New houses and developments in Las Palmas

New developments in Las Palmas

The province of Las Palmas currently has a supply of more than 350 new construction developments throughout the archipelago. It is one of the preferred tourist destinations for both national and foreign visitors, which has allowed the real estate sector to thrive in recent years. The cheapest prices are found in inland areas and/or industrial estates, such as Vecindario, Al Gaete, or Arucas, where the price per square meter ranges from 800€ to 1,000€.

The most expensive new construction developments are located in coastal areas, such as San Bartolomé de Tirajana, Las Palmas de Gran Canaria, or Tías, where the price per square meter can reach up to 6,000€, depending on the quality of the properties.

In this province, it is common to find new properties in the same location for 60,000€ and others for 600,000€. The difference is proximity to the sea, with the cheaper ones generally located in mountainous and inland areas.

Where are the largest number of new developments located?

By far, the capital, Las Palmas de Gran Canaria, is where most of the new construction homes are located, followed by Puerto del Rosario in Fuerteventura and Arrecife in Lanzarote. All of them have views of the Atlantic Ocean.

Which coastal areas have the main new developments?

The main beach areas with new construction developments coincide with the locations where demand is highest, and therefore, where there are already properties and upcoming developments. In Las Palmas de Gran Canaria, they are located around Playa de las Canteras, in Puerto del Rosario (Fuerteventura), and in Arrecife, such as the Reducto beach.

What are the factors that affect the final price of a new property in the province of Las Palmas?

Fortunately, the Canary Islands do not have seasonal tourism, which favours the sale of new construction properties throughout the year in the province of Las Palmas. It should be noted that while their exotic and warm location makes them beautiful, it also makes them less strategically located for the transport of goods, resulting in a significant increase in material costs. In addition to the transportation of materials and possible delays due to air or sea issues, the location of the property is a major factor. Apart from the size of the house, the selected materials, the orientation of the building (highly valued for its sea views), and the extras also play a role.

For luxury properties, privacy will be one of the influencing factors for acquisition. In contrast, for medium-priced properties, common areas such as green spaces or outdoor facilities will increase in value.

What is the current state of the new construction real estate market in the province of Las Palmas?

Despite the territorial limits of the islands, new construction projects continue to be developed steadily on the archipelago annually. There have been no significant increases, but there has been maintenance of new architectural projects and offers for the real estate sector.

The areas that have grown the most are those with the highest tourist demand and the capitals of each of the islands. Additionally, iconic beaches such as Las Canteras in Gran Canaria, MasPalomas, Mogán, or the Puerto del Rosario in the region of Fuerteventura have experienced growth in new construction.

What is the importance of buying new development compared to second-hand property in the province of Las Palmas?

Whether for personal enjoyment or a professional transaction, properties in the Canary Islands are currently in high demand. New construction projects in the islands are positioned as a future investment, thanks to the quality of the destination. The Canary Islands are, without a doubt, a safe bet. Year after year, it appears on the list of top Spanish destinations, both nationally and internationally. New developments offer numerous guarantees compared to second-hand properties: cost reduction, new materials, better locations, included garages, gyms, electrical efficiency, and new technologies.

The increase in demand for this type of property is due to the ease of making modifications to the floor plan, both in the home and on the land, construction times, and cost reduction.

Often, and especially on islands with protected natural areas, it can be difficult and lengthy, bureaucratically speaking, to make changes to second-hand properties. They sometimes have restrictions on adding a floor to the house, building a pool, or laying asphalt. In contrast, real estate and construction companies have all the necessary permits to avoid possible delays in property delivery.

Where to buy new development in the province of the Canary Islands?

Currently, the main areas where new construction projects are located are:

• On La Graciosa, there is currently no offer of new construction properties. As it is a natural park and reserved by the biosphere, building on this island requires numerous special permits.
• In Lanzarote, the most affordable flats are in non-coastal areas, such as Argana, for €75,000-€80,000. The most luxurious flats go up to €250,000 in San Ginés de Arrecife. As for semi-detached and independent villas, the offer begins at €280,000 and goes up to €420,000 in Tías.
• In Fuerteventura, it is possible to find flats near Puerto del Rosario for €80,000 or semi-detached villas for €98,000 in La Oliva. The most expensive ones do not exceed €350,000-€400,000, very close to Playa del Cotillo.
• In Las Palmas de Gran Canaria, more than 60% of the current offer is concentrated. In the interior, in Galdar, 50 m² homes can be found for €70,000, ranging from a flat in a residential area in Siete Palmas of 35 square meters for over €100,000. In Telde, for that price, homes of over 70 square meters and 2 bedrooms can be acquired. Everything begins to rise in the Las Canteras District, from €200,000 for a single-family home to independent villas in San Bartolomé de Tirajana for €580,000.