Tenerife 'Business As Usual'
Despite the property crisis in mainland Spain and elsewhere, Tenerife's property sales continue as more and more buyers seek a better lifestyle and the 52 week holiday letting season. The housing 'bubble' in mainland Spain has burst resulting in a slow down in property sales there. Tenerife, however, with its own autonomous government within the larger Spanish economy is still as popular as ever for both holiday home buyers, holiday letting investors and the ever growing number of migrants from Northern Europe seeking a better lifestyle.
The property boom in the Costas has slowed due to an over supply of property and adverse media coverage which has resulted in a lack of confidence of buyers. The government of Tenerife on the other hand has voted in a moratorium on new tourist buildings which limits the supply of new homes. The foreign buyer market remains strong in Tenerife with over 45,000 homes being owned by the British alone with property owners achieving high rental income. Couple this with the limited availablity of developable land (70% of the island of Tenerife is protected) and Tenerife's resident population (which has one of the fastest growing population growths in Europe) and it is a plain case of supply and demand.
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