British expats looking to move to Gran Canaria could find themselves splashing out more than £1,700 a month as rental prices rise on the pretty island, with some having to pay over £2,000 the first month.
For those looking to move to the sunshine, Gran Canaria could seem like a great option with its unique beaches and bustling towns of Playa des Ingles and Puerto Rico.
But for those hoping to move to Las Palmas de Gran Canaria – the capital of the island – rental prices could set you back.
According to local media reports, finding affordable accommodation is “very difficult”, with single rooms costing as much as £598 per month.
Studio flats can cost around £513 a month, which when compared to the £970.53 living wage on the island, can leave some spending more than 50 percent of their wage on accommodation.
Rafael Tarajano, the head of the real estate firm ERA España, said the problem stems from a limited supply of accommodation.
Speaking to local media, he said: “Right now, in Las Canteras, this is the cheapest you can find. When looking for a flat you have to consider the value for money.”
He added that there is a “tremendous, horrible demand” for properties at the moment, with 7,000 for sale in the whole of the Canary Islands.
According to the latest report by the platform Idealista, the price of rent increased by 2.2 percent in Las Palmas de Gran Canaria in February. Compared to the same period last year, it increased by 8.3 percent.
Mr Tarajano stressed that the limited supply led to landlords upping their rental prices. The capital of Gran Canaria is a popular location for British expats thanks to its transport links.
English is also widely spoken on the island, making it easier for expats looking to move. But compared to other expat locations in Spain, the Canary Islands can be a more costly choice.
Malaga has rental prices that vary widely with more choices than the Canaries. With prices ranging from £342 a month, it can be easier to find more affordable housing.
Granada has also been praised for its affordability, often being dubbed the “cheapest place to live in Spain”.
