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 […]
Property prices in Las Palmas de Gran Canaria city rose by 6.01% in 2015, according to figures from Spanish property website Pisos.com.
The rise was the largest of any of Spain’s provincial capitals, outpacing even high-demand cities like Barcelona (up 5.95%) and Palma de Majorca (up 2.11%).
However, the average price of property in Gran Canaria’s capital stands at €1,492 per square metre; Lower than Barcelona at €2,027 and Palma de Majorca at €3,283.
This shows that while demand for Las Palmas property is rising the city is still good value, especially if you consider that the climate is good all year round; You can use your Las Palmas property for a warm-weather break all through the winter, and also rent it out throughout the year.
Why are Las Palmas property prices rising?
There are several reasons why both locals and non-residents are buying property in Las Palmas. [Read more…]
Property prices in the Canary Islands rose by 0.2% in the last three months of 2015, according to Spanish property valuation company Tinsa.
Prices in the Las Palmas province, which includes Gran Canaria, Fuerteventura and Lanzarote, rose by 0.4%.
Overall, prices rose by 2% across Spain, although they are still falling in many areas of the country. Madrid (3.3%) and Catalunya (5.3%) saw the largest price rises while the Balearic islands also saw above average rises (2.7%). In contrast, prices in Navarra fell by 8.5% and prices in Murcia fell by 4.3%.
The variation across Spain reflects what is happening in Gran Canaria. Prices in high demand areas, such as popular tourist hotspots in south Gran Canaria and the beachfront zones of Las Palmas, are stable or rising slowly. Property prices in residential areas away from the coast, and areas that still have lots of empty new-build property, remain stable or continue to fall.
In another positive signs for the Spanish property market, the average time needed to sell a property in Spain has, according to Tinsa, dropped from 10.6 to 10.2 months
Tinsa predicts that prices will continue to rise on average in 2016, and that even areas with falling prices will see smaller drops.
Tinsa stats for 2015 Spain property prices are highly regarded in Spain as they are independent. As a company, it carries out property valuations for Spanish banks and property owners.