The Benefits of Buying a Luxury Property in Tenerife
For many years towards the end of the 20th Century, Tenerife suffered from adverse publicity, usually from the British media, seemingly determined to destroy the tourist industry in this, the most agreeable climate in the world. As a consequence, Tenerife’s tourist industry changed from discerning, above average income clients, to primarily young families and singles whose normal accommodation, when here, consisted of low cost apartments or hotel rooms.
However, a concerted effort by the authorities here in Tenerife has completely changed both the face of tourism and the type of clientele likely to purchase a property in Tenerife. A five year building moratorium has stopped the building of 2* and 3* hotels, and permitted only the building of 4* and 5* hotels, which have attracted a completely new type of tourist.
So how does this help the luxury property market in Tenerife? Well obviously, when people decide to buy a property overseas, or move abroad permanently, they tend to buy in the places which they experienced whilst on holiday, our research shows that if they have stayed here in the new 4* and 5* hotels, they will naturally want to buy luxury properties, of which there are presently too many clients chasing too few properties. Developers like Kurt Konrad, who used to predominately build apartments and relatively low cost housing, are now developing in the highly desired areas such as Adeje Golf & El Madroñal de Fañabé, and are building luxury houses and penthouses. Other developers like Tierra del Fuego are now building, exclusively, luxury villas in Adeje Golf.
The result of all of this means that prices will almost certainly continue to grow steadily and significantly for the coming years, offering buyers of luxury properties in Tenerife not only a home in one of the most beautiful places on earth, but also will provide a great investment property.
The Benefits