Buying and renovating a property in Gran Canaria

Buying and renovating a property in Gran Canaria is a common move for foreign buyers: you pick up a 1970s or 1980s apartment or bungalow at a good price and renovate it fully to gain comfort, value and, if you wish, rental income. A full renovation costs roughly EUR 600 to 1,000 per m2 (excluding IGIC), so a 90 m2 home works out at around EUR 65,000 to 95,000. Below we explain where to buy, what to renovate and how to coordinate the whole project even if you live in another country.

Where foreigners buy in the south

Most British, Irish, German and Scandinavian buyers concentrate on the south of the island, where the climate and the holiday infrastructure are best. The most sought-after areas are Maspalomas, Playa del Ingles, Meloneras and San Agustin. We work across this whole strip; see our page on renovations in Maspalomas.

The type of property you buy

The most common purchases are 1970s and 1980s apartments and bungalows in established complexes. They are usually well located and structurally sound, but with dated services, bathrooms and kitchens. That makes them ideal for renovation: the purchase price is competitive and the works bring them fully up to date.

Why renovate after buying

• Value: a renovated home is worth more and is much easier to sell or let.
• Comfort: new services, better insulation and a layout adapted to how you live.
• Rental income: if you let it, a quality renovation supports better rates and reviews.

What the renovation costs

As a reference (excluding IGIC): a full renovation runs from EUR 600 to 1,000 per m2; a flat renovation starts at EUR 400 per m2 for partial works and reaches EUR 600 to 900 per m2 for a full job; a kitchen ranges from EUR 5,000 to 12,000 and a bathroom from EUR 4,000. For your specific case the best step is a visit and a fixed quote, and you can see the breakdown in our guide to how much it costs to renovate a flat.

The IGIC: the tax in the Canary Islands

There is no VAT in the Canary Islands but IGIC: the general rate is 7%, but renovation of a primary residence may qualify for a reduced 0% or 3% rate if the requirements are met. A second home or a property used for holiday lets is not a primary residence, so the reduced rate generally will not apply. We explain it in our guide to IGIC on renovations in the Canary Islands.

Choosing a company as a non-resident

• Fixed price: a detailed quote with no surprises, always showing the IGIC separately.
• In-house trades: our own trades and a single point of contact, not a chain of subcontractors.
• Written warranty: clear terms and timelines from the start.
• Real reviews: feedback from other owners, ideally foreign owners too.

Managing the works from abroad

You do not need to be on the island to renovate. We send weekly photos and videos of progress and provide project management in English and German, so you make decisions remotely with complete peace of mind and receive the home finished and ready to enjoy or let.