There are main two parts to the process of selling a luxury Gran Canaria property. The first is getting the basics right. 

By the basics, I mean quality pricing, photography, descriptions, marketing plan, etc.

Sounds obvious, but the luxury market in Gran Canaria isn’t that sophisticated and high-value properties are often treated the same as standard apartments.

More about that later on. [Read more…]

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Guide To The Main Luxury Gran Canaria Property Areas

 

Luxury Gran Canaria property area guide

As a RE/MAX Collection agent, I specialise in luxury Gran Canaria property. Here’s my guide to the main luxury Gran Canaria property areas and where to look for the island’s best villas, penthouses and grand old townhouses. 

Let’s start with the capital city with its world-class urban beach and cobbled old town. [Read more…]

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Luxury Gran Canaria Property: Adding Value With Quality Service

Laura & Iraya: Luxury Gran Canaria property agents for RE/MAX Collection

Laura & Iraya: Gran Canaria luxury property agents

I’m very proud to be a RE/MAX Collection agent and one of Gran Canaria’s few specialist luxury property agents.  [Read more…]

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Renting A Las Palmas Property? Here’s What You Need To Know

What Spanish law says about renting a Las Palmas property

What the law says about renting a Las Palmas property

Spanish law governing residential rental contracts changed in 2013, but many people don’t know about the new rules. Here’s a quick guide to the current Ley de Arrendamientos Urbanos or LAU for anyone renting a Las Palmas property.  [Read more…]

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5 Sneaky Las Palmas Property Pitfalls That Can Wreck Your Plans (And How To Avoid Them)

5 Las Palmas property pitfalls & how to avoid them

Las Palmas property pitfalls & how to avoid them

Most property sales in Spain are straightforward provided that someone has checked all the paperwork in advance. But occasionally, something comes up that can delay or even derail your purchase. 

Here are five potential Las Palmas property pitfalls that have come up in the last year (I sold 20 properties in the city in the last 12 months). [Read more…]

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Buying A House Or Villa In Las Palmas? Here’s Where To Find Them

Property buyer's guide to finding a house or villa in Las Palmas de Gran Canaria

How to find a house or villa in Las Palmas

Lots of my clients want to buy a house or villa in Las Palmas de Gran Canaria city.

The problem is that Las Palmas is a dense, high-rise city with few typical suburban areas. Houses, especially villa-style houses with gardens, are in short supply.

However, they do exist and the process of buying one is the same as for any other property. The challenge is finding a good one.

Here’s my guide to where to find a house or villa in Las Palmas city…

[Read more…]

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The Ultimate Guide To Getting A Gran Canaria Mortgage In 2017

Complete guide to getting a Gran Canaria mortgage in 2017

The complete guide to getting a Gran Canaria mortgage in 2017 by Laura Leyshon

Here’s pretty much everything you need to know about getting a Gran Canaria mortgage in 2017…

Getting a Gran Canaria mortgage

Getting a mortgage in Gran Canaria involves lots of paperwork but isn’t a particularly complex procedure.

However, depending on the bank and on your circumstances, it can take anything between seven days and four months to go from application to approval.

Here are a couple of vital points to bear in mind… [Read more…]

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How To Buy A Las Palmas Property In 2017

How to find and buy a Las Palmas property in 2017

How to find and buy a Las Palmas property in 2017

Are you planning to buy a Las Palmas property in 2017? Please read these tips fresh from the market first. 

I’m Laura and I’m Las Palmas’ resident property expert. This is my up-to-date advice about how to go about it. It includes the latest info on local mortgages, exchange rates, the Las Palmas property market and how to choose the best local help possible.

 

The Las Palmas property market in 2017

I couldn’t tell you the exact date when the Las Palmas property market changed. It was around Christmas 2016.

And so far the changes are only in the high-demand areas close to Las Canteras beach.

The market just flipped from a buyer’s market (as it had been since about 2008) to a seller’s market.

Why?

Because demand is rising, there’s a lack of quality property on sale, the holiday and residential rental markets are booming, and the local banks are finally offering decent mortgage deals.

The change makes a big difference to foreign buyers coming to Las Palmas to buy a property.

  • In early 2016 all buyers were offering 10-15% below the listing price and expecting to get a discount. Now, buyers have to pay close to the market price (or even offer more for properties with rental potential).
  • Until recently, you made an offer and signed an arras contract with a mortgage clause. In 2017, many sellers don’t want arras agreements with mortgage clauses. They know there are other buyers waiting with the funds ready to go.

What this means to buyers is that you need to have you finances in place early in the process.

