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Purchase a flat (Canary Islands)

Hi,

I'm looking at purchasing a flat in Las Palmas (near Mesa y Lopez, Alcaravaneras or Mercado Central). My budget is limited but I was wondering if this was the right time to buy a flat? Has real estate in Spain really hit rock bottom? The flat is for my parents who will be retiring soon and I would ofcourse rent it out during the months that they're staying with me. In your opinion, which areas are most likely to get rented out quicker and why?
Would it be easier to resell the house in the future and will the property value appreciate?

Kindly help address my queries.

Thanks!

Canary Islands Forum