No. 33 - Its Gran Canaria Magazine

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INTERVIEW I ENTREVISTA EDICIÓN 33
Carlos De La Ossa Sanz
Broker - Lawyer. Remax Insignia
"Gran Canaria will continue to be a solid and safe option
for people interested in investing in property in 2024"
Why have property sales in Gran Canaria increased
so much
The growing demand for buying and selling properties
in Gran Canaria is due to several key factors.
Firstly, the island's exceptional climate attracts
many people who are searching for a warm and
pleasant environment all year round. The cultural
and sporting offerings, as well as the flourishing
tourism that the Canary Islands enjoy, also contribute
to the island's popularity as a place to invest
in property.
In addition, the wide range of gastronomy and leisure
opportunities in Gran Canaria are second to
none, adding significant value to people’s quality
of life. The legal security offered by the region is
an important factor for foreign buyers too, giving
them confidence in their investments.
Another factor is the current situation of high war
tensions in different parts of the world, which has
led many nationals from countries suffering from
conflict, as well as neighbouring countries, to seek
refuge in quieter and safer areas. The Canary Islands
have become an ideal destination for those
seeking a peaceful environment.
The Covid-19 pandemic also triggered an increase
in demand for property on the islands, as it enabled
digital nomads to work remotely, and many
choose to live in the Canaries thanks to the exceptional
climate and the quality of life the region offers.
What professional advisory services does Remax
Insignia offer to help clients looking to
both buy and sell?
At Remax Insignia we offer a wide range of professional
advisory services. Our team is made up
of over 20 highly trained professionals with a wide
experience in the real estate sector. This experience
is reflected in our outstanding 4.9/5 Google
rating, endorsed by more than 400 positive reviews
that have positioned us as the highest rated
real estate agency in the Canary Islands. As part of
the international network of RE/MAX real estate
agents, a leading national and international franchise,
our agents benefit from the training offered
by Remax University, the only real estate university
in the world.
Our services range from accurate property valuation
and financial advice in collaboration with
leading financial institutions, to personalised
home search for ideal homes for buyers, comprehensive
marketing strategies to position properties
in the market, and legal and tax advice provided
by experts in the field. In addition, we belong
to the Multiple Listing Service, or MLS, a collaborative
network of professional real estate agents
that streamlines property sales transactions. With
an extensive portfolio of properties nationally and
internationally, and a strong base of buyer and
investor clients, Remax Insignia is committed to
providing an exceptional real estate experience.
What is the current situation of the property
market in Gran Canaria, both for buying and
renting?
The current situation of the property market in
Gran Canaria, both for buying and renting, is characterised
by a high demand for housing and a
scarce supply of houses. 2023 saw a decrease of
around 20% in the number of transactions, but
this has not resulted in a decrease in the average
house price. The lack of new housing and the
absence of public-private partnerships for the
transfer of land on favourable terms to developers
have contributed to a housing shortage over the
last few years in Spain. This housing shortage, in
a context of growing demand, has actually exerted
an upward pressure on prices, both for renting
and buying.
The stability or even the slight increase in house
prices is due, in the first place, to the resilience of
the labour market, with a significant number of
National Insurance contributors. In addition, rising
rents in many provincial capitals in Spain have
discouraged entry into the rental market, keeping
demand for purchase at high levels. Also, the
growing interest of foreign investors in the Spanish
real estate market has boosted international
transactions, representing more than 21% of total
transactions in the first half of 2023, the highest
figure on record. Lastly, the fundamental lack of
supply, especially in new housing in large cities,
has created a chasm between demand and supply,
putting pressure on prices.
How do you see things going in the real estate
market in 2024?
As for the real estate market in 2024, current forecasts
point to the possibility of a reduction in the
number of transactions. This could be around 15%,
and could be more pronounced in the first half of
the year. House prices are also expected to drop,
with an estimated fall of between 3% and 5%.
However, it is important to note that these indicators
will depend greatly on any changes to interest
rates and inflation. The situation will not be the
same in all cities, as the real estate market may
well react differently in cities with a higher tourist
base and which are more powerful economically.
The current uncertainty makes it difficult to make
precise forecasts for the coming year. In spite of
this, the Canary Islands, and in particular Gran Canaria,
will continue to be a solid and safe option
for people interested in investing in property in
2024.