Guide to Selling Property in Canary Islands

Guide to Selling Property in Canary Islands

If you’re the owner of a Canary Islands property for sale, here’s the good news – demand for Spanish property is picking up, and the number of property transactions in Spain have increased by 47% in the last one year, largely fuelled by growing demand foreign buyers from China, Russia, Britain and the Middle East, interested in a second home or a vacation here.
Canary Islands are among the most beautiful places in Spain, with perfectly bright and sunny weather all through the year, wonderful natural scenery, splendid beaches and friendly people. Canary Islands comprise of Tenerife, Lanzarote,  Fuerteventura  and Gran Canaria, La Gomera.
Canary Islands are the hottest tourist destination in Spain. Your Canary Island property for sale is likely to be highly prized and as a property owner you couldn’t have wished for a better time to sell property in Canary Islands.
Some of the tips given here will help you to sell property in Canary Islands at the best price possible. Read on to know more.
#1. Set a realistic price
It won’t be easy to get a high price for your Canary Islands property for sale because of competition from the large number of bank repossessions in the market. So, be realistic about the price being set. Stick to a price of 5 to 10% over the average that comparable properties in the area are being sold for.
#2. Include the furniture and appliances in the property sale
Furnished homes in the Canary Islands fetch more than the non-furnished ones. That’s why it makes sense to include furniture, appliances, etc. when you look to sell property in the Canary Islands. Besides, it makes sense to avoid paying the huge cost of getting the furniture and appliances transported back to your own country, if you are from the UK, for instance.
#3. Create a fantastic first impression for the buyer
Renovate the house as far as possible, without spreading your budget too thin. Hire the best plumbers, electricians, gardeners, painters and get a lot of repair work done, especially on the kitchen and the bathrooms.
#4. Get the paperwork in perfect order
All the documentation related to the Canary Island property for sale should be ready, including the original sales deed, gas bills, utility bills, copies of the property taxes paid, receipts for community bills. Keep the Residencia card ready as well, if you have an official Spanish residency status.
#5. Invest time and effort on the marketing
Have a “Casa en Venta” ( or “home for sale”) sign placed on the property. Look to market the property on blogs, real estate portals, online forums, and so on, especially on sites and forums that cater to foreign buyers from China, Russia, and the Middle East. Market the property at pubs, restaurants, clubs frequented by the expat community. Market it on the social media platforms such as Facebook and Twitter as well.
#6. Never restrict yourself to just one real estate agent
Never sign on to a sole agency agreement. Hire multiple real estate agents; don’t restrict yourself to just one. Offer incentives to the real estate agents in addition to the minimum commission. The price of the Canary Island property for sale should be set only by you, not your real estate agents. And stick to the same price consistently across all real estate agents. Try and find agents who market to overseas buyers. Cash Rich buyers in China and Russia love the islands so look for an agent who markets into these countries.
#7. Capital Gains Tax
If you are a non-resident you will be required to pay as much as 35%, as capital gains tax and just 15% if you are an official resident of Spain. Always consult a qualified tax consultant to help you out with the details related to capitals gains tax.

Well, that’s it – our tips on how to sell property in Canary Islands. Hope you’ve found the information that you were looking for.

If you need to sell a property in the Canary Islands contact us today to see how we can help you. 

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