Why Buy Property in Tenerife
Why should you invest in property in Tenerife
Spain's tourist industry has received a welcome boost from holidaymakers, unnerved by the recent turmoil in the Eastern Mediterranean and Middle East and it is unlikely that these areas will recover in the immediate future.
As a result, tourism to the Canaries has shown a marked improvement this year, with Tenerife showing a year-on-year first quarter increase in visitors of over 16%.
Tenerife has long been the most popular of the Canary Islands for British visitors but nowadays the spectrum of nationalities visiting 'The Island of Eternal Spring', is broader than ever. With millions of euros being spent on facilities including improved infrastructure, new beaches, and high-class shopping centres, Tenerife is now appealing to a far more sophisticated visitor. Combine this with the excellent choice of golf courses, and other sporting amenities and you have the perfect location to support investment growth potential.
The decline in property prices in the Canary Islands since its peak in 2008 appears to be levelling off and investment in Spanish property in 2022 rose by 6.95%. Property prices are beginning to rise once more and many estate agents are experiencing an increase in activity.
Political stability combined with an equable year-round climate, makes Tenerife an ideal location for the buy-to-let market. In addition, lifestyle buyers who want to buy a second home in Spain or retire to the region, are selecting the Canary Islands as their destination of choice. A recent report by Spanish mortgage specialists has suggested that Tenerife is a destination that remains the number one location for investors to find value for money.
Strong demand. Excellent rental returns. Security and stability.
With the market about to leave the current period of negative growth, there has never been a better time to invest and enjoy the excellent appreciation and rental returns that Tenerife has to offer. It is not unreasonable to expect average annual capital growth of between 8% and 12% over the next ten years and with a 10% annual rental return comfortably achievable for quality property, you could have a very secure and attractive addition to your investment portfolio.
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