Five Canary island districts to buy real estate in and relocate to

Five Canary island districts to buy real estate in and relocate to

Living in the Canary Islands means breathing in tranquility. The wide variety of islands allows you to enjoy an urban or mountainous environment, climbing Mount Teide or surfing in quarries, visiting the archaeological museum and parade of carnival queens, or walking in one of the most beautiful national parks in Spain, tasting wrinkled potatoes, etc.

Consider some of the best areas in the Canary Islands to buy property. We will also study how to choose an area, find an apartment, and conclude a real estate transaction in the Canary Islands.

CONTENT:

the reason for your PURCHASE: INVESTMENT, VACATION, OR PERMANENT RESIDENCE

The reason for your purchase determines the type of property selected.

Real estate in Spain, located in central areas or closer to the sea, is best suited for investment.

For renting, the best option would be real estate in districts popular with tourists.

For a permanent residence, it is necessary to consider the development of infrastructure.

Five Canary Island districts to buy real estate in and move to

CHARACTERISTICS OF THE CANARY ISLANDS DISTRICTS

Prices in areas depend on location, Canary Islands attractions, infrastructure, availability of parking spaces, and property condition.

Let us analyze which area in the Canary Islands is better to buy an apartment.

1. Las Palmas de Gran Canaria

Geographical position

Las Palmas de Gran Canaria is a city in Spain, the capital of Gran Canaria, located in the north of the island. It is home to about 380,000 people.

Infrastructure

Developed transport links: 8 airports with domestic and international flights, a network of sea lines, public transport, and motorways. One of the largest ports in the Atlantic Ocean can be found here.

Commercial offer: Las Arena shopping center, El Pierce shopping center.

Cultural institutions: theaters of Perez Galdos, Giniguada and Cuyas, literary cabinet, House-Museum of Benito Perez Galdos, conservatory, multiplexes (Monopol), annual International Film Festival, House-Museum of Christopher Columbus.

Parks of San Telmo and Doramas.

Architectural monuments: Cathedral of Las Palmas de Gran Canaria.

Educational institutions: State University of Las Palmas de Gran Canaria, several international English-speaking schools and colleges.

Hospitals, supermarkets, sports centers, and other services are within reach.

Development and type of property

You can find both luxurious villas, cozy cottages, and inexpensive and comfortable apartments in the capital. Many of them are rented at a reasonably affordable price.

Average price per square meter

PurchaseRent
Average price per m2 – 2062 € / m2Average price per m2 – 11 € / m2
Average property price – 202 578 €Average property price – 818 €
Price per m2 for the number of rooms:Price per m2 for the number of rooms:
Price for a studio or 1 room – 2747 € / m2 Price for a studio or 1 room – 667 € / m2
Price for 2 rooms – 2268 € / m2 Price for 2 rooms – 821 € / m2
Price for 3 rooms – 1906 € / m2 Price for 3 rooms – 887 € / m2
Price for 4 rooms – 1899 € / m2 Price for 4 rooms – 928 € / m2
Price per m2 for services:Price per m2 for services:
Price per m2 with terrace – 2391 € / m2 Price per m2 with terrace – 877 € / m2
Furnished property – 2286 € / m2 Furnished property – 798 € / m2
Property with elevator – 2459 € / m2 Property with elevator – 854 € / m2
For a parking space – 2372 € / m2 For a parking space – 901 € / m2

Advantages and disadvantages

Favorable climate (low rainfall throughout the year, mild winters), beautiful beaches. Good air quality (one of the Spanish cities with the cleanest air). Low prices and tax rate (7%).

The disadvantages include the high unemployment rate and a large tourist number.

2. Santa Cruz de Tenerife

Geographical location

Santa Cruz de Tenerife is one of the two capitals of the autonomous community of the Canary Islands, located on the island of Tenerife. The area is 150 km2; the population is 208,000 inhabitants.

Infrastructure

Transport links: ferry, bus station, airport.

Cultural institutions: Ethnographic Park of the Pyramids, Military History Museum of the Canary Islands.

Architecture: Auditorium (example of postmodern architecture), Church of the Immaculate Conception, Plaza de España.

Commercial offer: Central market, shopping centers.

Parks: Botanical Garden.

Educational Institutions: University of La Laguna, Canary Islands Business School.

Entertainment offer: carnivals.

There are more than 80 hotels.

Development and property type

There are various types of real estate: studios, apartments (flats), penthouses, penthouse duplexes, bungalows, bungalow duplexes, cottages (adjoining), adjoining duplexes, or triplexes.

