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Last Updated on 18/07/2023 by STEPHANE
Have a look at the property market in Tenerife
Its tropical climate makes Tenerife a place where you can enjoy warm weather all year round without leaving Europe. The fact that it is cheaper than most touristic places in continental Spain makes this island an excellent opportunity for those looking to wear shorts and t-shirts the entire year.
The cheapest city to live in Spain
Tenerife, if you compare it to the main other cities in Spain, is one of the cheapest city to live in. Check our article on the cost of living in Spain to find out more on that subject.
Who are the investors?
According to Ian Meyer from Tate Properties Tenerife:
“British, Belgian and Italian are among the top buyers”.
“There was also a boom of Russian when the economic situation in their country was good”,
as points Konstantin Hinner from Proyectos Insulares S.A., “appearing a lot of real estate agencies specialised in the Russian market as well as a lot of shops and restaurants promoting their products and food in Russian language”.
Although British are the top buyers, as other parts of Spain “we still have to see which will be the impact of Brexit”, Konstantin Hinner adds.
What does it cost to buy a property in Tenerife?
As happen in almost every corner of Spain, the price of houses and apartments is also growing in Tenerife. In 2016, the price per square meter in the island was around 1.200€ (in the capital, Santa Cruz de Tenerife, the price per square meter was almost 1.400€).
Real estate prices are low compared to the national average in Spain
The expectations for 2017 are that the market will still grow but at a slower pace if we compare it with Barcelona or Madrid
Where do foreigners invest?
Konstantin Hinner says “after the crisis, we see that the south area of the island is receiving as before the most of the foreign investment. However, there is a tendency of not investing in this area, the most touristic area in Tenerife, and looking at the countryside area where locals live, not far from Santa Cruz de Tenerife and the university city of San Cristóbal de la Laguna”.
What are the most sought-after areas?
Although the size of the island is not as big as Cyprus or Sardinia, the geology of Tenerife offers a vast variety of landscapes and climate that will suit everyone.
For those looking to go to the beach all year round, the south area, for example, Los Cristianos and Las Américas, accomplish their desires with their warm weather and sunny days. As we appointed before, this is the main touristic area of the island.
If the warm weather doesn’t fit you but you still would like to live next to the sea, Puerto de la Cruz in the north of Tenerife has a temperate weather if we compare with the south. For those missing cloudy days, this is also the best place because most days are cloudy there due to its proximity to the Teide volcano: the tallest mountain in Spain with its more than 3.700 meters.
Those looking to live in a city where we can find all the basic facilities like hospitals and big shopping malls, the capital, Santa Cruz de Tenerife, it is the best option. Thanks to the size of the island, it is easy to reach the beach from there in less than one hour by car.
And at last but not least, there is San Cristóbal de la Laguna. Considered the university city of the island, its location in the mountain makes its climate very pleasant even when it is very hot in most of the places of Tenerife. It is also just a few kilometres away from Santa Cruz, in case you need something that you can only find in the capital.
Read our article on the Canary Islands: Everything you ever wanted to know about the Canary Islands
Find all our other detailed maps of all the Spanish Costas and the Canary Islands.
Strong connections with Europe and Spain
As being an island, it is only reachable by ferry and plane, the best option. Tenerife has two airports, one in the North and one in the South with connections to the main cities of Spain and Europe.
There is also a highway that connects the North with the South, and other main routes that make any place of the island reachable in less than three hours by car.
If you want to invest in the Spanish real estate market in Spain, don’t hesitate to read our special report with the 10+ reasons why you should have a look at the Spanish property market.
Check our infographic on the yearly weather statistics of Tenerife before buying, and you’ll find out that average temperatures are always higher than 18 degrees, even in the winter, not bad !!!
Further reading? Read our article written in Octobre 2018 by our property local finder in Tenerife, Manuel: Tenerife property investment: a Case study of property for sale in Tenerife
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Caroline works as a paralegal for the biggest law office in Andalusia: more than 120 professionals work there, which allows it to provide a multidisciplinary service with a high level of specialisation. They have 8 offices in the region: Málaga, Córdoba, Granada, Almería, Marbella, Fuengirola, Manilva, Estepona and one Madrid and a few international offices (Turkey, Portugal, Bulgaria, Roumania,…).