A survey of 900 real estate professionals, by the by the Spanish Property Valuation Association, found that the outlook for the Canary Islands property market is positive in 2018.
In fact, the survey found that the Canarian market was just behind top performer Madrid as the region of Spain with the best outlook for the coming year. It predicts that average property prices in Las Palmas city will rise by 5% in 2018, an acceleration when compared to last year.
The survey also measured affordability of property in the Canary Islands by comparing average incomes to the monthly costs of buying a property. It found that prices in the Canary Islands remain affordable; a good sign for the future of the market.
The Spanish property market now seems to be on the rise across the whole country as there are no longer any regions where prices are still dropping.
More on property in Gran Canaria in 2018:
I’m Laura Leyshon and I specialise in helping foreign property buyers and sellers in Gran Canaria. I’m always happy to answer any questions you have. Just give me a call or drop me an email.
The Canarian Supreme Court has ruled in favour of property owners in Las Palmas de Gran Canaria city.
The owners of the last holiday villa on the Las Canteras beachfront (where Franchy Roca meets the beach) argued that they were significantly out of pocket because they had lost the right to redevelop the site of the villa into a much larger building.
The Background: Back in 1989, the Las Palmas Ayuntamiento and Canarian Government decided that protecting the villa, built in 1900, was in the public interest. Its position has always been that the owners of historical and protected buildings were not due any remuneration.
The Court, the highest legal authority in the Canary Islands, agreed with the owners but did not fix the amount of compensation to be paid. It is likely to be in the millions due to the property’s location right by Las Canteras beach.
This judgement reinforces a similar one from 2016 that gave the owners of the Casa Roja at the end of Luis Morote street the right to seek compensation after their building was listed.
There are twenty owners currently involved in similar court cases and it looks like the decision to protect Las Palmas’ most emblematic homes is going to cost it dear.
The winter season has arrived and with it come foreign property buyers eager to find their own winter sun bolt hole.
Not that you’d know that it coming up to Christmas from the weather here in Las Palmas; after a few days of rain it’s been warm and sunny most days in November.
The Canary Islands are trending on Kyero’s property search lists with three Gran Canaria spots in the Top 20 property search destinations in Spain; Playa del Inglés, Puerto Rico and Maspalomas. In total, there are seven Canary Islands spots in the top twenty hotspots.
Las Palmas doesn’t make the list but then it’s always been our little secret: While the resorts hum with tourists, local life carries on in Las Palmas with just the right sprinkling of foreign residents and visitors to make it fun.
The city is now in full winter mode with lots of Scandinavian, British and German visitors staying in its hotels and apartments. Demand for property is high, prices are rising gradually and rental yield for short-term lets is excellent.
It makes this winter an excellent time to buy a holiday or rental investment apartment in Las Palmas.
If you’re interested in buying a property in Las Palmas, I’m always happy to have a chat. Feel free to get in touch at any time.
Property prices across the Canary Islands rose by 2.3% year-on-year in the third quarter of 2015. However, most of the rise was in the Santa Cruz de Tenerife province of the Canaries, with prices in Las Palmas province (Gran Canaria, Lanzarote and Fuerteventura) rising by just 0.3%.
Overall, prices in Spain fell 0.8% year-on-year during Q3, rising only in the Canaries, Balearics, Madrid and Barcelona.
The figures come from Spanish property valuation company Tinsa and show a Spanish property market with huge regional variations. They broadly reflect what we are seeing in Gran Canaria and Las Palmas. Demand for quality property is high and prices are stable and even starting to rise amongst the most popular property types (such as one-and-two bedroom flats in good locations).
For buyers interested in Las Palmas property, the stats are positive. There are excellent value properties on the market, but it is important to choose the right area and property type and to use a local estate agent that can give you an accurate market valuation of any property you view.
See our Las Palmas Property Area Guide for a detailed overview of the city’s most popular places to buy.