Buying a property in Tenerife is a great investment. Living in Tenerife means warm weather all year round, stunning scenery, a relaxed lifestyle, culture galore, and wonderful Spanish food (tapas, anyone?).
Tenerife offers plenty of affordable properties for foreign buyers, from modern apartments that have stunning views over the Atlantic Ocean to pretty houses in traditional Canarian villages.
If you want to move to Tenerife today or buy a second home in the Canary Islands, we can help. Find out all the info you need to know here, and how Upscore can help you get a mortgage in Spain and find your dream property.
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Here’s what makes the real estate market in Tenerife so attractive to foreign investors:
Great Weather: Tenerife’s nickname is the “Island of Eternal Spring” due to its sunny weather and mild temperatures during winter.
Affordable Houses: Real estate in Tenerife is much more affordable than in mainland Spain or other countries of Western Europe.
Easy to Find Renters: Tenerife is a popular holiday destination, so it’s easy to find short-term rentals to earn extra income when you’re not there.
Long-Term Appreciation: The property market in Tenerife is booming. Your house will grow in value thanks to the continued demand and popularity of the island.
Yes, non-Spanish residents (such as Brits) can purchase property in Tenerife with no restrictions. The Spanish government welcomes foreign investment, especially in Tenerife, which is highly dependent on tourism.
Getting a mortgage is relatively simple, but you’ll need the help of some specialists (like Upscore). Requirements include opening a bank account in Spain, showing proof of income, and property deposits.
Normally, non-residents pay a deposit of 30-40% or more of the value and property transfer tax of 6-10% of the purchase price, alongside notary fees and registration costs. But it’s all worth it to enjoy a cheaper cost of living, global connections, and a uniquely chill way of life.
Tenerife has a busy property market, represented by local and international real estate agents who offer a wide range of properties. Upscore can direct you to the best local estate agents with stellar reputations and affordable fees.
Using a local estate agent is far better than searching for properties online. You’ll get better deals and exclusive listings that aren’t available online.
Naturally, we recommend visiting in person, as you want to be certain of your investment. Properties can differ dramatically across the island due to Tenerife’s microclimates, from lush, green environments in the north to sun-drenched beaches in the south.
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