The La Isleta barrio at the north tip of Las Palmas de Gran Canaria city is a traditional area of the city. These days however it is changing fast as buyers snap up old terraced houses for redevelopment.
Where is the La Isleta property area?
The core of La Isleta barrio is the area just behind La Puntilla, the north tip of Las Canteras beach.. Here you find the oldest houses from the original fishing village. The rest of the barrio spreads up the hill and back towards the port. Its size is limited by the sea to the west, an army base at the top of the hill, by the boundary of Las Palmas’ port, and an industrial warehouse zone at the north tip of the port. The port, industrial zone and army base have little effect on La Isleta as a residential area.
To the south La Isleta blends into the area known as El Puerto which includes Santa Catalina square.
The main commercial street in La Isleta is Calle La Naval, a bustling mix of local shops, cafes and restaurants. The main square is the Plaza del Pueblo. La Isleta also has a large green park by the old Castillo de La Luz fortress (now an art museum).
Benefits and disadvantages of La Isleta property
La Isleta is a quiet and mostly low-rise property area. Almost all the buildings are either one and two storey terraced houses, or blocks of flats lower than four storeys. Many have outdoor space on the rooftops even if this is shared.
Most La Isleta property does not have impressive views although the higher floors along Calle la Naval look out over the spectacular port.
While there is little traffic within La Isleta, it does suffer from traffic jams at peak times. This is because the city is narrow and there is only one road in and out of La Isleta. Parking can also be a challenge, especially in the area closest to the beach.
In some areas of La Isleta, older houses are not connected to the modern sewage system (or are connected informally). Many properties need new electrical wiring and water pipes. It is always worth getting a survey or an architect’s opinion before you buy an old property with a view to reformation.
The La Isleta property market and prices
La Isleta is the area of Las Palmas, at least downtown Las Palmas, where it is still possible to buy a large property at a reasonable price. It is currently popular with both foreign and local buyers and with investors.
Property prices in La Isleta are lower than in the more modern areas of Las Palmas to the south. Prices for houses and flats in need of renovation start at around 1300 euros per square metre (as of Q1 2022).
Modernised property and new apartments sell for more, reaching 2600 euros per square metre. Prices rise further as you approach the beach with property close to the front reaching 3000+ euros per square metre. Front line property is its own property zone with its own prices.
Demand for La Isleta property is high with houses and flats close to the beach selling fast at or close to asking price. Demand and prices drop as you move away from the beach. At the north tip of La Isleta there is some social housing in large blocks where prices are lower.
Development is affecting La Isleta with high rise blocks going up at its fringes (such as the Fabrica de Hielo development). So far, the city authorities have resisted pressure from developers to raise the number of stories in La Isleta.
For more information about buying or selling a La Isleta property, please let me know more about what you are planning and I’ll be in touch…