Las Palmas property prices rose by 4.6% in February 2016 compared to 2015, according to Spanish property portal Fotocasa. As you can see from the chart below, prices in the city are on a gradual upward trend.
This is due to two main factors.
Why Las Palmas property prices are rising
- A recovery in the local economy that is bringing Canarian buyers back into the property market. Tourism is booming in Gran Canaria and lots of people live in the city but work in the resorts. The local banks are starting to lend again which is giving the market some oxygen.
An increase in demand for Las Palmas property amongst foreign buyers. As more people visit Las Palmas on cruise ships and on city break holidays, more decide that it’s the place to own a Gran Canaria property.
However, we do need to keep the price rises in perspective; Property in Las Palmas is still fantastic value if you compare today’s prices with those from before the crisis.
This chart shows the change in property value per square metre in Las Palmas since 2005.
Las Palmas property in 2016
What this means to buyers is that the Las Palmas property market has now found its floor and is starting to rise due to higher demand. Prices are rising but still represent historical levels of value.
Combined with the huge demand for rental property in Las Palmas, I can say that now is an excellent time to buy a Las Palmas property as a holiday home, residence or rental investment.
As always, I’m here to answer any questions you have about Las Palmas city and its property market.
See more Las Palmas property stats on the Fotocasa website.