Property for Sale in Tenerife, Spain: A Complete Guide for Foreigners

Buying a property in Tenerife is a great investment and will grant you access to

• Warm Weather Year-Round
• Great Landscapes
• A Relaxed Lifestyle

Tenerife is a highly demanded location among foreign buyers, whether you’re looking for:

• A Permanent Residence
• A Holiday Home
• A Lucrative Rental Property Investment

Owning property in Tenerife will grant residency via the well-renowned Spanish Golden Visa. The following guide takes you through how to explore the property market in Tenerife, local property taxes, and go further with a smart investment.

Why Buy Property in Tenerife?

Several factors make the real estate market in Tenerife so attractive for foreigners buying homes abroad.

Six Reasons to Buy Property in Tenerife

Great Weather

Tenerife has gained the popular nickname of the “the Island of Eternal Spring” due to its sunny weather and mild temperatures during winter.

Lifestyle

Enjoy a great lifestyle at much cheaper costs compared to places like the US, Canada, and others in Europe.

Touristic Interest

Tenerife is an international resort. Owning property here means that there is great demand for letting and, hence, an assured source of income.

Reasonable Prices

Real estate in Tenerife is much more affordable than in mainland Spain or other countries of Western Europe.

Long-Term Appreciation

The property market in Tenerife has been experiencing consistent appreciation thanks to continuous demand from international buyers and the limited land available on the island for development.

Global Accessibility

Tenerife has two international airports. They have direct flights to big cities in Europe, the US, and other places. This makes it easy to travel and attract visitors from around the world.

Can Foreigners Buy Real Estate in Tenerife?

Yes! The Spanish government welcomes foreign investment, especially in Tenerife, which is highly dependent on tourism. It is perfectly legal for British citizens, along with other countries, to buy property. The property market is very straightforward in Tenerife; there are no complex barriers to entry. It is relatively quite easy, especially with local help.

Foreigners can freely purchase or rent property in Tenerife. It requires a bit more effort and complexity to get a mortgage for non-residents; large deposits are also required, plus a Spanish bank account. For a Golden Visa, make sure your property is at least €500,000.

Tenerife offers Brits a tranquil way of life, plenty of culture, and wonderful food. Buyers have many choices, from modern apartments that have stunning views over the Atlantic Ocean to really pretty houses in traditional Canarian villages.

Looking for a House in Tenerife

Tenerife has a busy property market, represented by local and international real estate agents with a very wide range of properties. When seeking property, try to find reputable agencies to ensure your investment is secure.

Tenerife’s Best Estate Agents

• Fotocasa
• Idealista
• Kyero

Visiting in person is highly recommended when considering properties. Because of Tenerife’s unique microclimates, properties in the north can offer lush and green environments, while southern areas will have sun-drenched beaches.

Keep in mind that certain obligations can arise regarding property taxes, maintenance costs, or other regulations concerning the type of property concerned. Always consult with an attorney or local professional before closing the sale.

Upscore’s Benefits

Upscore’s Finance Passport makes buying property in Tenerife easier, always trying to get the best mortgage deal for you without trouble.

Many Lenders: Comparing mortgage deals with many local lenders helps provide the best rates and options matching your needs.

Remote Application: The facility of an online mortgage application from anywhere, anytime, literally at the click of your computer mouse.

Personalised Service: Enjoy tailored help at every step while leading you through the maze of house buying in Spain.

Free to Use: Upscore’s platform is absolutely free. We receive fees only from lenders; hence, you never pay more

FAQs

As a Non-Resident, Can I Buy Property in Tenerife?

Yes, people not residing in Spain can purchase property in Tenerife with no restrictions. Getting a mortgage, however, requires an extra step, such as opening a bank account in Spain and showing proof of income.

What Taxes Do I Pay When Buying a Property in Tenerife?

Buyers usually pay a property transfer tax (6-10% of the purchase price), notary fees, and registration costs. Always include these extra costs when planning your budget.

Is Property in Tenerife a Good Investment?

Yes, the estate in Tenerife is well-regarded for its continued appreciation in value, strong demand for holiday lets, and unique appeal as an all-year round tourist destination.

How Much is the Deposit Amount for a Mortgage in Tenerife?

Normally, the non-resident pays a deposit of 30-40% or more of the value. Residents may obtain better conditions with lower deposits.

Would my Property be Easy to Let in Tenerife?

Of course, Tenerife is a holiday destination meaning it automatically has short-term holiday rentals that are always in demand, especially in good locations near beaches and tourist attractions.