Monday, 19 January 2015 10:52

Gran Canaria Property: Tourist Rental & The Law

Rural property in Gran Canaria Rural property in Gran Canaria

Tourist rental law changed in Gran Canaria (and all of the Canary Islands) in May 2015. It is now legal to rent residential property to tourists on a short-term basis.

However, you still can't rent private property in tourist resorts on a short-term basis unless the property has a tourist license or is on a complex with a license. These licenses are hard to get because the conditions are strict and were created before the whole online rental market popped up.   

Tourist licenses are only given to independent villas, rural properties and complexes in tourist areas and because demand for rental property is high so lots of people in Gran Canaria do rent out their private property to tourists. This is illegal and the government is starting to crack down on private rentals. However, the law is still under review so expects further changes in the next couple of years.

There is now legal way for many south Gran Canaria property owners to get a tourist license. See the Cardenas Real Estate blog for the details.

Can I rent my private property to tourists?

If your Gran Canaria property is in a residential or rural area (anywhere outside the main resorts), you can get a license and legally rent it out on a short-term basis. If your property is in a resort area you can only rent it out if it has a tourist license or if it's on a complex with a license. 

Complex properties have to be rented out by a central management company appointed by the community of owners. 

You can rent your property on an ad-hoc basis to friends and family. What you can't do is advertise it on touristic portals such as Airbnb.

Alex Says: Do not buy a tourist resort property as a rental investment without talking to a local property expert first.

Planning to rent a private property for your holiday?

You don't break any laws by renting a private property in Gran Canaria. The owner can theoretically be fined, but this almost never happens. 

The risk you take is that you don't know if the property you rent is up to scratch if it hasn't been approved for rental. However, since most rentals are advertised online and rely on reviews for bookings the informal system works well. Check reviews carefully and call the owners if you have any doubts. 

Published in Alternative Tourism
Published in Alternative Tourism
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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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