Demand is focused on a few areas
Almost everyone interested in buying a Las Palmas property starts out by looking at the Las Canteras beachfront. It’s a high demand and consequently expensive area with frontline prices starting at €3,500 per square metre. However, it’s also a large area and prices drop quickly within a couple of blocks of the promenade in the Port District.
There are still bargains close to the beach
There are still pockets of excellent value close to the beachfront in Guanarteme and La Isleta where you can get a great apartment or even a house within easy walking distance of the beach.
Other high demand areas include Mesa y Lopez, Triana and Vegueta Old Town, and the modern developments at La Minilla and Siete Palmas.
Read this guide to all the main Las Palmas property areas.
Touristic rental in Las Palmas is now legal
A change to the law in May 2015 makes it legal to rent your Las Palmas apartment to tourists on a weekly basis. Informal rentals have always been popular but everything is now above board.
The city is becoming more popular every year with city break tourists, digital nomads and winter tourists and the right buy-to-let Las Palmas property now earns a rental yield far above what you get from long-term rentals. Rental demand peaks in the winter but is high throughout the year.
For example, a two-bed property close to the beach with a sunny terrace can easily rent out for 100 euros per night and be full 70% of the time. That’s a gross income of over 2000 euros per month.
Of course, short-term rental is much more work than residential letting. That’s why many owners are using property rental agents.
The Las Palmas property registry is fantastic
Many foreign buyers worry about property rights in Spain after the headline problems in places like Valencia. However, the Gran Canaria property registry is excellent and property purchase contracts watertight.
The Las Palmas registro has up-to-date information about all properties in the city and any potential problems are easy to spot.
Good agencies share their properties
Most Las Palmas estate agencies belong to the BOICAN shared property database and pool their properties. This is the same system as they use in America and Holland and is a good thing for buyers.
It means that your Las Palmas estate agent can focus on their clients rather than spend all their time hunting for properties. If you’re looking for property in the city, I advise you to choose a good estate agent and let them find you the best property to view. Using a good estate agent as a property finder will definitely save you time and probably money.
Estate agency services are free for buyers
In Spain, estate agency fees are paid by the seller so your estate agent is effectively free when buying a Las Palmas property.
This doesn’t mean that they don’t work hard. Agents work hard for their clients because they know that if they find the right property and provide good service, they earn their commission.
The bast way to get value from your agent is to pick a good one and stick with them.
Things in Gran Canaria work, but at their own pace
Foreign buyers, especially Nordic ones, often get frustrated by the pace of property purchases in Las Palmas. Sometimes I can speed things up, but often I can’t. Things here just take time and there’s nothing anyone can do except be ready to take the next step.
For example, most sellers in Las Palmas don’t get all the information and paperwork about their property ready until they have an interested buyer.
Would it be better for buyers if every seller had a complete dossier ready as soon as they put the property on the market?
However, it’s just not the Canarian way of doing things. Work isn’t done here until it needs to be done.
While it can be frustrating but it’s also what makes Gran Canaria such a relaxed place to visit and live.
I’m Las Palmas’ resident estate agent and I work for RE/MAX Cony Overseas, one of Las Palmas’ oldest and best-regarded estate agencies. If you have any questions about buying or selling a Las Palmas property, please feel free to send me an email.
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