Buying property in Gran Canaria as a foreigner: Complete UK guide

Disclaimer: The information in this article is for reference purposes only. All information on this page should not be considered financial or tax advice. You are also solely responsible for calculating and paying your tax liabilities depending on the applicable law. All tax saving strategies or decisions should be made after thorough research and consultation with a qualified financial advisor.

Love the idea of year-round sun and beautiful beaches, right on your doorstep? You might be considering buying a holiday home on the gorgeous Canary Island of Gran Canaria.

It’s a popular choice for UK expats, especially those looking to retire overseas, or to buy an investment property to let out.

Whatever your plans, we’re here to help - with a practical guide to buying property in Gran Canaria as a UK foreigner.

This includes info on Spanish mortgages for non-residents, fees and taxes, the latest property prices, where to start your search and the pitfalls to avoid.

We’ll also introduce a reliable and cost-effective way to send and receive large sums internationally from the money services provider Wise.

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Can you get a mortgage from a Gran Canaria bank as a non-resident?

First things first, you’ll need to get your financing sorted. Unless you have the cash upfront, you’re likely to need a mortgage.

You’ll be pleased to know that Spanish banks do offer mortgages to foreign citizens.

The only drawback is that as a non-resident, you’re likely to get a lower loan-to-value (LTV) rate than a local applicant. This means you’re likely to need a deposit of at least 30%. You’ll also need to provide a credit report from the UK.¹

For new arrivals on the island, some lenders require you to live there for at least 12 months before they’ll approve a mortgage.¹

It’s a good idea to start shopping around for mortgages before starting your property search in earnest. You might also choose to use a specialist broker, who can find the right mortgage for your circumstances and help you apply for it.

📚 Money and banks in Spain

Taxes and fees for owning property in Gran Canaria

Now, how much does it cost to buy and own a home in Gran Canaria? So you can set the budget for your purchase, you’ll need to look beyond the asking price and factor in legal fees and property taxes too.

In total, you’ll need to add around 8% to 10% on top of the purchase price. Here’s a breakdown of the main costs you need to know about:²

You may also need to pay other ongoing costs, such as community fees for apartments with shared facilities, and non-resident income tax on rental income/deemed income.

What’s the property market like in Gran Canaria?

The real estate market in Gran Canaria seems to be booming, with an increase in home sales of 5.5% recorded in late 2025. It’s a leader in the Canaries, with other islands such as Fuerteventura recording a 13% drop in sales over the same period.³

Property prices across Gran Canaria and some of the other Canary Islands have increased, with Gran Canaria again leading the way. The municipality of Mogán was a top performer in 2025, with prices jumping 9% year-on-year. In fact, prices there have increased by a whopping 58% over the last decade.³

Tourism is a major industry on the island, with Gran Canaria attracting around 4.7 million visitors a year.⁴ This means holiday rentals are a viable option, although buy-to-let investors would be wise to keep abreast of any changes to national and local rules on short-term rentals - as well as those relating to foreign property ownership.

Can foreigners buy property in Gran Canaria?

Yes, UK nationals and other foreign nationals can freely buy property in Gran Canaria and the rest of Spain, without any restrictions.

All you need is a financial number (NIE), valid ID and the funds or finance to support your purchase.

Can you buy property in Gran Canaria and get residency?

No, there is no longer a direct route to residency through buying a property in Spain.

Spain was one of a number of countries with a ‘Golden Visa’ scheme, which allowed foreign citizens to gain residency through making an investment in the country. This included investing in property.

However, the Spanish government decided to scrap the scheme and it officially closed for applications in 2025.

So if you’d like to move abroad and live in Gran Canaria permanently, you’ll need to apply for the appropriate residency visa.

📚 Moving to Spain from the UK

How much are the property prices in Gran Canaria?

Now we come to the all important question - how much money do you need to afford a home in Gran Canaria?

On average, residential properties in Gran Canaria cost around €3,768 EUR (apartment) and €3,812 EUR (house) per square metre in 2026.⁵

And here are current average property prices in different municipalities on the island:⁶

Another thing to note when figuring out the price for property in Gran Canaria is that international transfers could get expensive, especially if the bank or provider adds a margin to the exchange rate to convert your pounds to euros.

Consider checking out Wise to securely handle your large transfers with mid-market exchange rates and low, transparent fees*.

Where is the cheapest place to buy property in Gran Canaria?

If you’re property hunting in Gran Canaria on a budget, you’ll typically find the cheapest property prices in municipalities such as:

• Artenara
• La Aldea de San Nicolás
• Firgas
• Valleseco.

Buying property in Gran Canaria as a foreigner - a step-by-step guide

Before you start your house hunt, it can be useful to know a little about how the process of buying property works in Gran Canaria.

