Gran Canaria offers a warm climate, a laid-back lifestyle, and solid property investment potential — all at lower prices than mainland Spain. Whether you’re buying a holiday apartment in Las Palmas or a villa in Maspalomas, non-residents can apply for a Spanish mortgage to help finance the purchase. Here’s how it works.
🌅 Why Buy Property in Gran Canaria?
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☀️ Year-round sunshine and mild winters
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💶 Attractive prices compared to mainland Spain or Ibiza
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🏖️ Popular tourist zones: Playa del Inglés, Puerto Rico, Agaete
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🌍 Demand from German, Nordic, and UK buyers
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📈 Good potential for mid- to long-term rentals
🏦 Can Foreigners Get a Mortgage in Gran Canaria?
Yes — non-residents are eligible for mortgages with Spanish banks in Gran Canaria. The process is similar to mainland Spain, but with some regional tax benefits and island-specific legal concerns.
💶 Typical Mortgage Conditions
| Feature | Typical Range |
|---|---|
| Loan-to-Value (LTV) | 60–70% of purchase price or valuation |
| Down Payment | 30–40% |
| Mortgage Term | 15–25 years |
| Interest Rate | Fixed: 3.5–4.5%, Variable: Euribor + 1.5–2% |
| Debt Ratio | Max 30–35% of gross monthly income |
📌 Some banks are more cautious with rural or coastal properties.
🧾 Required Documents
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Valid passport
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NIE (Spanish Foreigner ID Number)
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Proof of income (payslips, pension, dividends)
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Tax returns (1–2 years)
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3–6 months of bank statements
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Credit report from your home country
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Purchase agreement (if already signed)
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Proof of funds for down payment
📌 All non-Spanish documents must be translated and legalized.
🏛️ Best Banks for Foreign Buyers in Gran Canaria
| Bank | Why Choose It |
|---|---|
| CaixaBank | Widely available, multilingual support |
| Sabadell | Expats department and non-resident mortgage options |
| Cajasiete | Local Canary bank with personalized service |
| Bankinter | Accepts self-employed and non-EU incomes |
💡 Consider using a mortgage broker with experience in island financing to save time and avoid rejections.
⚖️ Legal Risks When Buying in Gran Canaria
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🧱 Urban planning issues in older areas of Las Palmas or Agaete
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🏗️ Illegal construction or additions in rural zones (suelo rústico)
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🚫 Short-term rental restrictions in certain areas
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📄 Missing habitation or energy certificates
✅ A lawyer will:
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Verify the property’s legal status and zoning
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Review the mortgage offer
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Represent you at signing via Power of Attorney
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Register the title and mortgage at the Land Registry
💸 Taxes and Mortgage-Related Costs
| Cost Type | Amount in Gran Canaria |
|---|---|
| Transfer Tax (ITP) | 6.5% (lower than mainland Spain) |
| Mortgage Tax (AJD) | 0–1.5%, may vary based on lender and loan |
| Notary + Registry Fees | ~1.5–2% |
| Bank Arrangement Fees | ~0.5–1% |
📌 The 6.5% ITP rate is a key savings point compared to mainland regions (usually 8–10%).
❓ FAQs
Can I buy a rural home with a mortgage?
Yes, but banks only finance legalized square meters — unregistered parts are excluded from valuations.
Can I get a mortgage without traveling to Gran Canaria?
Yes — your lawyer can handle the full process with Power of Attorney.
Do I need a Spanish bank account?
Yes — it’s required for mortgage payments and linked to your loan.
🤝 How Borderless Lawyers Helps
We offer full legal and mortgage assistance to foreign buyers in Gran Canaria:
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NIE and Spanish bank account setup
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Document preparation and mortgage application
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Legal review of the property and contracts
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Signing and registration via POA — no travel required
👉 Buying in Gran Canaria? Let us secure your mortgage and protect your purchase.