Look Tenerife Property a unique Tenerife Estate Agents Service

Tenerife has been successfully re-invented as an affluent tourist destination and inevitably this has lead to an upsurge of high quality developments being constructed, especially around the lush new golf courses.

There are many off plan developments in Tenerife both in and around the major resorts but now also in less urbanized areas. Many of the older style properties are being refurbished which is a natural progression because there is so much emphasis on quality in the property market.

The resident population is increasing and there is little doubt that Tenerife will become even more popular with retirees, not only from the UK, but also from so many other countries. The numbers of tourists visiting the Island is also set to increase so undoubtedly Tenerife is safe bet for property investors.

Property buyers in Tenerife are not always British or Spanish. The current market has buyers from Ireland, Scandinavia, Germany, Holland, Belgium and now Russia since there are now direct flights.

A recent well known house price index publisher is showing an average annual price increase of 3.2% for the whole of Tenerife. The figures for 2007 show that prices of one and two bed units have increased whereas the price of larger units has actually fallen during the past twelve months, which overall is the reason for low growth. 

In southern resorts, notably Los Cristianos, the reality is that prices have fallen to suit the market conditions and anyone who is keen to sell will probably accept a low offer, which is a new trend. The reason why this is happening is because of the less favourable exchange rates for the British investors.

Another reason for the poor property market at the moment is the over-supply of certain property, particularly in the main resorts in the south, which is leading to falling prices, and this is more obvious at the lower end of the market.

It is fair to say to say that the Tenerife property market is suffering in Tenerife at the moment, especially with the lack of buyers from the UK, mostly due to the strong Euro exchange rate against the pound. Exchange rates are definitely affecting the property market in Tenerife, especially in the South which is most popular with British buyers.

On the flip side though, most sellers are British anyway and when they convert their Euros back to Pounds they are getting about 17% more than they would have done six months ago anyway, so in real terms they can afford to accept a lower offer. Some sellers are even accepting payment in Sterling to avoid the exchange rate problem, this way most of your money does not have to leave the UK.

In conclusion of all of these factors, we would say that there has never been a better time to invest in Bargain Property in Tenerife. There are many bargains around and the sellers if they are British will more often than not try and compensate prospective buyers to assist with the exchange rate problem. so use the Tenerife Estate Agents service that give you satisfaction guaranteed when you purchase a Tenerife Property