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 […]
Beachfront property along Las Canteras beach is in its own price bracket and often hard to value accurately.
This is due to several factors.
- Las Canteras property doesn’t come onto the market that often because beachfront owners tend to hold on to their apartments for a long time.
- Many are owned by non-residents who earn a rental income as well as using them for holidays.
- They have significant intangible valuation factors such as the desirability of the outdoor space.
However, since I’ve had four beachfront apartments for sale this year I have a clear idea of what their market value is in 2019.
What is a Las Canteras apartment worth in 2019?
The baseline value of a ‘regular’ beachfront apartment in Las Palmas is currently 5000 euros per square metre.
By regular I mean an apartment that is in good condition with modern electricity and water installations and has a balcony or covered terrace with a direct beach view.
Of course, every beachfront property has its unique features and the valuation has to take them into account. An uncovered terrace, large bedrooms, square shape and parking place add to the value.
On the other hand, if a beachfront apartment needs significant modernisation, buyers tend to factor in the investment needed (around 500 euros per square metre) when they offer.
It’s also worth noting that beachfront property at the southern end of the beach is in less demand because most beachfront buyers want that view of the golden sand and the palm trees.
What is a Las Canteras penthouse apartment worth?
The rarity of penthouse apartments along the Las Canteras beachfront, plus their high desirability, pushes their value up considerably.
Prices start at 6000 euros per square metre but can go up to over 8000 per metre for a fully renovated apartment with a large, uncovered terrace.
The value of top floor and penthouse apartments at Las Canteras is subjective and needs careful analysis. Each one has to be assessed on its merits and detailed knowledge of the market is essential to get the price right.
Does a Holiday Let license increase a beachfront property’s value?
Las Canteras beachfront properties are not the best holiday rental investments from a yield point of view. This is because the premium rental rate you can charge for a beachfront apartment doesn’t compensate for the high purchase price.
If you plan to buy a holiday rental apartment in Las Palmas it is almost always better to buy a property close to the beach rather than right on the beachfront. The price per square metre is much lower and the yield higher.
That said if you want a beachfront property as a holiday home, renting it during empty periods still generates a useful income.
As for value, a holiday let license isn’t a big factor for most buyers because they choose the beachfront for lifestyle reasons rather than for investment returns.
Selling a Las Canteras beachfront property?
If you plan to sell a Las Canteras property, please get in touch for a free assessment and valuation. I’m one of the city’s best performing estate agents and have detailed local knowledge about the factors that affect beachfront valuations.