Here’s a quick overview of the steps involved:

1. Get your finances in order

Before you do anything, you’ll need to get your finances in order. This means setting a budget, getting a mortgage offer (approval in principle) and getting all your paperwork together.

You might also want to open a Spanish bank account.

📚 Opening a Spanish bank account

2. Get your NIE

In order to buy property in the Canary Islands or anywhere else in Spain as a foreigner, you’ll need to get an NIE. This stands for Número de Identificación de Extranjeros, and it’s a Spanish tax ID number.

You can get this by visiting a Spanish police station and presenting your passport, or you can apply at a Spanish Consulate if you’re still in the UK.

3. Find a property and arrange viewings

Now it’s time to start searching for your dream home. You can use online property portals and/or local estate agents to find properties. We’ll run through some tips later on how and where to start your search.

If you’ve found somewhere you like, arrange a viewing as soon as you can, and start researching the area in the meantime.

4. Ask to see the Nota Simple

If you’re serious about a property and ready to make an offer, it’s recommended to first ask to see the Nota Simple. This is a crucial legal document which outlines the key details of the property, such as:

• Details of ownership
• Any outstanding debts on the property
• Boundaries of the property and land
• Designated use of the property
• Rights on the property held by others (i.e. right of way)
• Community costs (if any) the owner of the property is liable for.

You can get a copy of the Nota Simple at the local property title registry, or online at the Registores website.

Always cross-check the details of the Nota Simple with the actual details of the actual property, to make sure there are no discrepancies. If there are any, these will need to be resolved before the sale can go through.

📚 Getting a Nota Simple

5. Get a survey

Just before you make an offer, you might want to get a building survey carried out. This involves hiring a surveyor to check the property for structural or other issues.

It’s important that the surveyor also checks details such as the size and boundaries of the property against the information recorded on the Nota Simple.

6. Appoint a solicitor

While it’s not mandatory, it’s a good idea to find and appoint a property lawyer. They will check over and translate all documents and contracts, as well as carrying out due diligence on the transaction.

You can find one via this list of English-speaking property solicitors on the UK Government website.

Whoever you appoint, make sure they are registered with the local bar association Colegio de Abogados.

7. Make an offer

The next step is to submit a competitive offer to the estate agent. You can negotiate, just like in other countries. Once an agreement is reached, a notary will summarise the offer in writing.

8. Sign the preliminary agreement (contrato privado de compraventa)

If your offer is accepted, the next step is for both parties to sign the preliminary agreement. In Spain, this is known as the contrato privado de compraventa.

You’ll also arrange a transfer for the deposit, which is usually around 10% of the purchase price.⁷

At this stage, you should contact your mortgage provider to finalise the financing for your purchase.

📚 Transferring large amounts

9. Sign the contract of sale (escritura de compraventa)

This is the final crucial piece of paperwork, and it must be formally signed in the presence of a notary. You’ll also need to have your solicitor with you in the notary office (or arrange for power of attorney to be provided).

The title deed will be transferred to your name and you’ll arrange a transfer for the remaining balance.

Read our helpful guide to transferring money from the UK to Spain for a property purchase below.

After all that’s done, you’ll get the keys to your new home.

📚 Spain property purchase transfer

How can you find a property in Gran Canaria?

The two main routes to find property to buy in Gran Canaria are local real estate agencies and online property websites.

Property agencies and agents in Gran Canaria

It isn’t mandatory to use a real estate agent to find a property to buy overseas. But it can be helpful, especially if you’re moving to Spain from the UK and are unfamiliar with the local property market.

For a fee, a specialist buying agent or broker can offer helpful advice and insight into the local market, as well as helping to guide you through the buying process.

Property websites in Gran Canaria

The best way to get a head start on finding a place to buy in Spain is to look online. Great websites to try include:

• Idealista
• Fotocasa
• Servihabitat
• Kyero
• ThinkSPAIN
• Canarian Properties Network
• Your Overseas Home
• Rightmove (overseas properties).

What are some of the pitfalls of buying property in Gran Canaria?

One of the main things to watch out for when buying property abroad are scams.

To avoid scams and other pitfalls, it’s best to work with verified, independent and qualified professionals such as real estate agents, brokers and property solicitors.

The very best way to protect yourself is to consult an independent real estate lawyer. This is an expert who works just for you and has your interests at heart, rather than working for the seller or real estate agent at the same time.

Other important things to remember include:

• Always check the Nota Simple against the actual property and its listing, and get any discrepancies rectified.
• If you’re planning to let out the property, check the local rules on short-term lets and tourist licences. Gran Canaria has strict restrictions on tourist rentals, and many residential properties aren’t eligible for a rental licence
• Check local zoning laws and building rules, in case there are restrictions on building, extensions or use of the property
• Get an inspection/survey carried out if you have any concerns about the property, especially if it’s an older or historic home.

