I’m Laura Leyshon and I’m Las Palmas’ resident property expert. I work for RE/MAX Cony Overseas, one of the city’s oldest estate agencies and the first RE/MAX office to open in Europe. Cony Overseas has an excellent local reputation and has helped hundreds of foreign buyers and sellers in Las Palmas and all over Gran […]
Ultimate Guide To Selling A Las Palmas Penthouse Or Ático
The combination of extra light, outdoor space and low noise levels means that top floor Las Palmas apartments of all sizes attract far more buyers than equivalent properties on lower floors.
Known as ‘áticos’, or ‘lofts’ in the case of top floor studios, Las Palmas Penthouse apartments are always in high demand
Selling a Las Palmas penthouse
I have something of a reputation for selling Las Palmas penthouse apartments as I focus on the luxury end on the market.
In the last two years, I’ve sold 15 penthouse and beachfront apartments for my clients. All sold for close to the real market value that I provided to the owners. Most sold within three months of going on the market.
If you are a Las Palmas ático owner, here are my tips for selling promptly and at a good market price…
Reach buyers already looking for your property
Penthouse property buyers tend to be affluent and are looking for a property that enhances their lifestyle. They often have specific requirements and are willing to wait for the right property.
Most use an estate agent to keep an eye on the market and inform them about new properties. This is especially true of foreign and non-resident buyers who account for up to 40% of Las Palmas property purchases.
Even local buyers looking for an ático tend to work with their estate agent to pre-filter properties.
What this means is that quality penthouse apartments in Las Palmas often sell as soon as they go on the market.
I’ve had quality penthouse apartments sell within a few days of going on sale and at the market price.
Getting the price right
Most property in Las Palmas is fairly simple to value. You multiply the square metres by the average price in the area and make adjustments for the condition, lack of lift, etc.
However, with Las Palmas áticos, getting the correct valuation is more art than science.
A correct valuation requires an in-depth look at the market and a comparison with all other penthouses on sale in the city. The condition of an ático, and the sensation it evokes when you first walk in, are also important considerations. Other factors include the orientation, outdoor space and the views.
Some price and desirability factors vary depending on the buyer. For example, local buyers are put off by penthouse apartments in older buildings without a lift. However, foreign buyers often don’t mind the stairs as long as they have a big terrace.
The potential for holiday rentals also affects the value, especially now that comunidades can stop new holiday lets in a building.
With so many factors affecting the market value of Las Palmas penthouse property, it’s vital to get a professional valuation right from the start.
For more info on the local market, read my guide to Las Palmas property 2020.
Factor in refurbishment costs
An ático is in an unrestored state with old electrical and water fittings will always sell for less than a modernised penthouse. The cost of a thorough redecoration, including electrical and water fittings and windows, is around 500-600 euros per square metre.
This cost can be factored into the sale price or the work done in advance. However, please consult a local expert before you invest in refurbishment as it is easy to waste money.
Show the property at its best
Many Las Palmas penthouses go on the market unrefurbished and some without even basic tidying and staging.
Selling unrestored isn’t necessarily a bad idea as many buyers value the chance to alter layouts and decorate to their own taste. In these cases, quality architectural drawings help buyers to visualise the property in its final state.
Basic staging and decluttering is essential in penthouse apartments because first impressions of a space are vital.
Get your paperwork up-to-date
Most Las Palmas penthouse apartments, especially those built since the 1980s, have their paperwork in order at the Las Palmas town hall and the Spanish property registry.
However, older properties often need their paperwork updating. It’s worth going to the trouble to legalise old modifications and clarify terrace rights and access in advance. This removes doubts from potential buyers’ minds and makes the sales process smoother.
Selling a Las Palmas penthouse apartment?
I currently have two Las Palmas áticos on the market, with several more coming up. I also have a long list of buyers just waiting for the right penthouse to hit the market.
If you plan to sell a top floor property in Las Palmas, please get in touch for a free assessment and professional valuation. As well as a penthouse specialist, I’m been of Spain’s top-selling estate agents for several years in a row.
NEWS: Roof Gardens Now Legal In Las Palmas De Gran Canaria
The latest building regulations for Las Palmas city now allow roof terraces, gardens, allotments, pergolas and even greenhouses.
Hotels and commercial areas will now also be allowed to open rooftop bars and restaurants although they won’t be allowed to play music and must close by 11pm.
The new Ordenanza Municipal de Edificación reverses a ban on using the roof spaces of new Las Palmas buildings brought in after rampant illegal building during the 1970s and 80s.
Now that planning laws are clear and people are used to obeying them, the city’s roof spaces have been opened up again.
The new law forbids covering up terrace areas on buildings put up since December 26, 2000 but allows the communidad to cover 50% of the terraces of buildings put up prior to this date. In older buildings up to 50% of the communal roof space can be covered provided that the work is carried out with a license, the covered area is roofed over and has at least 50% of its walls as windows.
In these older buildings (the vast majority of the city’s apartment blocks are pre-2000) up to 50% of the communal roof space can be covered provided that the work is carried out with a license, the covered area is roofed over and has at least 50% of its walls as windows.
Properties in the protected parts of Vegueta, Triana and Tafira cannot alter their roof areas and it is now forbidden to cover over a terrace on the Las Canteras beachfront.
The new rules even state that all new buildings over 1000m² must have a roof garden.
Roof gardens and allotments must be made of temporary materials, are not allowed to add to the height of the building and farm animals are banned.
The members of the communidad are also not allowed to subdivide the roof space into private areas. Shade structures such as pergolas, and even potted trees, are fine provided that they don’t cover more than 10% of the roof area and are set three metres back from the facade.
Ultimate Guide To Buying A Las Palmas Atico or Penthouse
A Las Palmas penthouse, known locally as an atico, is everyone’s dream property in the city because of the extra light, the views and the quiet.
They are so popular that I always have a queue of people waiting to hear about new penthouses. This is especially true if they have outside space and a good view.
As you can appreciate, top floor properties tend to sell fast so if you’re looking for a Las Palmas penthouse apartment, here’s my guide to finding and buying a quality one. [Read more…]
Guide To The The Main Las Palmas Property Types
You’re interested in Las Palmas property but what’s the difference between a piso and an apartamento. And what’s a duplex pareado when it’s at home?
No problem, here’s a handy guide to the main property types in the city. [Read more…]
