Monday, 25 May 2015 08:29

New Canary Islands Holiday Rental Rules Announced

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New rental rules open up non-resort holiday lets in Gran Canaria New rental rules open up non-resort holiday lets in Gran Canaria

New holiday let rules in Gran Canaria and the Canary Islands have opened up the market for private property owners in non-resort areas. 

The gist of the new rules is that if your property is in a tourist resort, you still can't rent it to tourists, but if it's in a residential area, you can rent it to tourists.

Say what now?

In areas designated as tourists resorts or mixed tourist and residential areas (how the rules are to be applied to mixed areas is still unclear), vacation rental of private property remains illegal (unless your property is on a complex with a tourist license and management company).

However, if your property is in a residential or rural area, you can rent it to tourists on a short-term basis. The only exception is if the community of owners (of a residential building) changes its statutes to specifically prohibit tourist rentals. 

The paperwork

To rent a property to tourists on a short term basis, owners need to sign a document declaring that they will advertise the property honestly and maintain its standards. They also need to submit some paperwork to the local authorities to show that they own or are responsible for the property and that it is legally registered as habitable. 

Good for locals

The new rules are excellent news for (mostly local) owners of rural and residential property and open up a new niche in Gran Canaria for holiday accommodation away from the resorts. 

Not so good for foreign owners

Most property owners in south Gran Canaria's resorts are unaffected by the new rules and still can't rent on a short term basis (anything under three months is classed as short-term). 

However, for the right properties there is strong demand for long-term rentals from Scandinavian winter visitors. Buy-to-let investors should get good advice from an expert agency before choosing a property. We, as always, recommend

Property buyers and buy-to-let investors should get good advice from an expert agency before choosing a property with a view to renting it out. We, as always, recommend Cardenas Real Estate.

For the details, see this article by the Canary News.

Read 22013 times Last modified on Monday, 25 May 2015 10:10
Published in News
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