Property Purchase in Las Palmas de Gran Canaria

Las Palmas de Gran Canaria is the largest city of the Canary Islands. Foreign buyers look at flats near Las Canteras beach and in Guanarteme, homes in the historic quarters of Vegueta and Triana, and apartments with views of the port. The islands have a tax system of their own and their own law on holiday homes, so a purchase here follows the route of property purchase in Spain with Canary points added. These notes are general information, not advice on any one home.

How it usually works in Las Palmas

Price and deposit are usually fixed in an arras contract once the buyer has an NIE. The lawyer obtains the nota simple from the registry office for the address, checks the cadastre, the IBI and the community, and prepares the deed for signing before a notary. A resale home pays the property transfer tax of the Canary Islands, set by the regional government. A new home sold by a developer pays the Canary indirect tax, IGIC, because mainland VAT does not apply in the islands.

What to watch for in Las Palmas

• Holiday homes. Letting a home to tourists in the Canaries falls under the islands' law on vivienda vacacional, recently made stricter, and under local planning. A buyer who counts on holiday income checks the exact address.
• Historic quarters. Vegueta and Triana are protected. Works on facades and on the inside of older houses go through heritage rules.
• Salt air and old blocks. Buildings by the sea often need facade and structure repairs; the community's minutes show levies already decided.
• Island planning. Besides the town's plan, Gran Canaria has an island-wide land-use plan. Both decide what may be built, extended or let on a plot.

How an English-speaking lawyer helps

The lawyer explains the Canary taxes in English, checks the property and the paperwork, and can complete under a power of attorney for a buyer who is not on the island. Owners who are not resident in Spain file yearly returns on the home; see property tax for foreign owners. The lawyers serving the island's capital are listed under Las Palmas de Gran Canaria.

Questions and answers

Is there VAT on a new home in Gran Canaria?

No. The Canary Islands use their own tax, IGIC, on the first sale of a new home. A resale home pays the Canary transfer tax.

Are holiday lets allowed in Las Palmas de Gran Canaria?

Only within the Canary law on holiday homes and the town's planning. The rules have been tightened, so they are checked for the exact building.

Can a foreigner buy a home in the Canary Islands?

Yes. Buyers of any nationality can buy with an NIE; living in the islands for good is a separate question of residence.