New Developments in Gran Canaria

Obra nueva means a new home that you buy from the developer, either finished or before it is built. A resale property is a home that has had an owner before you. With a new home, you pay different taxes, the developer gives legal guarantees on the building, and you may be able to choose some finishes. With a resale home, you can see exactly what you are buying and usually move in sooner.

You usually pay a reservation amount first, then sign a private purchase contract with stage payments while the home is built. You pay the rest when the home is finished and you sign the deed before a notary. By law, the developer must guarantee the money you pay before completion, with a bank guarantee or an insurance policy. We check the contract and the guarantee for you before you pay.

Spanish law requires the developer to guarantee the money buyers pay before the home is finished, with a bank guarantee or an insurance policy, and to keep that money in a special account. This protects you if the home is not built or not finished within the agreed time. Ask for your own guarantee certificate for each payment, and we check it for you.

When you buy a new home from the developer in the Canary Islands, you pay the Canary Islands sales tax (IGIC), not the transfer tax that applies to resale homes. You also pay stamp duty (AJD) on the deed, plus notary and land registry fees. Some buyers can get reduced rates for a main home. Rates change, so check the Canary Islands tax office (Agencia Tributaria Canaria) or ask us.

In the south, much of the new building is around Meloneras, Salobre Golf, Maspalomas and the coast of Mogán. Las Palmas also has new apartment buildings. Projects start and sell at different times, so ask us what is on offer today.