Gran-Canaria

Gran Canaria

Property prices on Gran Canaria

Gran Canaria is the third largest of the Spanish Canary Islands, located off the Atlantic coast of Northwest Africa. A considerable part of the island is listed as a UNESCO Biosphere Reserve and it is often referred to as a mini continent in its own right as the climate and landscape varies so much from one area to another.

Long golden beaches contrast with lush green forests up in the higher terrain with picture-postcard villages peppered throughout and the cosmopolitan capital city, Las Palmas.

The best climate in the world

Gran Canaria enjoys a subtropical oceanic climate with very little rainfall and an average year-round temperature of 20ºC, although the island does have several microclimates, given its varied topography. 

Top 5 beaches in Gran Canaria

Gran Canaria offers truly wonderful beaches including Anfi del Mar, Güiguï, Las Canteras, Maspalomas and Mogán, among many others and the extremely dry, warm weather means that they can be enjoyed all year round. Head to one of the long stretches of white sand or explore a black volcanic beach or a pebbled cove. The one thing they all have in common is the crystal clear sparkling turquoise waters that lap the shores. 

Gastronomy – an island of flavours

Apart from an ideal climate and beautiful, varied topography, Gran Canaria is also well-loved for its gastronomy. Meat, fish, fruits and vegetables are artfully combined in traditional recipes. A classic, must-try dish when in Gran Canaria is “Papas Arrugadas" (jacket potatoes boiled in salt water and served with a spicy sauce). "Ropa Vieja" (a traditional casserole), rabbit and sea bream are also popular, followed by a typical dessert of “Bienmesabe”, a type of sweet made with egg yolk, honey and almonds.

Cultural events in Gran Canaria

At almost any time of year, you will find a public celebration of some kind taking place in Gran Canaria. The International Film Festival of Las Palmas, the Canarian Music Festival, the WOMAD event and The Theatre and Dance Festival of Las Palmas are all examples of such prestigious cultural events. Furthermore, Gran Canaria offers several interesting museums and galleries, including the Science and Technology Museum and the Atlantic Centre of Modern Art, both found in the city of Las Palmas.

Gran Canaria’s Property Market

Average Property Prices in Gran Canaria are valued at €1,511 per square metre, but sellers expect €2,002 per square metre

 The average house prices in Gran Canaria are comprised between €1,394 per square metre (TINSA) and €2,002 per square metre (Idealista).

Why such a difference? Well, Tinsa’s figures reflect property valuations, while idealista’s figures reflect the average price for which properties are advertised on Idealista. So in the case of Gran Canaria, it shows that sellers still expect to sell their homes for prices that correspond to pre-crisis level.

Indeed, as we can see on the graph below provided by Tinsa, we see how real estate prices in Gran Canaria dropped from €2,061 per square metre in 2008 to €1,511 currently.  

Property prices Gran Canaria
Property prices in Gran Canaria Image source: https://www.tinsa.es/precio-vivienda/canarias/las-palmas/las-palmas-de-gran-canaria/
Image source: https://www.tinsa.es/precio-vivienda/canarias/las-palmas/las-palmas-de-gran-canaria/

House prices in the Canary islands: +5.8% increase

Year-on-year average property prices across all the Canary Islands have increased by 5.8%, ending 2019 on €1,826 per square metre and surpassing the prices in 2008 by 7.5%, when they averaged €1,688 per square metre. Compared to 2014, when they averaged €1,277 per square metre, prices have risen by over 42%, giving a Compound Annual Growth Rate (CAGR) of 7.3% since then.

Prices in the capital city of Gran Canaria, Las Palmas de Gran Canaria, showed an annual increase of 7% at the end of November 2019, with prices averaging €2,002 per square metre. However, they are still slightly below prices observed in 2008, when they averaged €2,045 per square metre. Compared to 2014, when they averaged €1,456 per square metre, prices have risen by 37%, giving a Compound Annual Growrth Rate (CAGR) of 6.5% since then.

Average Rental Prices in Gran Canaria: €10.5 per square metre, and 34% higher compared to 2014

At the end of 2019 average rental prices in the province of Las Palmas showed an annual increase of 4%, rising from €10.1 per square metre to €10.5 per square metre, and they are over 54% higher than they were in 2014, when they averaged €6.8 per square metre.

In the capital city, Las Palmas de Gran Canaria, prices averaged at €9.9 per square metre at the end of 2019, showing an annual increase of 1%. However, rental prices are almost 34% higher than they were in 2014, when they averaged €7.4 per square metre.

Total house sales in Las Palmas are growing +5.8%

The number of sales transactions in the province of Las Palmas in the third quarter of 2019 (2,635 sales) showed a decrease of 9.2% when compared to the number of sales in the third quarter of 2018 (2,902 sales). However, the number of sales showed an increase of almost 31% when compared to the number of sales in the third quarter of 2014 (2,017 sales).

In the capital city, Las Palmas de Gran Canaria, the number of sales transactions in the third quarter of 2019 (837 sales) showed an increase of 5.8% when compared to the number of sales in the third quarter of 2018 (791 sales). The number of sales was more than double the number of sales in the third quarter of 2014 (410 sales).

Willing to buy or sell a home in Gran Canaria? Contact our property advisors.