Within a month, our winter visitors arrive and my life gets hectic. So, while I still have the time, let’s look ahead at what to expect if you plan to buy a Las Palmas property in 2018.
Las Palmas has big plans for Ciudad Jardin or the Garden City. It wants the area to become a tourist attraction that gives people something to look at between the beach and port districts, and old town Vegueta and Triana. [Read more…]
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.
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.
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…]