What it Means to Own Real Estate in Las Palmas, Gran Canaria

When it comes to exotic European real estate Las Palmas, Gran Canaria makes for a good investment. Las Palmas shares capital city status with equally popular tourist city Tenerife in the island of Gran Canaria in the Spanish territory of the Canary Islands. Purchasing property in Las Palmas is relatively affordable for property hunters such as businessmen and prospective retirees. But are foreigners allowed to purchase Canary Island property?

The answer is yes. The Canary Islands, Spain in general has limited restrictions to owning real estate in Las Palmas (https://www.bluehomes.com/Las-Palmas/Immobilien/kaufen+verkaufen/place.html). Las Palmas, Tenerife and the rest of Gran Canaria properties are pretty sound investments right about now and in the near future once current the global situation stabilizes.

To purchase Gran Canaria property, foreigners are required to own a local bank account as well as an NIE (Spanish ID for foreigners). Acquiring an NIE can be done at any Spanish consulate but can also be done on the island itself. Securing a local bank account only requires a passport. Plus, to make the real estate purchase as smooth as possible, it’s recommended to hire a local bilingual sales agent to arrange viewings and advise on current market prices.

There are local responsibilities to owning real estate. Las Palmas residential properties are required to pay a community fee that ranges from 30 to 200 euros per month as well as an annual property tax for non-residents that depends on the property size and value which amounts to 480 euros annually for a property with a value of 100,000 euros. Also, non-residents have to pay a small income tax generated by the property, local bank interest and local job if any. The amount seems rather fair given the low cost of living on the island which is 80% cheaper than the cost of living in New York. Overall, purchasing real estate, Las Palmas, Ground Canaria, is a sound investment.

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