Average price per square meter

PurchaseRent
Average price per m2 – 1551 € / m2Average price per m2 – 9 € / m2
Average property price – 171 025 €Average property price – 889 €
Price per m2 for the number of rooms:Price per m2 for the number of rooms:
Price for a studio or 1 room – 1917 € / m2 Price for a studio or 1 room – 657 € / m2
Price for 2 rooms – 1690 € / m2 Price for 2 rooms – 764 € / m2
Price for 3 rooms – 1428 € / m2 Price for 3 rooms – 908 € / m2
Price for 4 rooms – 1505 € / m2 Price for 4 rooms – 1035 € / m2
Price per m2 for services:Price per m2 for services:
Price per m2 with terrace – 1797 € / m2 Price per m2 with terrace – 916 € / m2
Furnished property – 1781 € / m2 Furnished property – 843 € / m2
Property with elevator – 1809 € / m2 Property with elevator – 937 € / m2
For a parking space – 1863 € / m2 For a parking space – 1196 € / m2

Advantages and disadvantages

Favorable climate, clean beaches, and a variety of landscapes.

Disadvantages include a sense of isolation.

3. Arrecife

Geographical position

Arrecife is a municipality in Spain that form part of the province of Las Palmas. It is located on the island of Lanzarote, and it covers an area of 22.72 km2. The population is 58,156 people. This small town is the island’s capital and is located around a natural cove surrounded by small islands and reefs.

Infrastructure

Transport links: airport, seaport, bus service, a network of more than 200 km of bicycle routes.

Cultural institutions: the museums of Lanzarote’s history and contemporary art, with exhibits dedicated to archeology, science, arts, and crafts.

Architecture: defensive fortresses of San Gabriel and San Jose, Old Bridge, Castle of St. Joseph.

Commercial offer: shopping centers, brand boutiques.

Development and type of property

The real estate market is represented by various types of real estate: houses, apartments, duplexes, and townhouses.

Average price per square meter

PurchaseRent
Average price per m2 – 1412 € / m2Average price per m2 – 8 € / m2
Average property price – 128 931 €Average property price – 651 €
Price per m2 for the number of rooms:Price per m2 for the number of rooms:
Price for a studio or 1 room – 1919 € / m2 Price for a studio or 1 room – 528 € / m2
Price for 2 rooms – 1406 € / m2 Price for 2 rooms – 547 € / m2
Price for 3 rooms – 1355 € / m2 Price for 3 rooms – 749 € / m2
Price for 4 rooms – 1381 € / m2 Price for 4 rooms – 811 € / m2
Price per m2 for services:Price per m2 for services:
Price per m2 with terrace – 1455 € / m2 Price per m2 with terrace – 583 € / m2
Furnished property – 1559 € / m2 Furnished property – 664 € / m2
Property with elevator – 1881 € / m2 Property with elevator – 869 € / m2
For a parking space – 1612 € / m2 For a parking space – 910 € / m2

Advantages and disadvantages

Favorable climate. It is ideal for windsurfers and kite surfers. The prices here are affordable.

4. Santa Cruz de la Palma

Geographical position

Santa Cruz de la Palma is a city and municipality in Spain, part of the province of Santa Cruz de Tenerife. It is located on the island of Palma and covers an area of 43.38 km2. The population is 17,128 people.

Infrastructure

Transport links: airport, seaport, bus routes.

Cultural institutions: Museum of the Islands and the Maritime Museum.

Architecture: Casa Monte Verde mansion, San Francisco church, Castillo Real and Castillo de la Virgen castles.

Commercial offer: Market Mercado Munisipal.

Development and property type

The real estate market is represented by many properties and commercial real estate (traditional and modern houses).

Average price per square meter

PurchaseRent
Average price per m2 – 1391 € / м2Average price per m2 – 9 € / m2
Average property price – 163 491 €Average property price – 716 €
Price per m2 for the number of rooms:Price per m2 for the number of rooms:
Price for a studio or 1 room – 1475 € / m2 Price for a studio or 1 room – 606 € / m2
Price for 2 rooms – 2197 € / m2 Price for 2 rooms – 678 € / m2
Price for 3 rooms – 1402 € / m2 Price for 3 rooms – 804 € / m2
Price for 4 rooms – 1326 € / m2 Price for 4 rooms – 877 € / m2
Price per m2 for services:Price per m2 for services:
Price per m2 with terrace – 1386 € / m2 Price per m2 with terrace – 761 € / m2
Furnished property – 1648 € / m2 Furnished property – 701 € / m2
Property with elevator – 1463 € / m2 Property with elevator – 777 € / m2
For a parking space – 1559 € / m2 For a parking space – 884 € / m2

Advantages and disadvantages

Favorable climate. It has developed cultural and entertainment options to enjoy.

The disadvantages include the lack of direct flights.

5. Adeje

Geographical position

Adeje is a municipality in Spain, part of the province of Santa Cruz de Tenerife in the autonomous community of the Canary Islands. It is located on the island of Tenerife and covers an area of 105.94 km2. The population is 43 801 people. The headquarters of the Russian Orthodox Church in the Canary Islands is located here.

