Cheap Las Palmas Property: What Does €50K Buy You?

Cheap property in Las Palmas_ What does 50000 buy you

There is plenty of cheap property in Las Palmas on the market for less than fifty thousand euros. However, most is not in the areas that the majority of foreign buyers favour.

These days it is rare to find a property for sale in the lower part of the city for 50K: Close to Las Canteras beach it is impossible as prices start at between €60-70K.

There are still a few sub-50K properties (studios and one-beds)  in the parts of La Isleta barrio furthest from the beach but they all require significant investment to bring them up to modern standards. You’d be looking at spending at least another €25K to redo the electricity, water and fixtures.

Luckily, there is more to Las Palmas than the flat bits. 

As soon as you head up the hill away from the beach, property prices get far more reasonable and €50k gets you a two- or even three-bedroom apartment in in reasonable condition in areas like Escaleritas, Schamann and San Jose (just inland from Vegueta and Triana). In the Cono Sur area south of Vegueta, prices are even lower and 50K buys you a three-bed apartment or even an old terraced house in decent condition.

Las Palmas is a safe, modern city and the high parts of town have decent bus links to the port and to Triana. Even if you buy a cheap Las Palmas property in the top half of the city, you are only ever a few minutes bus ride away from the main shopping areas and the beaches.

If you plan to invest in cheap Las Palmas property, there is a big case for buying apartments in areas like Escaleritas and Schamann because the rental yield is much better than in the Port District and Triana/ Vegueta.

Another option is to get a non-resident mortgage that gives you a higher budget to play with. As a non-resident, you need a 30% deposit so you could turn €50k into a budget of €150k. If you want to explore this option, see my Las Palmas mortgage guide.

I’m Laura and I’m Las Palmas’ resident British estate agent. My job is to help foreign buyers and sellers in Las Palmas and I’m always available for a chat

 

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Tips For Selling A Las Palmas Property: Quality Photography Counts

Tips For Selling A Las Palmas Property: Quality Photography Counts

The single most important thing you can do to boost your chance of selling a Las Palmas property fast and at a good price is to list it online with quality photos. [Read more…]

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New Rules To Ban Loud Music & Football Outside Las Palmas Bars

Las Palmas bars with outdoor tables face strict new rules

Las Palmas bars with outdoor tables face strict new rules

Las Palmas’ outdoor bars and cafes face strict new restrictions on noise after a raft of complaints from locals and neighbourhood associations. [Read more…]

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Supreme Court Architecture Judgement Costs Las Palmas Millions

Las Palmas property: Court property ruling to cost Las Palmas city millions

Court property ruling to cost Las Palmas city millions

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.

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Las Palmas Property: How Exclusivity Is A Bad Name For A Good Thing

Las Palmas Property: Why an exclusive sales contract is a win-win for sellers

If there’s one thing that puts people off selling their Las Palmas property with an estate agent, it’s the idea of signing an exclusive contract.

But this valid concern is due to a misunderstanding about what exclusivity means.

Exclusivity is actually a bad name for a very good thing.

Let me give you an example of how it works. [Read more…]

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The Big 6 Advantages Of Buying A Las Palmas De Gran Canaria Property

The Big 6 Advantages Of Buying A Las Palmas De Gran Canaria Property

6 Major Advantages Of Buying A Las Palmas De Gran Canaria Property

Buying an apartment or even a townhouse in Las Palmas de Gran Canaria city has some serious advantages. Here are the big six…

You can use your property all year round without packing a jacket

Las Palmas has a mild climate throughout the year with temperatures rarely dropping below 20ºC. This means you can use the city’s incredible beach and a vast range of outdoor cafes and restaurants all-year-round.

Unlike the Mediterranean and the rest of Spain, there is no real closed season in the Canary Islands and Las Palmas city is a fun place to be even during the depths of ‘winter’. For example in February, often the wettest month in Las Palmas with an average of eight days of rain per year, the city is buzzing thanks to the annual carnival.

All property can be rented to tourists

All property in Las Palmas city is classified as residential and you can, therefore, apply for a tourist rental license (Licencia de Vivienda Vacacional) and rent it on a short-term basis to holidaymakers.

With tourism is Las Palmas booming all-year-round, and the rules for holiday rentals in Gran Canaria’s resorts so complex, the city is an ideal place to invest in a rental property that you can also use for holidays whenever you choose.

More on holiday rental investment property in Las Palmas.

Residential rental yields are amongst the highest in Spain

Residential rents in Las Palmas have risen by 22% in the last year. This is due to high demand (everyone wants to live by the beach), a lack of new building in the last 10 years, and the booming tourist rental market (owners are renting short-term rather than on an annual basis). Spain’s cultural attachment to owning property rather than renting also plays a big part; most Canarians buy a property to live in as soon as they can rather than rent.

Residental rental properties are in short supply and high demand, making them an excellent investment that is much lower-effort than a tourist rental investment. The disadvantage of letting on a long term basis is that you can’t use our Las Palmas property whenever you want to.

The right one-bedroom apartment in the beach areas of Las Palmas (not on the front) currently rents out for 600 euros per month. Not bad given that you can buy them for just over 100,000 euros.

Prices are close to historical lows and the future is bright

Prices in Las Palmas city fell by almost 40% in the decade after the global crisis that started in 2006. They have only really started to rise in high-demand areas of the city within the last 12 months.

With tourism booming in Gran Canaria and Las Palmas, the Canarian economy recovering well, and sustained demand from both local and foreign buyers, the long-term prospects for Las Palmas property are positive.