📚 Spanish property risks and pitfalls

How do you choose the right property in Gran Canaria?

Your dream home in Gran Canaria will be the one that closest fits your search criteria. The most important factors will be location, the type of home and of course, how much you can afford to spend.

If you’re not already living there, it’s worth travelling to Gran Canaria to check out the specific area you’re interested in.

You’ll want to stroll around, checking out local transport links and amenities, as well as viewing properties.

Condition of the property

It’s a good idea to do as much research as possible before committing to purchase a property.

It’s not mandatory, but it is strongly recommended to commission a building survey or inspection. This will flag up any major issues and give you a better idea of what you’re buying.

Type of property

Gran Canaria has a number of different property types to choose from, including modern apartments (pisos), bungalows in popular tourist complexes and beautiful villas with coastal views. Look inland and you’ll also find charmingly rustic country houses (fincas).

You may even be lucky enough to find building plots zoned for development.

📚 Building a house in Spain

Moving into your Gran Canaria property

Before you can move into your new home in Gran Canaria, there are a couple of final tasks to complete - taking out insurance and setting up your utilities.

Insurance

It’s strongly recommended to take out a buildings insurance policy starting from your completion date. In fact, it’s likely to be a condition of your mortgage.

Setting up utilities and bills in Gran Canaria

If you know when your completion date will be, it makes sense to get some essentials set up in advance of moving in.

A prime example is utilities, such as power and water. Get these sorted as early as you can, and the moving process should be a little smoother.

Renovating property in Gran Canaria

For some properties, some building work or improvements may be needed before you can move in.

Our guide to renovating property in Spain covers everything you need to know, from planning permission to finding a local builder - and some of the main costs you can expect.

📚 Renovating property in Spain

Save on currency conversion fees with Wise when buying property in Gran Canaria

After reading this guide, you should have all the essential info you need to start your property search in Gran Canaria. This includes those crucial first steps such as finding a broker and searching online property portals, and getting your finances in order.

Need a secure, convenient and low-cost way to send a deposit or pay the final balance for your property purchase in Gran Canaria? Take a look at the Wise account from the money services provider Wise. It's not a bank account but offers some similar features and your money is safeguarded.

With Wise, you can set up large amount transfers worldwide to 140+ countries for low, transparent fees* and the mid-market exchange rates with no markup.

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*Investments in funds are never guaranteed and your capital can be at risk. In the UK, Interest and Stocks are provided by Wise Assets — this is the trading name of Wise Assets UK Ltd, a subsidiary of Wise. Wise Assets UK Ltd is authorised as an investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you're not sure, seek qualified advice. You can find more information about the funds on our website.

Additional FAQs about buying property in Gran Canaria

Can I live in Spain permanently if I buy a property?

Whether or not you can live in Spain depends on your visa or residence permit, not whether you buy a property.

Which Canary Island is the best to buy property?

It all depends what you’re looking for. Tenerife is popular with investors thanks to its high investment returns and number of luxury villas, while Gran Canaria attracts expats and retirees looking to move there full-time.

Property in Lanzarote tends to hold its value, while Fuerteventura is known for lower prices (compared to other islands) and strong growth potential for investors.

📚 Retiring in Spain

What is the property tax in Gran Canaria?

The main property tax in Gran Canaria is called Impuesto sobre Bienes Inmuebles (IBI) and it amounts to around €200 to €800 EUR a year.²

How long can a UK resident stay in the Canary Islands?

UK residents can stay in the Canary Islands and the rest of Spain for up to 90 days in any 180 day period without needing a visa.

Which is the safest of the Canary Islands?

All of the Canary Islands are considered very safe, but Lanzarote is thought of the safest due to its low crime rate.

What is the nicest place in Gran Canaria?

It all depends what you’re looking for. Playa del Inglés and Maspalomas are popular for their beaches and vibrant nightlife, while Puerto de Mogán is famous for its tranquility and scenic views. The capital of Las Palmas offers a great mix of action and relaxation, with cobbled streets, grand old buildings and bustling markets.

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Sources used:

1. Las Palmas Property - mortgage info for non-residents and new arrivals
2. Serneholt Estate - fees and taxes for buying property in Gran Canaria
3. Spanish Property Insight - property price rises
4. Maspalomas 24h - number of tourists
5. Engel & Völkers - average property price per sq.m
6. Indomio - prices for different property types and areas
7. Spain Property Guides - average deposit amount

Sources last checked on date: 20-Feb-2026