Buying property in Gran Canaria
You own home in Gran Canaria offers year-round sunshine and warmth, whether you are buying for your retirement or for a holiday home. Here’s your guide to buying property in Gran Canaria.
Gran Canaria is the third largest of the Canary Islands, and with a population just under one million it offers plenty to do, but without being overwhelmed.
Why buy property in Gran Canaria
Gran Canaria lies in the Atlantic at the same latitude as the Sahara Desert, meaning its warm and sunny, but the heat tempered by sea breezes.
It certainly doesn’t look like the Sahara though. The island has a beautiful diverse landscape of mountains, valleys, pine forests, golden sand dunes and around 60 kilometres of wonderful beaches. The highest peak in the island is the Pico de las Nieves, which reaches 2,000 metres. Plus, there are currently reforestation efforts taking place on the island to fight against the effects of climate change. As such, Gran Canaria is ideal for home hunters looking to lead an outdoorsy lifestyle of hikes, cycles and swims.
Gran Canaria also offers a more affordable cost of living and property options than Tenerife. Tourist levels are also slightly lesser.
The weather in Gran Canaria
One of the main motivators for buying property in Gran Canaria is its year-round warmth. It has one of the most consistently warm climates in all of Europe.
You can anticipate long days of sunshine, little rainfall and temperatures rarely below 24°C. Even January, the coldest month of the year, sees an average daily maximum of 21°C. However, in summer, buyers should be wary of “calmia”, which is when dust picks up from the Sahara Desert and brings very high temperatures.
Where to buy property in Gran Canaria
Las Palmas
If you’re keen to be in the heart of the action, a home in Las Palmas could suit you perfectly. The oldest part, the Vegueta district, is historic and picturesque. While the Art Nouveau buildings of Calle Mayor de Triana has excellent options for shoppers. Las Palmas has the greatest nighttime buzz in the island, whether you go to a concert at the Alfredo Kraus auditorium or the Pérez Galdós theatre. You’ll also find plenty of spots to dance the night away in a groovy bar or sip cocktails.
Playa del Inglés
Located on the southernmost side of Gran Canaria, Playa del Inglés was developed in the 1960s and continues to thrive today. It is full of purpose-built apartments and hotels and a choice of trendy bars and nightclubs. During the day, it’s a family favourite. At night, it’s the party haven of sun-kissed young people. It is very LGBTQI+ friendly too.
Puerto de Mogan
Situated in the southwest coast, Puerto de Mogan has earned the nickname of “Little Venice” for its network of canals and bridges. While there are plenty of bars, restaurants and accommodation options, it has retained its low-key fishing village feel.
Agaete
In the northwest, you’ll find the pretty town of Agaete, with its white-washed houses and the lovely walled Huerto de las Flores garden.
How to get to Gran Canaria
The flight time from most European capitals is around four hours. The international airport is twenty minutes by car or bus to Las Palmas. You may prefer to take a flight or train to mainland Spain (or Tenerife) and then complete your journey via domestic flight or ferry. The fastest ferry between Gran Canaria and Tenerife is just an hour and twenty minutes.
What can you buy for your budget in Gran Canaria
If you are looking in holiday hotspots like Las Palmas or Playa del Inglés, then you can expect higher prices. Home hunters will find the greatest bargains a little inland and along the northern coastline. Overall, properties for sale in Gran Canaria are less expensive in Tenerife.
In Gran Canaria, you can find a property to renovate for €30,000. If you’d rather buy a home that needs as little as a lick of paint, a budget of €70,000 will get you an older townhouse or refurbished apartment.
If you are keen on buying a new-build property, the choice is limited. Gran Canaria provides for those with a larger budget with beautiful villas boasting of a private garden and swimming pool, mountain and sea views.
Is a property for sale in Gran Canaria a good investment?
The Canary Islands has an especially low property purchase tax (TPI) for a resale property, of just 6.5%. For comparison, in Valencia, it is levied at 10%.
Recently, the Canary Islands has been working towards stricter rules around holiday rentals. A new law is being drafted that will mean at least 90% of residential buildings cannot be used as tourist accommodation.
Steps to buy property in Gran Canaria
- Search online: Determine what you can buy for your budget, as well as a list of features you would like in a home (close proximity to the beach, mountain or sea views).
- Form a team of experts. Once you have chosen a handful of properties that tick your boxes, reach out to an estate agent. They will be able to talk through the area and what you are looking for in a home in greater detail. They may even show you properties that have yet to be listed online. You will also need an English-speaking lawyer to ensure that the purchase is legally secure. Plus, a currency specialist like Smart Currency Exchange can help you to transfer your budget over to Gran Canaria. You may also want to connect with a financial advisor and a mortgage specialist.
- Book a viewing trip. Once you have your team in place, head out to Gran Canaria to see your pick of properties. If you find a home that ticks your boxes, then reconnect with your professional team and make an offer.
- Once you have made an offer: If the seller accepts your offer, you will sign a reservation contract and pay a fee to take it off the market. Then, you will sign and pay the deposit, around 10% of the purchase price. As you’ve now committed to buying your dream Gran Canaria home, lock in your exchange rate to ensure that you do not lose out on thousands. Meanwhile, your lawyer will contact the notary to ensure the legality of the sale.
- Hold the keys in your hand: You will need to sign the sale contract, escritura pública at the notary’s office. Finally, pay the balance of the purchase price, minus the deposit you have paid. You must also pay the relevant taxes, stamp duty, notary fees and legal fees.