With a population of just over 800,000, the Spanish island of Tenerife stretches 342 km from north to south. Often referred to as the “Island of Eternal Spring”, there’s no wonder the 5 million tourists who visit each year end up falling in love with what’s on offer. That’s why so many people who visit here end up buying property in Tenerife. The largest and most populous Canary Island has so much to offer people who live here, so there’s no wonder it’s popular among expats. Whether you’re looking for a holiday home or a more permanent residence, buying property in Tenerife is an exciting time! No matter where you’re moving to or relocating from, the process can be daunting. But we’re here to show you that investing in Tenerife property doesn’t have to be. Our buyer’s guide explains how to buy property here and covers some of the most sought-after regions on the island.
Buying Property in Tenerife
People who invest in Tenerife real estate move to the island for many reasons. The warm climate, beautiful scenery and relaxed way of life all contribute to the decision. If you want to enjoy a life in the sun while knowing that there’s plenty of things to see and do on your doorstep, then Tenerife may be the perfect place for you. From popular tourist spots to more rural areas, there are a variety of destinations to choose from. No matter your lifestyle or budget, you’re sure to find somewhere in Tenerife to call home.
When buying property in Tenerife, there’s a set process you have to go through – just like there is wherever you invest in real estate. We know that many people can find the thought of buying a new home a scary prospect, but when you have more knowledge on the process it makes things a little easier. Here’s what you need to know when buying a property in Tenerife.
Before you can do anything, you need to find a property that suits your needs, preferences and budget. Taking the first step and looking at properties is the fun part! To help you with your search, take a look at our choice of apartments, villas and town houses.
Once you’ve found a property you can’t help but fall in love with every time you step foot in the door, it’s time to make an offer. Please note that properties in Tenerife typically tend to be priced to sell, so sellers are reluctant to drop their prices so be sensible with the offers you make. However, there’s no harm in negotiating.
This is the first legal step that needs completing once an offer has been accepted by the seller. Both parties will sign a sales contract that outlines the agreement. This is where you will need a lawyer who will be able to break the documentation down for you.
The bank that is lending you the money for the purchase will need to complete a valuation of the property. Although not a legal requirement, it’s also recommended that you have someone carry out a structural survey of the property.
The sale of the property can only be officially completed at the Notary’s office. All legal documentation must be in order, all bills should be paid and up to date and the outstanding balance must be paid. The Notary will also witness the buyer and the seller signing the Escritura (property and mortgage deeds). Once everything has been done, the keys will be handed over to the new owner.