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Buying a Property in Tenerife

Morfitt Properties Tenerife Estate Agents

 

 

Many people dream of buying a property in Tenerife. Perhaps as a holiday home for the family, to rent out as a source of income, or perhaps simply to live in once they have made a permanent move to Tenerife to work or retire here.

However, procedures can differ significantly from those in other countries.

The property market has changed considerably since the height of the financial crisis in 2008. Since 2016, the market has partially shifted from a buyer’s market to a seller’s market. This primarily applies to the more popular properties (e.g. the most popular apartments, mid-price villas etc), whilst less popular properties are still moving relatively slowly.

There are various factors driving the above changes and the resulting polarity in the market. Firstly, tourist numbers in Tenerife have increased significantly over the past 5 years, which is largely driven by tourist avoiding muslim countries or certain long-distance destinations for fear of terrorism or the general security hassle and uncertainty generated by travelling to such countries. Tenerife is also attracting more visitors due to the ever-increasing quality of its tourist attractions, hotels, bars, restaurants and activities.

In addition, year on year, people are opening their minds to the possibility of living, working or retiring abroad. Naturally, Tenerife features high on the list for potential migrants from within the EU for a variety of reasons.

Due to a general increase in incoming migrants and tourists, the property sales market is unsurprisingly much more buoyant.  Whereas estate agents previously had a glut of properties and a shortage of buyers with cash, now there is a clear shortage of the more popular types of properties. As a result, prices are steadily increasing in line with supply and demand.

That said, if you are a little bit flexible in what you are looking for, there are still bargains to be picked up.

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