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 […]
Gran Canaria’s estate agencies are now back at work and the new normal is like the old normal just with with face masks, hydro-alcoholic gel and social distancing measures.
So far, the indicators are that the Spanish national lock down hasn’t tanked the Las Palmas property market. While there are no foreign buyers flying in, there are plenty of active local buyers.
I’m seeing a mix of people renewing pre-lock down searches, investors looking for opportunities, and those with have just started searching due to changed circumstances and priorities.
New priorities shape the Las Palmas property market in 2020
Today’s buyers are very focused on what they want and less willing to compromise.
Many people have come out of the lock down with a new outlook on life. Enquiries about Las Palmas property with outside space have spiked, as have searches for rural property and houses with gardens in suburban areas.
I know that my own roof terrace was a godsend during the quarantine and a lot of people have realised just how life-enriching an outdoor area is.
Las Palmas apartments with large balconies, terraces or usable roof space are getting a large number of viewings (both virtual and in real life). Anything with a good view is also popular.
In contrast, internal flats are not getting visits at pre-crisis prices. They will be on the radar for investors looking for rental income but only at attractive prices.
New rules for Las Palmas property prices?
The difference in price per square metre that buyers is likely to diverge as this new normal settles in. Desirable features will add extra value (or at least hold their value). Flats with no quality interface with the outdoors will get far less interest.
This trend will gain strength if the tourism sector does not recover in 2020 because buy-to-holiday-let investors will sell up. Since most holiday lets are well decorated and have a balcony or terrace they will catch buyer attention.
Selling a Las Palmas property? Take advantage of the moment…
We don’t know how long the Gran Canaria tourism sector will be in mothballs or understand its long-term effects on the economy or the housing market.
However, we do know that there are buyers in the market and that prices of attractive property remain at pre-lock down levels. My advice is that now is a good time time to sell a Las Palmas property.
I’m Laura Leyshon, a Gran Canaria estate agent based in the capital Las Palmas. I’m one of the top-selling agents in Spain and I help foreign buyers and sellers all over the island.
Selling a Gran Canaria property while international travel is shut down is not as difficult as many expect. Almost everything can now be done either online and with legally-valid digital documents.
At the end of 2019, before the world realised how dangerous the Coronavirus was, I wrote a Gran Canaria property guide for 2020. I predicted a slight drop in property prices on the island.
The market showed signs of a slowdown with February sales figures across Spain down 6% year-on-year.
However, all bets and predictions were off once the Coronavirus pandemic took hold. We are now in uncharted territory and won’t know the full effect on Gran Canaria property for some time. [Read more…]
The combination of extra light, outdoor space and low noise levels means that top floor Las Palmas apartments of all sizes attract far more buyers than equivalent properties on lower floors.
Known as ‘áticos’, or ‘lofts’ in the case of top floor studios, Las Palmas Penthouse apartments are always in high demand
Selling a Las Palmas penthouse
I have something of a reputation for selling Las Palmas penthouse apartments as I focus on the luxury end on the market.
In the last two years, I’ve sold 15 penthouse and beachfront apartments for my clients. All sold for close to the real market value that I provided to the owners. Most sold within three months of going on the market.
If you are a Las Palmas ático owner, here are my tips for selling promptly and at a good market price…
Reach buyers already looking for your property
Penthouse property buyers tend to be affluent and are looking for a property that enhances their lifestyle. They often have specific requirements and are willing to wait for the right property.
Most use an estate agent to keep an eye on the market and inform them about new properties. This is especially true of foreign and non-resident buyers who account for up to 40% of Las Palmas property purchases.
Even local buyers looking for an ático tend to work with their estate agent to pre-filter properties.
What this means is that quality penthouse apartments in Las Palmas often sell as soon as they go on the market.
I’ve had quality penthouse apartments sell within a few days of going on sale and at the market price.
Getting the price right
Most property in Las Palmas is fairly simple to value. You multiply the square metres by the average price in the area and make adjustments for the condition, lack of lift, etc.
However, with Las Palmas áticos, getting the correct valuation is more art than science.
A correct valuation requires an in-depth look at the market and a comparison with all other penthouses on sale in the city. The condition of an ático, and the sensation it evokes when you first walk in, are also important considerations. Other factors include the orientation, outdoor space and the views.
Some price and desirability factors vary depending on the buyer. For example, local buyers are put off by penthouse apartments in older buildings without a lift. However, foreign buyers often don’t mind the stairs as long as they have a big terrace.
The potential for holiday rentals also affects the value, especially now that comunidades can stop new holiday lets in a building.
With so many factors affecting the market value of Las Palmas penthouse property, it’s vital to get a professional valuation right from the start.
For more info on the local market, read my guide to Las Palmas property 2020.
Factor in refurbishment costs
An ático is in an unrestored state with old electrical and water fittings will always sell for less than a modernised penthouse. The cost of a thorough redecoration, including electrical and water fittings and windows, is around 500-600 euros per square metre.
This cost can be factored into the sale price or the work done in advance. However, please consult a local expert before you invest in refurbishment as it is easy to waste money.
Show the property at its best
Many Las Palmas penthouses go on the market unrefurbished and some without even basic tidying and staging.
Selling unrestored isn’t necessarily a bad idea as many buyers value the chance to alter layouts and decorate to their own taste. In these cases, quality architectural drawings help buyers to visualise the property in its final state.
Basic staging and decluttering is essential in penthouse apartments because first impressions of a space are vital.
Get your paperwork up-to-date
Most Las Palmas penthouse apartments, especially those built since the 1980s, have their paperwork in order at the Las Palmas town hall and the Spanish property registry.
However, older properties often need their paperwork updating. It’s worth going to the trouble to legalise old modifications and clarify terrace rights and access in advance. This removes doubts from potential buyers’ minds and makes the sales process smoother.
Selling a Las Palmas penthouse apartment?
I currently have two Las Palmas áticos on the market, with several more coming up. I also have a long list of buyers just waiting for the right penthouse to hit the market.
If you plan to sell a top floor property in Las Palmas, please get in touch for a free assessment and professional valuation. As well as a penthouse specialist, I’m been of Spain’s top-selling estate agents for several years in a row.
The one-bedroom apartment is a good seller in Las Palmas. In recent years the mix of people viewing one-beds has been predictable. Lots of holiday rental investors, some non-residents, and a few first-time buyers and downsizers. Most were bought by the investors.
However, holiday rental investors have stepped back from one-bedroom apartments as there are plenty on the portals. Instead, they buy larger apartments and top floor properties with large terraces.
The people who now view and buy one-bedroom apartments are mainly older local couples looking to downsize. [Read more…]
Every year, I write a guide to the current state of the Las Palmas de Gran Canaria property market and give my predictions for the next 12 months. Here’s the Las Palmas property 2020 report.
It’s a tricky job this year because there are so many factors that could affect property prices. Mostly, it has to be said, in a negative way.
On a local scale we have a deflating touristic bubble in Gran Canaria, the collapse of Thomas Cook, a decline in holiday rental investment and a big increase in new-build property. [Read more…]