Like any urban property market, there are big differences in the value of property in different parts of Las Palmas. Here’s how I work out what a city property is worth, and the main factors that affect value. Getting the market price right is key to selling Las Palmas property.
Let’s say you selling your Las Palmas property and ask me to work out what the sale price should be.
The price study and how it works
As a professional estate agent working for a local agency, I can see all for sale properties on the market and the final price of those that have sold. By comparing your property to similar ones close by that are for sale or have just sold, I can work out the correct market value.
To value a Las Palmas flat, I look at similar properties in the local area. If a nearby flat sold fast, it was probably valued slightly below market value. If another one is priced high but hasn’t sold for a long time, it’s above the current market value. The correct sale price would be somewhere between the two.
When I compare a selection of property, I can work out an accurate market value.
However, you do have to know the local market to get it right. For example, if you include a beachfront property in a price study of a flat a couple of blocks back, you get a price that is too high.
And you also have to bear in mind other factors apart from location and property size.
Factors that add value to a Las Palmas property
These factors add value to a property (above the base price governed by location and size).
- Outside space, especially if sunny and connected to the property (rather than up the stairs and on the roof). Outside space is not as important to locals as it is to foreign buyers. Canarians tend to prefer a larger property than a terrace. They say that if they want to go outdoors, they just go to the beach.
- Car parking space in the building. Parking is a pain in Las Palmas so a property with its own parking space in the building is worth a small premium. Often, the premium is little more than the value of the parking space itself (anything from 10,000 to 25,000 euros depending on location).
- Neighbourhood: Even within a property zone, a quiet location close to parks, shops and, of course, the beach, adds a small premium to the value of a property.
Factors that limit the value of Las Palmas property
- An old building: Buyers are a little wary of old buildings especially if they haven’t had their original electricity and water pipes replaced.
- Badly maintained facade and communal areas: First impressions count and properties with run-down facades and communal areas tend to sell for a little less. This is because many buyers are put off and don’t make offers.
- No lift: A property with no lift, even if it’s on the first or second floor, tends to sell for slightly below the expected market price.
- Neighbourhood: On a noisy street, close to a main road, etc.
Note: I always advise sellers to think carefully and take advice before they refurbish a property prior to selling it. A refresh (painting, etc) is always a good idea, but major investments like a new kitchen or bathroom often don’t add as much value as they cost.
You just never know what a buyer will want to do once they’ve moved in.
Selling Las Palmas property for the right price
It’s important to get the right sale price when you first put your property on the market. If you sell it for too little, you are throwing money away. And if you price it too high, buyers just ignore it and it gets a reputation for being expensive.
That said, there is always some leeway. If you are in a hurry to sell, choose a price that is just below comparable properties on the market. If you are in no rush and want to get as much as possible for your property, price it high within the market range (but be prepared to wait longer for it to sell).
Selling your Las Palmas property
If you want to sell your Las Palmas property please get in touch. I work for one of the city’s top estate agencies (RE/MAX Cony) and all properties that I represent are photographed professionally and listed on all the main local property portals and in the shared property database. I also list property on international portals like Rightmove and on my website.
Together, they give your property the widest possible audience amongst potential buyers and the best chance of selling at a good price.
Read this post for more info on the advantages of selling your property with a quality local agent.