Infrastructure

Entertainment offer: Hell’s Ravine (route about 6 km long), Siam Park water park, Puerto de Adeje Marine Reserve, whale watching tours, and other cetacean species.

Sports offer surfing, diving.

Architecture: Casa Fuerte fortification, Plaza del Duque shopping center, Santa Ursula parish church.

Restaurants.

Development and property type

There are many objects on the real estate market (studios, apartments, townhouses, penthouses, villas, houses in Spain).

Average price per square meter

PurchaseRent
Average price per m2 – 2587 € / m2Average price per m2 – 11 € / м2
Average property price ‒ 214 699 €Average property price – 868 €
Price per m2 for the number of rooms:Price per m2 for the number of rooms:
Price for a studio or 1 room – 2874 € / m2 Price for a studio or 1 room – 781 € / m2
Price for 2 rooms – 2552 € / m2 Price for 2 rooms – 956 € / m2
Price for 3 rooms – 2250 € / m2 Price for 3 rooms – 915 € / m2
Price for 4 rooms – 2209 € / m2 Price for 4 rooms – 915 € / m2
Price per m2 for services:Price per m2 for services:
Price per m2 with terrace – 2720 € / m2 Price per m2 with terrace – 902 € / m2
Furnished property – 2788 € / m2 Furnished property – 877 € / m2
Property with elevator – 2667 € / m2 Property with elevator – 906 € / m2
For a parking space – 2619 € / m2 For a parking space – 1160 € / m2

Advantages and disadvantages

The beautiful beaches of Fañabe, Playa del Duque and Playa de la Pinta were awarded with the Blue Flag. There are rich cultural and entertainment options.

How can A FOREIGNER buy an apartment IN THE CANARY ISLANDS?

Buying real estate in Spain includes:

  • Check the apartment for appropriate legal processes.
  • The deposit agreement includes the finalization of the money transfer.
  • Signing an agreement with a real estate agent who provides the future buyer with the documents necessary to verify the registration and charges a commission from 3 to 5% of the total purchase and sale amount.
  • In case of purchasing housing under construction, it is necessary to check all information about the developer and the town planning license.
  • The parties are obliged to comply with the contract terms when executing a private contract of purchase and sale. This is an entirely valid way of concluding a transaction. 
  • Registration of housing in the Land Register.
  • Obtaining an NIE.
  • Payment of taxes, the amount of which depends on whether the house is new (first handover): in the Canary Islands, this operation is subject to the general Canary Islands Indirect Tax (IGIC) of 7% and AJD tax (documented legal acts), which will vary from case to case.
  • Registration.

Five Canary Island districts to buy real estate in and move to

Why do THE CANARY ISLANDS attract investors?

Investing in real estate in the Canary archipelago today attracts many for various reasons:

  • Favourable taxation system.

    In the Canary Islands, there is a decrease in tax pressure. It is an ideal place to live for individuals and companies.

  • Unique natural environment.

    Here are some of the most beautiful landscapes in Spain, a large number of protected natural areas (four national parks).

  • Favourable climate.

    The high quality of life is one of the main attractions in the Canary Islands. It is a community that boasts a subtropical climate and comfortable temperatures all year round.

  • Profitability of rental housing. According to Idealista.com, the average rental income in the Canary Islands is much higher than in most Spanish capitals (7.7% in Las Palmas and 6.8% in Santa Cruz de Tenerife).
  • A growing tourism industry.

Foreign buyers of real estate in the Canary Islands market are dominated by the British, French, and Germans.

THE BEST AREAS OF THE CANARY ISLANDS TO LIVE

So, where is the best place to buy an apartment in the Canary Islands?

It is necessary to choose the city of the Canary Islands to buy and rent real estate according to your preferences, lifestyle, and budget.

Recommendations for choosing an apartment in Spain for living will depend on the buyer's personal needs.

The most suitable cities for students and youth are near universities: Las Palmas de Gran Canaria and Santa Cruz de Tenerife.

Adeje and Arrecife are the areas where it is better to live for a Russian and buy an apartment for a pensioner.

Green areas with developed infrastructure and relatively low housing prices are suitable for families with children: Santa Cruz de la Palma.

The areas where you should buy an apartment for renting and investing are Las Palmas de Gran Canaria and Santa Cruz de Tenerife.

Adeje is the best place to buy property by the sea.

It is better to live in Arrecife for an extended time.

We hope that our guide to the cities of the Canary Islands for different buyers will help you in your choice of real estate.

Five Canary Island districts to buy real estate in and move to

WE WILL HELP YOU purchase PROPERTY IN THE CANARY ISLANDS.

Are you looking to buy a property for your own use or rent it out in the Canary Islands? On Spain.Real-Estate, you can find real estate offers to suit any investment preference.

Buy real estate with a high yield and low market price with Spain.Real-Estate!

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