House prices in Gran Canaria and the rest of Spain have been in freefall since the 2007 financial crisis. They are now down about 40% from the peak. However, due to local circumstances, we believe that Gran Canaria property prices are close to the bottom. [Read more…]
A study by real estate portal Idealista.com has found that average rental yields in Gran Canaria’s capital city are the second highest in Spain at 4.7%. Rental yields in the city are higher than most cities around the world.
Las Palmas’ average rental yield compares favourably to Madrid at 4.1% and Barcelona at 4%. It is also much higher than average yields in London (3.4%) and Hong Kong (3.1%). Of course, the right property in the right location in Las Palmas offers a much higher yield.
Idealista.com’s study chief Fernando Encinar expects rental yields to continue to climb and predicts a boom in buy-to-let investment in the coming months and years.
Source: Canarias 7 newspaper article
Las Palmas is the ninth biggest city in Spain with over 400,000 inhabitants. Consequently, there are always plenty of decent flats to rent. The problem is finding one in the right area when you need it. Rental properties are listed and rent out fast on the island, especially in high-demand areas like the beach fronts. Finding a rental property can be a major headache for people with little time, or for those who don’t speak good Spanish. [Read more…]