• EN ESPAÑOL
  • BUY GRAN CANARIA PROPERTY
  • SELL GRAN CANARIA PROPERTY
  • LUXURY PROPERTY
  • LOCAL PROPERTY NEWS
  • Las Palmas Zone Guide
    • Las Canteras Beachfront
      • La Puntilla
      • Playa Grande
      • Playa Chica
      • La Peña
      • La Cicer
    • Behind The Beach
      • La Isleta Barrio
      • El Puerto
      • Guanarteme Barrio
      • Santa Catalina
    • Old Town
      • Vegueta
      • Triana
    • Downtown
      • Mesa y lopez
      • Alcaravaneras
      • Ciudad Jardín
    • Other Areas
  • FEATURED PROPERTY
  • Gran Canaria Zone Guide
  • LIVING IN GC BLOG

Laura Leyshon: Gran Canaria's top selling estate agent

Gran Canaria estate agent. Best seller. I work with foreign buyers ans sellers.

Why Choose Laura & Las Palmas Property

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 […]

You are here: Home / Uncategorized / Las Palmas Property Market: The Future Is In Millennial Hands

Las Palmas Property Market: The Future Is In Millennial Hands

November 22, 2019 by Laura Leyshon

Laura Leyshon, Las Palmas estate agent, explains why the future of the market depends on the Millennial first-time buyer

While writing the 2020 guide to the Las Palmas de Gran Canaria property market, it occurred to me that there is a big unanswered question about the future.

If the Las Palmas property market keeps growing, who are the buyers?

In the last few years the city’s property market was boosted by two main sets of buyers.

  • Locals who wanted to upsize after staying put during the crisis and its aftermath.
  • Holiday let investors buying apartments to take advantage of high yields.

Both these groups are now probably a spent force in the property market. Most couples and families have up-sized already, while holiday let investors have stepped back now that the market is close to saturation.

Foreign buyers are important in Las Palmas but there isn’t much reason to expect a big surge in the near future. Tourist numbers have dropped and the European economy is going through a wobble.

This leaves the future of the Las Palmas property market in the hands of two sets of buyers.

Local Millennial first-time buyers, and residential rental investors.

Will Millennials ever buy property in Las Palmas?

Now moving into their thirties, most Millennials in Gran Canaria are renting in shared accommodation, renting apartments, or still living with their parents.

Some people say that they will always be a renting generation but I doubt it. Low mortgage interest rates mean that many are paying more in rent than they would in mortgage repayments. And the Millennials are now starting to think about the future and starting their own families.

Research suggests that most Millennials want to own their own home and see real estate as a quality investment. What has held them back was a lack of jobs and savings.

Even if the Millennial generation doesn’t or can’t buy, it will still be the driving force behind the property market.

Residential landlords in Las Palmas will have to tailor their properties to suit Millennial tastes.

What do Millennials want to live in?

Given that most Milennials are now approaching their 30s, I think most will skip the one-bedroom starter apartment. Instead, they will choose apartments with two bedrooms minimum.

A generation raised with Instagram wants well-finished and decorated homes. It favours open-plan property over the long corridors of older Las Palmas apartments. Millennials want entertainment space more than a large kitchen. Many will choose storage space over a parking place (they are environmentally conscious and use public transport and bike lanes).

Most will want a furnished apartment because they haven’t accumulated  their own furniture. In fact, the generation used to ordering everything on their mobile with just a few clicks is going to want their property delivered “ready to go” with all furniture, fixtures and decor in place.

So, the ideal property for first-time Millennial buyers in Las Palmas is: A new two-bedroom apartment with an open plan kitchen and living room and plenty of storage.

If I was in the market for a residential rental property in Las Palmas, it’s what I’d buy and decorate to Millennial tastes.

Related

Laura Leyshon on EmailLaura Leyshon on FacebookLaura Leyshon on LinkedinLaura Leyshon on Twitter
Laura Leyshon
Laura Leyshon
Gran Canaria Estate Agent at Las Palmas Property
I'm Laura Leyshon and I help foreign property buyers and sellers in Gran Canaria. I work with RE/MAX Cony Overseas, one of the island's oldest and most prestigious agencies, and I offer a complete, professional service with a personal touch. If you want to buy or sell property in Gran Canaria and want to work with one good agent, please get in touch.

Filed Under: BUYING GRAN CANARIA PROPERTY, Las Palmas Property News, SELLING GRAN CANARIA PROPERTY, Uncategorized Tagged With: Las Palmas estate agent, Las Palmas millennial, Las Palmas Millennial property, Las Palmas property, Las Palmas property future, Las Palmas realtor

Privacy & Cookies: This site uses cookies. By continuing to use this website, you agree to their use.
To find out more, including how to control cookies, see here: Cookie Policy

Laura on Facebook

Laura on Facebook

Laura says hello

I'm Laura Leyshon and I help property buyers and sellers in Gran Canaria. I work with RE/MAX Cony Overseas, one of the island's oldest and most prestigious agencies, and I am one of Spain's top-performing estate agents. I offer a complete, professional service with a personal touch. Please get in touch for a free consultation or property valuation. Read More…

  • Artículos En Español
  • ¿Porqué Trabajar Con Laura?
  • Vender Inmueble De Lujo
  • El Gran Mito De La Exclusividad
  • 6 Consejos Profesionales

Copyright © 2021 · AgentPress Pro on Genesis Framework · WordPress · Log in