Monday, 22 January 2018 05:06

Are Chinese Investors Really Buying Güi Güi Beach?

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Güi Güi beach in west Gran Canaria Güi Güi beach in west Gran Canaria photosgrancanaria.com

Rumours that Güi Güi beach is on sale in China are true, but the whole exercise is probably just an attempt to get the Gran Canaria authorities to buy it.

 

The two beaches at Güi Güi and a big chunk of the surrounding valleys are currently on sale on a Chinese real estate portal for six million euros. Chinese tourists love pristine, pollution-free destinations so the area is being marketed as a long-term investment with tourist potential. 

However, given the protected status of the area, there is more to the story than meets the eye.

The current owners of the land and beaches, not mentioned by name in the press reports, are probably trying to get the island authorities to buy the land from them: Betting that if a credible buyer emerges, the Gran Canaria government (Cabildo) would come under pressure to match the bid and buy the land. 

However, last time the area was on the market the local authorities decided against trying to buy it as it is already heavily protected from development by law. 

The beach and surrounding area are part of the Gran Canaria Biosphere Reserve and are therefore legally impossible to develop. There is no way that anyone can put hotels or any new buildings anywhere by Güi Güi beach or the valley behind it.

The Biosphere Reserve rules are so strict that it doesn't really matter who owns the actual land at Güi Güi. 

Read 9989 times Last modified on Monday, 22 January 2018 05:35
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  • Exchange Money In Gran Canaria Or At Home?
    Exchange Money In Gran Canaria Or At Home?

    Visitors to Gran Canaria often ask whether it is better to exchange their local currency for euros at home or in Gran Canaria. 

    The answer is that it is almost always better to buy your euros at home than it is to bring pounds to Gran Canaria and use local banks or currency exchanges. This rule of thumb applies all over the world. A currency is almost always cheaper the further away you are from the place you can spend it (because demand for it is lower). 

    Exchange rates are almost always better at home than in Gran Canaria

    You are very likely to get a better exchange rate using a British currency exchange specialist or local bank. Many of these companies will deliver your euros to your home.

    One of the best rates in the UK is often from the post office, especially if you do it well in advance.

    The only way you'll get a better rate in Gran Canaria than at home is if the exchange rate changes while you are travelling and this is rare. 

    You also have to bear in mind that currency exchanges in Gran Canaria are getting rarer and some local banks don't exchange money for non-clients. 

    To Transfer large amouynts of money to Gran Canaria, or to make regular transfers, always use a reputable currency broker such as Currencies Direct. This will save you money on exchange rates and bank charges and is highky secure. 

    The risk of bringing cash to Gran Canaria

    Another important factor to consider is the risk of bringing cash to Gran Canaria: If it is lost or stolen, there is no way of getting it back. 

    It is much safer to bring a debit or credit card and use local bank ATMs to take out money. These days, a good option is a pre-charged debit card. 

    Cards may be slightly more expensive that carrying cash, unless you seek out a bank card with low commissions, but it is much more secure. 

    Bank ATMs like Bankia, Santander and BBVA often charge lower rates than the ATMs in shopping centres and busy tourist areas.

    Alex Says: Always select the Euro option at ATMs in Gran Canaria because the exchange rate is much better than if you opt for the Local Currency option. The same applies when you pay by card in shops and restaurants.

    See our Gran Canaria Tips section for more nuggets of useful local information.

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