Getting a Gran Canaria mortgage in 2017

The local and Spanish banks in Las Palmas are relaxing their mortgage terms and there are good deals out there due to low interest rates.

The thing about Spanish banks is that they are all run in a top-down way. The decision about your mortgage is never made here in Gran Canaria. Instead, all the paperwork goes to headquarters.

Nothing that your the bank in Las Palmas says matters until Madrid agrees.

Several buyers I know fell foul of this in 2017. They got assurances from their local branch here in Las Palmas and put down a deposit only to find out that the bank had changed its terms.

Go to several Las Palmas banks

This is why I urge all Las Palmas property buyers to apply for several different mortgages. Most applications need similar paperwork and banks often accept it electronically.

The extra effort is more than worthwhile if ‘computer says no’ at the last minute at your preferred bank.

I advise going to an online bank such as ING Direct (be prepared for a long paper trail), a big Spanish bank such as Santander, and at least one or two others that offer decent mortgage terms (such as Sabadell, BankInter, Bankia, etc).

While the online banks often offer good terms, they are also stricter about their loans. Online banks in Spain can be absolute pains when it comes to demanding extra paperwork.

Another option is to use a local mortgage broker to apply to many banks for you. They charge a fee but do make sure that nothing is missing from your application.

Also, given that interest rates are low and that US interest rates are set to rise, a fixed-interest mortgage deal is well worth considering.

Get a mortgage approved in advance

The market is moving fast in the areas where most foreign buyers want to own a property in Las Palmas. So, it is vital to get your paperwork into the banks before you try and buy a property.

Knowing how much you can borrow is important but in a fast market it’s the time saved that is most valuable.

Paying for a Las Palmas property in cash

If you have the funds ready to buy you are in a strong position. You can move fast and are at an advantage over people who depend on the banks.

Be aware that all transfers these days have to be electronic due to money laundering laws. You must have a Spanish bank account open before you need to transfer any money from home to Spain.

Renting out your Las Palmas property in 2017

The tourist rental market in Las Palmas is booming to the extent that it’s looking like we are in a bubble…

Everyone with a rental property is on the portals and the pile of Tourist Rental Licence applications gets bigger every day.

For the right property, a well-laid-out, well-decorated apartment close to the beach, preferably with outside space, tourist rental is an excellent long-term idea.

Of course, the right property in other areas also rents out well. Period apartments in and around the Old Town, apartments with views close to shopping areas, etc.

But, there’s a good chance that supply will soon exceed demand in Las Palmas. This will push down occupancy levels and the amount owners can charge.

Before you invest in a tourist rental property, make sure that you buy one that is future-proof. And get good advice about the right areas and property types.

At the moment, residential lets are also booming with rents rising and demand high. The downside of renting your property out long-term is that you can’t use it when you want to.

For more on renting, see my detailed Las Palmas property rental guide.

Choose a good Las Palmas estate agent

With the market starting to move, there are new estate agencies opening in Las Palmas every week. Some are new franchises from Mainland Spain, and independent agents setting up offices. Others are one-man-bands with a mobile phone and little else.

For buyers, this influx of new agents adds a layer of uncertainty…

Big agencies like RE/MAX Cony Overseas care about their reputations and the properties they show. But, not all agents and agencies are as thorough.

As a buyer you want to be sure that your agent is looking after your interests. You want to work with someone who values your satisfaction and their reputation more than they value their next cheque.

Since sellers pay agency fees, my advice to all buyers is to choose an established agency and one that is part of the shared property database.

It gives you legal guarantees and peace of mind.

There is no need to take risks when buying a Las Palmas property.

Buying property in Las Palmas in 2017?

As Las Palmas’ resident estate agent, I specialise in helping foreign buyers to buy a Las Palmas property that suits them.

I’m with you during the entire process from the first enquiry right through until you have the keys and settle in.

As a professional estate agent, I make sure that you find a property that suits you and understand each stage of the sale process.

Buying property in Las Palmas is safe and while there is a fair bit of paperwork, it can all be done with no risk and (relatively) little hassle.

A major benefit of working with me to buy a property is that I am a RE/MAX agent and can show you almost any for-sale property in the city.

And, because many of my clients come to me thanks to recommendations it is very important for me to make sure that I provide the best possible service to everyone.

If you have any questions about the Las Palmas Property market, please feel free to contact me for a chat.

[Read more…]

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The Las Palmas Property Market: 2017 Report

The Las Palmas property market in 2017: Property price and rental yield predictions from local estate agent Laura Leyshon

What awaits the Las Palmas property market in 2017?

With demand, residential rents and rental yield all rising, I predict a busy year for the Las Palmas property market in 2017. [Read more…]

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