Cheap property in Las Palmas: the Canary city with its own housing market

Las Palmas de Gran Canaria has 378,000 inhabitants (more than 800,000 in the metropolitan area if we include the towns in the north of the island) and is one of the most populous cities in Spain, ahead of Bilbao, Valladolid or Alicante. That position in the Spanish urban ranking contrasts with the interest it attracts among mainland property investors, who usually associate the Canary Islands with tourism in the south of Gran Canaria (Maspalomas, Playa del Inglés) and not with the northern metropolis of Las Palmas.

But Las Palmas isn't a conventional tourist destination: it's a big city with a life of its own, a port and service economy, home to public institutions and universities, and a residential rental market much deeper and more stable than that of the tourist south. For long-term residential landlords, Las Palmas offers a deal profile more like a mainland provincial capital than a coastal resort.

The price per square metre in Las Palmas in 2026

Las Palmas has an average price of between €1,400 and €2,200/m² in 2026. The most exclusive neighbourhoods (Las Canteras, Alcaravaneras, Mesa y López) have prices between €2,000 and €3,500/m². The working-class neighbourhoods in the south and centre (Tamaraceite, Ciudad Alta, Pradollano, Los Tarahales) have prices between €900 and €1,500/m².

Las Canteras beach—considered one of the best urban beaches in the world—is Las Palmas's distinctive asset: it is inside the city, accessible from the centre, and it creates demand for housing on the seafront and in the streets just behind it that steadily pushes prices up in that area.

The neighbourhoods with the best ratios for residential investors

• Ciudad Alta: The large upper-middle-class district on the hills above the historic centre. Prices between €1,500 and €2,200/m². Strong rental demand from professionals and civil servants. Yields of 5.5% to 7.5%.
• Schamann and Tamaraceite: Working-class neighbourhoods in the south/central area. Prices between €900 and €1,300/m². Rental demand from workers in the service sector and the port. Yields of 7.5% to 10%.
• Arenales: A central, commercial neighbourhood. Prices between €1,400 and €1,900/m². The most dynamic neighbourhood in central Las Palmas, with strong rental demand. Yields of 6% to 8%.
• Las Canteras (one street back): On the Las Canteras seafront, prices no longer allow good yield ratios, but one or two streets back (100-200 metres from the beach) prices are more moderate (€1,800-2,500/m²) and rental demand is very active, both residential and for medium stays by remote workers.
• El Risco and San José: Neighbourhoods in the north of the city, close to the San Telmo park. Prices between €1,100 and €1,600/m². A mixed demand profile, with good student rental demand from the University of Las Palmas.

The university market in Las Palmas: the ULPGC

The Universidad de Las Palmas de Gran Canaria has more than 22,000 students on several campuses spread across the city. University demand is significant and adds to the already solid general residential demand. The neighbourhoods closest to the San Cristóbal campus (south of the historic centre) and the Obelisco campus have a particularly high density of student lets.

Remote workers as a new source of demand

Las Palmas is one of the most sought-after destinations in Europe for remote workers and digital nomads. The movement of people with remote jobs and salaries in euros or dollars who are looking for quality of life and guaranteed good weather has created a specific segment of medium-term rental demand in Las Palmas (1-6 months): longer than holiday lets but shorter than long-term residential lets. Letting to remote workers in Las Palmas can generate higher rents than standard residential letting, but it requires more hands-on management and a more fully equipped apartment.

Canary Islands taxation applied to Las Palmas

As detailed in the general analysis of investing in the Canary Islands, the 7% IGIC (the Canary Islands' general indirect tax; with rates of 5% and 3% for main homes that meet the requirements) replaces IVA (Spanish VAT) on the first sale of a new home, and the 6.5% ITP (impuesto de transmisiones patrimoniales, the property transfer tax) applies to resales. That puts Las Palmas among the markets with the lowest tax cost of acquisition in Spain, which improves the entry yield on every property in the city.

Related resources: For a broader analysis of investing in the Canary Islands (including Tenerife and the smaller islands), the article on investing in the Canary Islands gives the context for the whole archipelago. For the active opportunities in Gran Canaria on RadarPro's radar, see opportunities in Gran Canaria. For the model of letting to remote workers and digital nomads (for which Las Palmas is the most active market in Spain), the article on alternative letting models has the management strategies for medium-term lets.