Today we come with great news!

If your intention is to buy in Gran Canaria and then rent your property for a long period of time, stay tuned until the end of this blog.

As you know, Gran Canaria is considered the eternal spring, and that is why, every day more and more, our lands are the chosen ones to come for vacations, to telework and even to live.

Right now and always, there have been investors who buy properties and rent them in places like Maspalomas, Puerto Rico, San Agustin, Playa del Ingles or Las Canteras among others. This trend has come to stay, due to the new tax advantages for the long term rentals.

There are three ways to rent your property in the Canary Islands:

1.- Vacation Rental: it is a rental agreement on a daily or weekly basis and is governed by the regulations of the Tourist Activity and not by the Law of Urban Leases.

2.- Temporary Rental Contract:  this is a contract that goes between 32 days and 11 months, although in reality it could be longer. The most relevant point of this type of contract is that the property being rented, it is not intended for the first home.

3.- And finally we have the Long Term Rental Contract  which is the long lasting one. It is considered long term rental if you sing for one year onwards. In this case, the property rented is intended for the first home.

The last two are governed by the LAU (Ley de Arrendamientos Urbanos) and the Long Term Rental Contracts are receiving great benefits right now.

That's right, this very 1st of February 2022 the New Housing Law has been approved,  which has created some controversy and where many things have been agreed. Among others, I would like to highlight the bonuses for rentals of more than one year:

If you count with less than 10 properties in your name,you are in luck! Here's why:

1.- A 50% bonus , for all the owners who rent their properties.

2.- A 70% bonus, if it is a first time rental for young people between 18 and 35 years old, or, if it is a new contract with improvements.

3.- A 90% bonus, if these rentals take place in areas with an increase in the demand for rentals.

That means that you could have tax advantages of almost 100%. Are you still thinking about it?

Call us and ask for more information, we will be happy to help you!

With love as always, Elena.