Las Palmas de Gran Canaria property market report 2008

In the last 12 months a new motorway has opened in the north west of the island and two new golf courses have been opened which brings a total of nine courses on the island. Las Palmas offers a good year round climate and a good cultural scene.

This report was prepared by local estate agents

Last year, the market started to slow down slightly (around 2%) in the island’s capital, where the average price of an apartment costs approximately €450,000 up to €1 million for a villa. Most property under €1 million is sold within 12 months and properties in excess of €2 million taking longer.

The main buyers are Spanish (85%) with an international mix of Scandinavian, British/ Irish, Dutch, German (10%) and the rest of the market is made up of , Swiss, French, Belgian. Recently, Russians buying large villas. The majority (60%) of buyers want a first home and 30% use the property as a second residence for the whole of the winter.

The most requested properties are penthouses followed by townhouses and villas. Good plots of land are also in demand with an average price of €2,000 per sq metre. The most requested areas are Las Canteras, Mesa y López, Triana/Vegueta, Cuidad Jardín, Tafira and Santa Brígida.

The local office highlights several areas for good value including Triana, Vegueta, Mesa y Lopez and Las Mesas. However, it predicts that the area of Las Canteras has good potential.

Las Palmas de Gran Canaria Property Prices

TYPEAV. PRICE €PRICE INCREASE 2006 VS. 2007AV SALE PERIOD IN MONTHS
Villa with views, 4 bed, 350m21.500.000 €– 2-3 %12 months
Villa no views, 4 bed, 350m2800.000 €– 2-3 %12 months
Apartment with views, 2 bed, 100m2600.000 €– 2-3 %12 months
Apartment no views, 2 bed, 100m2400.000 €– 2-3 %12 months
Country house, 3 bed, 350m2850.000 €– 2-3 %12 months
Townhouse, 3 bed, 180m21.000.000 €– 2-3 %12 months
Plot m22.000 €Slight decrease12 months

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