04 Jan 2016

Reasons Why 2016 May Be The Best Year To Buy A Gran Canaria Property

Published in Buyer tips, News

Walk around south Gran Canaria at the moment and it’s hard not to feel optimistic about the future. 

The island’s hotels are practically full, the resorts all feel busy, and most quality rental properties are booked up.

This is, of course, partly due to the situation in Tunisia and Egypt which has reduced winter tourism competition significantly.

However, it’s also due to the appeal of Gran Canaria in general; A destination and second home with great weather, beautiful surroundings and European-standard healthcare and security.

Of course, a booming tourist industry is also good for the island’s property market. The more people that come to the island and enjoy themselves, the more people want to buy a property here.

2016: More of the same

There’s little doubt that 2016 will be another record year for Gran Canaria’s tourist industry and we expect this to boost the south Gran Canaria property market.

Here are five good reasons why we expect 2016 to be a great year to buy a property in Gran Canaria

Property prices stable and beginning to rise

It’s no secret that property prices in Gran Canaria and Spain as a whole have fallen over the past ten years. The global recession and Spain’s difficult recovery stunted both non-resident and local demand and prices fell by 25% to 40% depending on location from the pre-crisis peak.

However, over the last two years, they have stabilised as both local and international demand increased. Now, prices in highly desirable areas are starting to increase again.

This makes 2016 the year when Gran Canaria will, in all likelihood, say goodbye to the crisis and also makes it an excellent time to invest in property on the island.

Rentals in demand and legalised

The crisis stopped most new construction in Gran Canaria, but demand for accommodation is still high. This means that rental yields on the right south Gran Canaria property are high.

The legal situation surrounding private rentals in touristic areas is still in limbo, although we expect significant progress in 2016 as government officials and the hotel lobby confront the reality that private rentals can’t be stopped with regressive laws.

The good news is that short-term rental of property in non-touristic areas of Gran Canaria, including many areas of south Gran Canaria, is now completely legal provided that you comply with the regulations. Given the situation, we advise anyone looking to buy a rental property in Gran Canaria to get good advice before they sign on the dotted line.

The economy is more than tourism

There are increasing signs that Gran Canaria’s wider economy is improving along with tourism.

The La Luz port in the capital Las Palmas is becoming an oil services hub for African drilling companies; It’s even been compared to Aberdeen.

Gran Canaria is still paradise

December 2015 has been one of the warmest and sunniest months ever in Gran Canaria. Well, that’s what the weather forecasters tell us; In south Gran Canaria it’s sunny every December so we’ve hardly noticed the heatwave.

However, some things have changed around here; Arguineguín looks like it is going to get funding for an impressive renovation of its marina, the Gran Canaria water park in Playa del Inglés has received the final go-ahead from the government, and Puerto Rico’s main shopping centre is also getting a €3m facelift.

Great Tauro offer

It wouldn’t be the New Year without a great bargain and we have one exclusively for you. The duplex complex of Residencial Tauro, a bank repossession, is now available for sale but you do have to move fast as 11 of the units have already been reserved. Click here for all the information on this great 2016 bargain.

Happy New Year!

For all of us at Cárdenas Real Estate, we wish you a happy and prosperous New Year and we hope to see you soon in Gran Canaria.

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