15 Jan 2014

Property Sales Rise in the Canary Islands and Gran Canaria

Published in Buyer tips, News

The Canary Islands were the only region in Spain to see a rise in property sales in November 2013.

According to the Spanish National Institute of Statistics, sales across Spain fell by 15.1% compared to November 2012 while in the Canaries they were up 13.5%.

The rise in sales in the Canary Islands is largely due to the booming tourism industry and our exceptional year-round climate.  More and more people are coming to the islands and deciding that they want to own a bit of our sunny paradise.While we don’t have figures for Gran Canaria yet, it’s almost certain that the majority of property sales on the island have been in the tourist areas such as Mogán, Puerto Rico, Arguineguín, Playa del Inglés and Maspalomas.

Demand for second residences and investment properties in the sunshine has been strong this year amongst Northern Europeans. With prices low and occupancy rates high it’s also been an excellent year for investors in Gran Canaria. The Spanish government has done its bit to boost demand by passing a law that grants non-EU citizens who spend more than €500,000 on property an automatic right to reside in the country.

As for 2014 it may be an historic opportunity to buy property in Gran Canaria. Interest rates and property prices are still low and tourism is set to continue booming. Right now there is a quality stock of properties available for sale in the south of Gran Canaria. If you’re tempted, have a look at our website; you may well find your ideal Gran Canaria property.

Source: Canarias 7