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Gran Canaria, a booming real estate market

In recent months, anyone who has read the headlines in Spain will have found an increasing number of news related to the growth of the Spanish real estate market. Unlike what has happened in the past, the consensus of analysts suggests that this rebound is based on a very solid foundation. Engel & Völkers has for many years been working on a sustainable real estate model for the national economy and as a result, it has proved very profitable for its professionals. This is why we continue to look for entrepreneurs who want to take on a franchise in a destination as attractive as Gran Canaria.

The island of Gran Canaria is the second most populated in the entire Canary archipelago (although its capital, Las Palmas de Gran Canaria, is the largest city of the autonomous community). Just like the rest of the Canary Islands, we can find one of the most important coastal destinations in our country. According to the data of the Cabildo de Gran Canaria for the year 2017, Gran Canaria received more than 4.5 million visitors, thus setting a new record. It is worth noting the great importance of international tourism for the island's economy since nearly 90% of the tourists that it received last year came from abroad.

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If we delve a little further into these figures, we can clearly distinguish which nationalities visited the beaches of Gran Canaria the most. It is surprising to see that Switzerland was the country that attracted the most tourists to the island in 2017, followed closely by Sweden and, further away, by Poland and Norway. The attraction of Gran Canaria for the central and the north Europeans is out of all consideration and this is great news for professionals who work in the real estate sector. For the most part, foreign visitors to the island are known for their high purchasing power and their connection with this destination.

Logically, it's not just tourism that Gran Canaria boasts of, although the impact of tourism on the regional GDP is very considerable. As a whole, the service sector accounts for just over 75% of the regional wealth. Another important part of the economy of Gran Canaria is Puerto de la Luz, which is the main port for fishing, commercial, and passenger boats from the entire archipelago. What's more, secondary activities, such as alternative or renewable energy plants, have also experienced a rebound in recent years.

Gran Canaria has also seen how the unemployment rate has not stopped decreasing year after year since 2013, being, in fact, one of the areas of Spain where unemployment fell the most last year (it fell by more than 10% compared to 2016). Such a positive situation has had, along with tourism, a logical and positive impact on the real estate market. Taking as a reference the data of Tinsa IMIE Local Markets, the average price of housing rose by 4.5% in Gran Canaria during the first quarter of 2018 (the national average stood at 3.8%). As a surprising fact, the average time to sell a property was reduced to five months.

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Our real estate agency doesn't just specialise in the property buying and selling market. We are also interested in other booming businesses, such as rentals in very strategic points of the island. In Las Palmas de Gran Canaria, the average price of residential property lettings already offers an average return of 8.1%, which is one of the best data among all the provincial capitals of Spain. In fact, Gran Canaria is comfortably ahead of the majority of other coastal resorts, such as Almeria (6.8%), Alicante (6.4%), Malaga (5.8%) and Palma de Mallorca (5.5%).

Engel & Völkers guarantees all its franchisees complete and highly specialised guidance, as expected of an international real estate agency. The first steps in the dynamic real estate market of Gran Canaria will be much safer thanks to our support, which includes detailed information on commercial activities and different training options. If you are interested in obtaining any of the licenses that Engel & Völkers has available in Gran Canaria, contact us as soon as possible to start your most profitable business.




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