Spain’s popularity with British buyers is long-established. It boasts a great climate and lifestyle within close and affordable proximity to the UK, some areas still offer value-for-money property and many parts of the country are very beautiful. What more need be said?
The Canary Islands have everything that the mainland has to offer, but with the added allure that comes of being islands. Sounds simplistic, but there’s something about living on an island – especially a sunny one – that appeals to the romantic sensibilities of just about everyone. There is an aura of exclusivity attached to island living. The fact that an island is such a specific area of land translates into a perception of uniqueness that the mainland doesn’t offer.
The most popular with British property buyers is Tenerife, for the simple reason of it's excellent infrastructure and diversity. It also has a large ex-pat population, and a good mix of modern and more traditional housing, with properties that range from small apartments to large country estates.
The Canary Islands, and Tenerife in particular, are positioning themselves as genuine rivals to the traditional Spanish second-home markets such as the Costa del Sol or Costa Blanca. Property buyers are seeking value for money, capital appreciation and a year round rental market. Worries regarding over-development, land titles and corruption on the mainland have also encouraged British buyers to buy in the Canary Islands.
So what might your property search on Tenerife uncover? At the cheaper end of the scale, €100,000 is the price of a studio apartment in a premier address, with a swimming pool situated within the community, For €160,000 you could buy a fully furnished, stylish, one bedroom apartment in the heart of Playa de Las Americas with a private terrace, communal swimming pool and views over the sea. Luxury 2 bedroom, 2 bathroom apartments in quality locations sell for circa 250,000 euros again with a communal swimming pool and excellent sea views.
For prestigious homes there are three-bedroom, two bathroom penthouse apartments available with panoramic sea views and a roof garden equipped with BBQ area and 'hot tub' and all within a 'stones throw' of the exclusive El Duque Beach priced at from 575,000 euros. In addition there is good availability of detached villas with swimming pools in the sun drenched south of the island with prices to suit most budgets.
Tenerife represents an enduringly popular option in the Canaries. In fact, it’s estimated that over 44,000 homes on the island are owned by the British, and with restrictions on new developments, thanks to a 2001 government decision, price rises, in comparison to the mainland, have been strong and consistent. This is not just attributable to just the foreign market fuelling growth, Tenerife’s resident population is one of the fastest growing in Europe. Local demand remains strong.
Rental properties continue to be lucrative for their owners, especially because of the influx of families seeking to holiday on the island and the 'retirees' visiting the island for longer periods during the winter months.