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Gran Canaria tourist accommodation worth 100 million euros now on sale

Gran Canaria tourist accommodation worth 100 million euros now on sale

A raft of Gran Canaria tourist accommodation complexes, hotels and apartments, have recently gone on sale, in a further measure of the economic fallout from what is being called the “worst tourist crisis in the Archipelago” ever experienced. Losses of up to 83% of expected occupancy, air connections running at less than 40% compared to a year ago and an expected total arrivals to The Canary Islands of less than five million tourists this year, less than a million on Gran Canaria, compared to the more than 15 million to visit the archipelago in 2019, of whom 4.5 million visited Gran Canaria, along with many other associated issues, have all brought to bear terrible pressure on companies that survive and project their future business based on secure bookings, and which so far this year have been impossible to predict or count on.  Accommodation complexes are going up for sale on Gran Canaria, with tourist hotels and apartments valued at nearly one hundred million euros already on offer on property portal Idealista alone, writes La Provincia.

A hotel in Playa del Inglés is so far the most expensive on offer, at €31 million very near the beach. The property, according to the advertisement, is renovated and has all necessary facilities, with 185 rooms, all with balconies and sea views, distributed over six floors within a 11,600-square-meter plot. The cheapest currently on offer is just €850,000 and in the area known as Sonnenland. It is a complex of five duplex units, located on a plot of 506 square meters which includes a swimming pool. Each of the units has two bedrooms, living room, kitchen, bathroom and terrace.

On offer right now are mainly apartment complexes priced at ranges between €1,466 and €6,650 per square meter, averaging just under €3,000 per m2.

In Playa del Inglés, there is what is described as a small five-star accommodation, still under construction, that has capacity for six rooms, to which one more could be added in the future, being offered for €1.8 million with the project permissions and the license in place.  Where as just over €11 million will buy you a 4-star hotel in Playa del Ingles, with 100 rooms, reception, swimming pools and gardens.

There is also one available in the capital Las Palmas de Gran Canaria, near Santa Catalina park and Las Canteras beach, a hotel building project with seven floors and capacity for 40 rooms, on sale for €2.5 million. Though the building is currently closed and ready for renovation.

A drop in occupancy of 83%

The pandemic state of emergency started on March 14 resulting in zero tourism on the Islands. The sector has been struggling to recover ever since, with no clear end in sight due to repeated travel restrictions and resurgences in infections in various countries over the last eight months leaving many businesses closed.

The future for the sector is far from certain, with many predicting a deepening of the crisis expected to last well into 2021 and beyond as tourists, tour operators, airlines, hotels and other businesses struggle to adapt to a post pandemic world where the best method of keeping infections in check remains avoiding unnecessary travel, keeping away from groups and focus on social distance and moving forward slowly and with caution while trying to keep an unseen enemy at bay, and stopping infection rates from overwhelming health services while trying to learn to keep businesses open remotely and locally.  We can expect the entry of more tourist properties to the sales market over the coming weeks and months.

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