I’m Laura Leyshon and I’m Las Palmas’ resident property expert. I work for RE/MAX Cony Overseas, one of the city’s oldest estate agencies and the first RE/MAX office to open in Europe. Cony Overseas has an excellent local reputation and has helped hundreds of foreign buyers and sellers in Las Palmas and all over Gran […]
Buy a Gran Canaria property with a mortgage and the tasación or valuation is a vital step. It’s also one where working with an experienced local estate agent is very useful.
Getting your property valued in Gran Canaria
In Spain, valuations are done by tasadores; professional valuers working for companies recognised by the banks. Tinsa is one example.
Each bank has its own list of recognised companies and often its favourite valuers. Your mortgage bank can organise a valuer although you can choose any one from a recognised company.
The tasador values the property based on the area, property type, size and specifications, and also by comparing it to similar properties in the area. They also check to make sure the property is registered with the town hall and property registry, and has no unpaid charges or fines.
A tasación is therefore a very useful thing to have before you buy a property. It gives you lots of information and peace of mind. It only takes a few days and costs around 300 euros.
Most of the time tasaciones come out at about the market value and there is no problem.
When the valuation comes out too low, or too high
Sometimes the valuation comes out lower than the agreed price between buyer and seller.
Or, the tasador finds an unpaid fine or administrative problem. In these cases the bank asks for more capital from the buyer or can refuse the mortgage application.
A good estate agent can look at a tasación report and make sure that it is correct. For example, are the comparison properties used by the valuer actually similar enough to give an accurate valuation? And has the tasador included the entire property and taken into account detailed market price variations in the area? A small change makes a large difference to the final valuation and may save you a lot of capital.
I recently did this with a property valuation that came out lower than expected. When I checked the tasación’s comparable properties one was in an area with much lower prices per square metre. After consulting with the valuer and the bank about a change, a more accurate valuation was exactly in line with the market price.
Other times, the tasación value comes out higher than expected.
This seems like a good thing but has serious tax implications for the buyer. This is because the Spanish tax authorities check property sales (within 4 tax years of a purchase) and often ask for extra tax. Hacienda bases its tax demand on the the highest valuation in the paperwork.
If your tasación value comes out higher than the purchase price, you could get a tax bill for 6.5% of the difference years after the purchase.
Again, your estate agent can make sure that the valuation is in line with market value and politely suggest reasonable changes.
Working with a Gran Canaria estate agent
As a property buyer in Gran Canaria, using a quality estate agent to help you through the purchase process is highly advisable. Agents earn commission from the seller so a good agent doesn’t cost you anything. A good buying agent is very likely to save you money, time and hassle as they know the process and all the potential pitfalls.
As one of Las Palmas’ leading estate agents, I have helped dozens of Gran Canaria property buyers to find and buy a property here.
The strip of east-facing apartment blocks along the east coast of Las Palmas city, known as the Avenida Marítima, extends from Triana in the south to Mesa y Lopez in the north. Ocean-facing property on the high floors is highly desirable thanks to the views and their large sizes. [Read more…]
The British press is full of reports on the post-Brexit exodus of British residents from Spain’s Costas and Islands. However, the effect of Brexit on the Gran Canaria property market is likely to be far more nuanced. It may well be completely overshadowed by other factors.
Some British residents have already packed up and gone home and non-resident property owners in Gran Canaria face a choice: Is owning a property they can’t use as often as they want still worthwhile? [Read more…]
Ciudad Jardín or the Garden City, is the original Las Palmas luxury property zone and dates back to the founding of the Holy Trinity Anglican Church in the 1880s.
Located midway between the Puerto District and Las Canteras beach, and the old town areas of Vegueta and Triana, the garden city really is a green enclave right in the centre of Las Palmas city. It is also the capital’s most interesting architectural zone with Rationalist, Modernist and Neocanarian houses built from the 1930s to the 1950s. Many of the best examples now have protected facades and you do find the odd architecture buff wandering about the area.
To the north, Ciudad Jardín merges with residential Alcaravaneras and to the south with Arenales with residential and commercial areas. To the east it meets the strip of quality high rise property along the Avenida Maritima and to the west it merges with Altavista, and La Cornisa which are both also quality property areas.
Benefits and disadvantages of property in Ciudad Jardín
Most properties in Ciudad Jardín are large and well-proportioned with high ceilings. However, because most of the area is flat most don’t have a view beyond their own gardens.
The area is quiet and largely traffic free although it can be hard to park if your property doesn’t have an off-road space. It has a large public park called Parque Doramas and is close to the city’s sports marina. There are a small number of quality restaurants in and around the garden city but no large supermarkets.
The area is well connected to the rest of the city by road and public transport. This is just as well as it is a long walk from both Las Canteras beach and Triana shopping district. The city’s growing bike lane network, complete with shared bikes, now runs right by the Garden City. Alcaravaneras beach is close by but not as popular as Las Canteras further north.
The Ciudad Jardín property market and prices
The Garden City is largely residential and many of the houses are still family homes. Other have been divided up into flats and there are even a couple of condominiums arranged around swimming pools.
Prices vary considerably depending on the exact location of the property, the amount of garden space and the quality and layout of the property in question. The price per square metre varies from 2000 to 4000 euros per square metre.
I’m Laura Leyshon and I’m an estate agent living in Las Palmas de Gran Canaria city. I specialise in luxury property, penthouses and villas all over the city and am one of Spain’s top-selling agents. I’m always available on the phone or via email or Whatsapp.
When you own a Gran Canaria property, you pay an annual tax to the local town hall called the Impuesto sobre Bienes Inmuebles (IBI).
The exact amount depends on the size of the property and the land value. Each ayuntamiento sets a rate between 0.4 – 1.1% of cadastral value per annum. The Las Palmas IBI is currently 0.67% of cadastral value. [Read more…]
The suburb of La Minilla is amongst the most desirable property areas in Las Palmas de Gran Canaria city, especially amongst professionals and affluent families.
With views out over the ocean, large modern apartments and green spaces La Minilla feels like a different world. However, it is just 10 minutes walk from Las Canteras beach. [Read more…]