Prices rises are being driven by pent-up demand from locals looking to upsize, sustained foreign buyer interest, and old-fashioned lack of supply. With the locals banks still being careful with lending, there isn’t even a whiff of the speculation-driven bubble that pushed up prices in the early 2000s.

That said, if you buy in a high-demand area of Las Palmas, the market is busy and you will always know that you can resell when you want to. The property market close to the beach has the major benefit of liquidity.

Owning a property in Las Palmas is cheap

Buying a Las Palmas property costs you around 10% on top of the price you pay (in purchase taxes, notary and registry fees, etc). This is pretty much standard across Spain.

However, once you own a property in Las Palmas, your annual tax costs are remarkably low.

There are no municipal taxes for things like rubbish collection, and no monthly council tax.

Owners only pay an annual (IBI) tax on the land your property occupies. This is levied by the local Ayuntamiento and is rarely more than a few hundred euros per year.

If you are a non-resident owner and choose not to rent out your property, there is also a small annual tax.

All you have to pay is for electricity, water, internet and cable TV if you want it, and the monthly community fees if you buy an apartment in a building with communal areas.

Las Palmas city tops the rankings

Las Palmas ranks in the top 5% of cities worldwide when it comes to quality of life, according to website Numbeo.com.

Numbeo factors in a wide range of things that affect lifestyle, such as commute times, air quality, weather, cost of living, etc and comes up with an aggregate score for each city. Las Palmas’ score is amongst the highest out there.

The city also has the cleanest air of any city in Spain, the most pleasant urban weather in the world, a world-class city beach, and low crime rates.

In short, Las Palmas is a great city to live in.

Las Palmas city just gets better and better

I’ve lived in Las Palmas city for almost 15 years and I can tell you from experience that it is getting better and better.

The restaurants and bar scene is buzzing (new rules mean that rooftop bars are now allowed and they are popping up fast), the city is investing in parks and green spaces, and the bike lane network gets better all the time.

Add to that a thriving cultural scene with an auditorium, several theatres, live music almost every weekend and lots of local fiestas and Las Palmas is a place that it is hard to get bored of.

Oh, and did I mention Las Palmas’ five beaches? What about the surfing, and the snorkelling, and the running tracks?

Las Palmas Property

I’m Laura Leyshon and I’m Las Palmas’ resident British estate agent. I speak fluent English, Spanish and French and my job is to help buyers looking for their ideal Las Palmas property.

I work for RE/MAX Cony Overseas, one of the city’s oldest and most prestigious estate agencies, and can show you almost every for sale property in the city.

I help my buyers throughout the entire process of finding and buying a property in Las Palmas.

Please feel free to contact me for a chat at any time.

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8 Essential Things Your Las Palmas Estate Agent Does To Sell Your Property

What to expect from your Las Palmas estate agent when you sell a property

What to expect from your Las Palmas estate agent when you sell a property

Selling a Las Palmas property promptly and at a good market price isn’t all that complicated provided you do things right. Here’s what your estate agent should do when they take on your property. [Read more…]

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Las Palmas City’s Quality Of Life Amongst World’s Best

Las Palmas de Gran Canaria city offers world-leading Quality of Life

Las Palmas de Gran Canaria city offers world-leading Quality of Life

Las Palmas has one of the highest Quality of Life scores of any city in the world, according to website Numbeo.com

Numbeo uses a wide range of factors to calculate its quality of life index, including…

Purchasing Power
Safety
Health Care
Climate
Cost of Living
Property Price to Income Ratio
Traffic Commute Time
Pollution Index

Overall, Las Palmas scores a Very High 187.45, putting it in the top 5% of cities around the world. It scores particularly high on factors such as low commute time, healthcare, low pollution, safety and, of course, climate.

Given that Las Palmas has the cleanest air of any city in Spain, the most pleasant urban climate in the world, and one of the world’s best city beaches, the high Quality of Life score isn’t surprising.

However, the fact that it ranks so close to the top of the list worldwide is still exciting news.

Las Palmas’ score compares favourably to other cities in the Canary Islands and Spain (165.67) on average.

Santa Cruz De Tenerife: 178.43

Malaga: 179.17

Valencia: 170.51

Madrid: 145.30

Barcelona: 128.61

In fact, the only major European cities with a higher Quality of Life score than Las Palmas de Gran Canaria is Eindhoven in the Netherlands. Edinburgh comes just behind Las Palmas with a score of 186.02.

Other cities around the world that outpoint Las Palmas are already famous as great places to live: Wellington in New Zealand and Canberra in Australia.

If you want to live in a city rated as one of the best places to be in the world, you know who to call.

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Guide To The Main Luxury Gran Canaria Property Areas

Luxury Gran Canaria property area guide

As a RE/MAX Collection agent, I specialise in luxury Gran Canaria property. Here’s my guide to the main luxury Gran Canaria property areas and where to look for the island’s best villas, penthouses and grand old townhouses. 

Let’s start with the capital city with its world-class urban beach and cobbled old town. [Read more…]

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5 Sneaky Las Palmas Property Pitfalls That Can Wreck Your Plans (And How To Avoid Them)

5 Las Palmas property pitfalls & how to avoid them

Las Palmas property pitfalls & how to avoid them

Most property sales in Spain are straightforward provided that someone has checked all the paperwork in advance. But occasionally, something comes up that can delay or even derail your purchase. 

Here are five potential Las Palmas property pitfalls that have come up in the last year (I sold 20 properties in the city in the last 12 months). [Read more…]

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