Property in Gran Canaria is well regulated and most purchases are straightforward (within the boundaries of Spanish bureaucracy). These useful Gran Canaria property tips will guide you towards a happy purchase.
How to buy a Gran Canaria house
Most people buy through estate agents but private sales are legal. We advise anyone buying without an agency to get a local lawyer before signing anything. Never sign a contract in an office: Go to a notary as they double-check contracts for anything fishy.
Estate agent services are free to buyers as the seller pays their fees. It makes no sense to buy in Gran Canaria without a good estate agent. They check all documentation, prepare legal contracts, and know what to look out for.
Gran Canaria property tips
Where to find Gran Canaria properties
Look out for signs in windows and ask in locals shops and bars (especially if you are searching in rural areas).
Check estate agency windows or ask an estate agent to search the shared property database for property. Since most agencies pool their properties, this is almost always the best way for foreigners to search for Gran Canaria property.
If you’re looking for a good agency, start here …
In south Gran Canaria, go to Cárdenas Real Estate. They are one of the island’s oldest agencies and focus on south Gran Canaria.
In Las Palmas, contact Las Palmas Property. Laura works for RE/MAX Cony Overseas, one of the city’s best agencies. She specialises in property in and around the capital city.
Agencies provide you with an accurate market price for any property. This is important as there are still owners listing their property at unrealistic prices.
Gran Canaria House Prices
Prices have fallen by as much as 30-40% since the boom years before the crisis.
Property in Gran Canaria is generally cheaper per square metre than in northern Europe. Locations such as Las Canteras in Las Palmas and close to the sea in the south are expensive due to high demand.
Gran Canaria Mortgages
Banks in Gran Canaria are cautious about lending and only lend according to the value of the property.
They get all properties valued by a tasador before they agree yo lend. See our detailed guide to buying a Gran Canaria property for more on mortgages and banks.
What to watch out for
Older and rural property often has extensions that aren’t registered by the property registry. Any changes must be registered before you buy.
Don’t take anyone’s word for information about things like empty plots next to your home. You can check what permits they have at the Ayuntamiento and should do.
Overall, property purchases are safe as long as you get good advice, use your common sense and insist on full transparency from all parties.
Costs of buying a house
The taxes, lawyers fees, mortgage fees etc. will add up to about 10% of the value of the house.
Haggling can be effective, especially if for property valued above its market price, or in a low-demand areas. Most owners expect to give a small discount.
Don’t expect a large discount on properties in popular areas like the Las Canteras beachfront.
Overall, we advise all foreign buyers in Gran Canaria to use the services of a good estate agent, and to double-check everything before signing the contract.