There is plenty of cheap property in Las Palmas on the market for less than fifty thousand euros. However, most is not in the areas that the majority of foreign buyers favour.
These days it is rare to find a property for sale in the lower part of the city for 50K: Close to Las Canteras beach it is impossible as prices start at between €60-70K.
There are still a few sub-50K properties (studios and one-beds) in the parts of La Isleta barrio furthest from the beach but they all require significant investment to bring them up to modern standards. You’d be looking at spending at least another €25K to redo the electricity, water and fixtures.
Luckily, there is more to Las Palmas than the flat bits.
As soon as you head up the hill away from the beach, property prices get far more reasonable and €50k gets you a two- or even three-bedroom apartment in in reasonable condition in areas like Escaleritas, Schamann and San Jose (just inland from Vegueta and Triana). In the Cono Sur area south of Vegueta, prices are even lower and 50K buys you a three-bed apartment or even an old terraced house in decent condition.
Las Palmas is a safe, modern city and the high parts of town have decent bus links to the port and to Triana. Even if you buy a cheap Las Palmas property in the top half of the city, you are only ever a few minutes bus ride away from the main shopping areas and the beaches.
If you plan to invest in cheap Las Palmas property, there is a big case for buying apartments in areas like Escaleritas and Schamann because the rental yield is much better than in the Port District and Triana/ Vegueta.
Another option is to get a non-resident mortgage that gives you a higher budget to play with. As a non-resident, you need a 30% deposit so you could turn €50k into a budget of €150k. If you want to explore this option, see my Las Palmas mortgage guide.
I’m Laura and I’m Las Palmas’ resident British estate agent. My job is to help foreign buyers and sellers in Las Palmas and I’m always available for a chat.