Buying Property in Tenerife

All about the Spanish island of Tenerife and the many advantages of buying property there. Includes recent market statistics and projections for the future.

Known as The Island of Eternal Spring, Tenerife is a beautiful location for real estate investment. In fact, buying property in Tenerife has become very popular amongst investors and those wishing to reside on this, the largest of the Canary Islands. Known for its friendly citizens and its warm, gentle climate, Tenerife is one of the most popular vacation spots for Europeans, particularly the British. A pleasant climate and a healthy influx of tourists always lead to great things for a local real estate market.

Property in Tenerife is very popular for different reasons. Some wish to permanently reside on this sunny Spanish island, while others plan on buying/renting a vacation home there. Still others only wish to buy investment property in Tenerife with the intent to rent out the property to tourists. Sharing the same latitude with Florida, property in Tenerife enjoys over 300 days of sunshine a year. That alone will attract visitors, yet the island offers even more to potential buyers.

Those who plan on buying property in Tenerife will want to visit the island firsthand and speak with a local real estate agent. There are many available agencies, as is the case with most areas that are rich with tourism. A local agent will accompany an interested buyer to various properties. Traversing the island is simple enough thanks to a toll-free motorway that connects almost every major town in Tenerife. Most will find the southern area of Tenerife to be the best place to buy property. The climate is a bit drier there and very sunny.

Although Tenerife is a Spanish island, many locals speak English and those with European Union citizenship will find that the same laws apply here on the island. This is a good thing for European investors, as they are less likely to be taken by surprise when making a purchase. However, when buying property in Tenerife, it is always a good idea to have a lawyer look over the final paperwork, no matter where one is from. Europeans, particularly the British, will also be delighted by Tenerife’s low cost of living. Eating out and lodging on the island is quite inexpensive.

Buying property in Tenerife is generally problem-free for most. After meeting with a real estate agent and choosing a property, a mortgage loan can easily be set up from a local bank. European expatriates often find that there is little culture shock when moving to Tenerife. The island is exotic, but not too exotic. Even more important is the attitude of the islands people. This is a very laid back area that only seems to increase in property value each year. All of these factors make for a sound and desirable investment for those looking into property in Tenerife.

Written by Amy Cottrell for

Sunday 23rd July 2006

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