Buyers Market

You can hardly have failed to notice that there is a global recession on and Spain has certainly been caught in the middle of it. However for the buyer that means this is the ideal time to think about settling down in Tenerife. Many people that have chosen a second home in Tenerife have found it a stretch too far and had to give back their home. Also speculative building has run out of steam as the credit crisis has bitten. This means there is a wealth of new and nearly new properties to choose from, if you have the guidance of someone who knows the Tenerife market.

Rural retreats

Tenerife is relatively small and the road network is surprisingly good. As soon as you come inland from the main southern tourist zones prices start to drop. Inland usually means uphill so what you lose on coastal beauty, you gain on wonderful views. Not only do property prices drop inland, so does the cost of living, eating and drinking out is an inexpensive pleasure and food shopping, particularly fruit and vegetables shows a marked difference. Inland properties also tend to have more land allotted to them, ideal if you have a family.

Complexes

There are advantages to living on a complex or block of apartments and with several on sale at a time prices can be very competitive in your favour. Complexes generally form legal communities for paying utility bills direct en block, this makes things a lot easier and more efficient as you pay a joint amount at regular intervals to cover all your services. Communities have their own appointed legal advisors and treasurers who can speak to large suppliers with more power as they represent many customers. Swimming pools are included in community fees as well as common areas such as walkways, stairs etc, a much neater way of doing business.

Villas

Most villas have been built to very specific designs and will include many luxuries not included in standard housing. Patios, gardens, swimming pool plazas, roof terraces and even Jacuzzis may be included, basically they can be very self sufficient. As villas tend to be spread out rather than in clusters, local knowledge of the property market can help you to unearth somewhere very different in your preferred setting. The villa market has also been affected by the recession and they can be picked up for very reasonable prices.

Diversity

Different properties and locations produce their own variations on local council (Ayuntamiento) rules and guidelines. Tenerife Property & Mortgage will be able to advise you of any special arrangement you may have to make and checks that should be carried out.