Las Palmas Property: New Priorities Reshape The Market

Gran Canaria’s estate agencies are now back at work and the new normal is like the old normal just with with face masks, hydro-alcoholic gel and social distancing measures. 

So far, the indicators are that the Spanish national lock down hasn’t tanked the Las Palmas property market. While there are no foreign buyers flying in, there are plenty of active local buyers.

I’m seeing a mix of people renewing pre-lock down searches, investors looking for opportunities, and those with have just started searching due to changed circumstances and priorities.

New priorities shape the Las Palmas property market in 2020

Today’s buyers are very focused on what they want and less willing to compromise.

Many people have come out of the lock down with a new outlook on life. Enquiries about Las Palmas property with outside space have spiked, as have searches for rural property and houses with gardens in suburban areas.

I know that my own roof terrace was a godsend during the quarantine and a lot of people have realised just how life-enriching an outdoor area is.

Las Palmas apartments with large balconies, terraces or usable roof space are getting a large number of viewings (both virtual and in real life). Anything with a good view is also popular.

In contrast, internal flats are not getting visits at pre-crisis prices. They will be on the radar for investors looking for rental income but only at attractive prices.

New rules for Las Palmas property prices?

The difference in price per square metre that buyers is likely to diverge as this new normal settles in. Desirable features will add extra value (or at least hold their value). Flats with no quality interface with the outdoors will get far less interest.

This trend will gain strength if the tourism sector does not recover in 2020 because buy-to-holiday-let investors will sell up. Since most holiday lets are well decorated and have a balcony or terrace they will catch buyer attention.

Selling a Las Palmas property? Take advantage of the moment…

We don’t know how long the Gran Canaria tourism sector will be in mothballs or understand its long-term effects on the economy or the housing market.

However, we do know that there are buyers in the market and that prices of attractive property remain at pre-lock down levels. My advice is that now is a good time time to sell a Las Palmas property.

I’m Laura Leyshon, a Gran Canaria estate agent based in the capital Las Palmas. I’m one of the top-selling agents in Spain and I help foreign buyers and sellers all over the island.

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