in Real Estate

Investing in Real Estate in Las Palmas de Gran Canaria

After listening to Travel MBA podcast #18 with Artem Melnik, i have decided to invest in Real Estate in Las Palmas de Gran Canaria.

Why i love Las Palmas?

“It is Chiang Mai of Europe”

“Destination #1 for digital tourism”

Always spring weather.

Twice cheaper than Barcelona.

Few things i have found out:

You can get a mortgage if you are non resident and your income is from other European country.

The general terms are:

  1. you can spend 40% of your income on mortgage payments
  2. revenue from other country counts in. For the proof you need a document from your state inspection stating your last year income and taxes paid, apostilized by embassy. Last 6 month bank statement. Nota simple of the object you want to buy.
  3. you can get a mortgage with 30% downpayment and 2% interest for 20-30 years depending on bank. I have visited Santander and BBVA.

My target goal of ROI is 20% on personal capital. Buy, make construction – resell.

While on sale – Short term rental via AirBnb.

Those who are interested in buying property to rent – there is a good article on taxes and regulations regarding renting.

AVG spanish property prices

here i will post all properties i have visited:

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