Investing in Las Palmas or Southern Gran Canaria?
Investing in Las Palmas: the risks for real estate investors. Find out why putting real estate into income in the city may not be cost-effective.
Let me preface by saying I have nothing against Las Palmas…in fact I love it! I have all my friends who live in the North, I spend almost all my weekends there, I like walking in Las Canteras, shopping at Corte Inglès, biking on Avenida Maritima, getting lost in the little alleys of Vegueta and Triana but…my money and my investors’ money would not spend it on real estate to put into income!
Buying in Las Palmas means investing in a market that is far from rich! in what sense? in the sense that in Las Palmas tourist properties are rented mainly to young people, to people who want to get to know the city a little bit for a few weeks or months perhaps taking a Spanish course on the fly, or for those looking for a fortune …credit where credit is due!
But to make money from short- or medium-term rentals YOU NEED TO BUY IN THE SOUTH!
Have you ever seen dozens of couples over from northern Europe spending 3-4 weeks or even months in Las Palmas in winter? I really few…if any…and it is the northerners who have the highest number of winter vacation days! It is Northerners who receive government subsidies to go on vacation! It is the Nordics who are the richest retirees in Europe! (Germans, Norwegians, Swedes, Finns, Icelanders, Irish, English, etc.).
Try coming to Puerto Rico or Maspalomas in November …..i Pubs and Karaoke blow up!!! Beaches are sold out and at night for a cab you have to wait and wait …. so?
Have you ever strolled in November in Las Canteras after 10 pm? there are you and the sea…wonderful let alone but have you ever seen hordes of tourists singing , dancing, drinking late into the night? Me in 10 years never!!! A few at the famous and only pub in the area … but very few and all mainly young …
Short-term rentals are tourist rentals, and whether you love it or hate it, the TOURIST ZONE OF GRAN CANARIA IS THE SOUTH! There is little to do…
In fact, this year as never before even in summer the South of the island appeals to tourists, certainly influenced by the unfortunately difficult situation in the Middle East area…but also because in Las Palmas there is panza de burro (donkey belly)!!! clouds, clouds and clouds almost every day…
SO LISTEN TO THE NUMBERS and not to the Gurus with videos on Tik Tok, Facebook, YouTube, etc., who try to convince you with strange theories about the advantages of buying a property to put income with tourism in northern Gran Canaria!
But then sorry, and I will conclude, you if you were to go on vacation to the sea, would you choose a studio apartment in a building in the middle of traffic and smog with a cool, cloudy and windy climate in the winter, or a bungalow with a garden, an apartment with a terrace overlooking the sea in quiet San Agustin or up in Puerto Rico with one of the best microclimates in the world and year-round sunshine?
Look a bit on Idealista…how many tourist apartments for sale are there in Las Palmas with photos of towels on the beds and bottles of sparkling wine on the snack top…and how many are there in the South?? very few! and ask yourself two questions no! I don’t sell if I know it makes me! (in a few cases you sell for other reasons for sure, even I have cases of apartments for sale in the south for personal reasons even serious ones of the owners..but these are exceptions)
You be the judge … I meanwhile enjoy reading and sneer to myself …
If you are interested in Investing in Gran Canaria please contact me.
Daniele Piccoli +34 635 632 009 +39 351 871 1203