With 3,000 hours of sunshine per year and an average temperature of 21ºC, it’s no surprise that Tenerife is renowned for having one of the best climates in Europe. However, what many may not know is that Tenerife boasts dozens of microclimates, thanks to its varied topography and geography. This diversity means that while one part of the island may be arid, another nearby area might be lush and green.
Situated on the west coast of Tenerife, overlooking the Atlantic Ocean and La Gomera Island, this favorable climate has attracted significant international interest in residential development, with overseas property buyers eagerly acquiring luxury residences. Over the past year, British and German investors have been leading foreign purchases across the island, and are among the main buyers of real estate at the resort, where all phase one Terraces apartments have already been sold.
Foreign investment in Tenerife has notably increased in recent years, attracting investors from the UK, Germany, and Belgium, along with others from Italy, Norway, France, China, Switzerland, and Sweden.
There are numerous compelling reasons why investing in Tenerife real estate is increasingly popular:
- Property investors can expect a secure return on their capital.
- Those looking to lease properties find good opportunities and profitability.
- For those considering relocation, there are abundant opportunities, excellent weather, beautiful scenery, and an established expat community.
- Tenerife enjoys a year-round warm and sunny climate, eliminating any off-season.
- The island offers incredible contrasts in natural beauty and scenery.
- There’s a blend of old-world charm, cosmopolitan atmosphere, and modern attractions.
- The property market has seen continuous and stable demand for over 20 years.
- The government offers favorable taxation and costs for property owners.
- Easy access is provided with many tour operators offering low-cost flights from most continents, with flight times of less than 5 hours.
- The island’s culture is carefree and relaxed.
- Effective property management services are available for foreign owners.
- Tenerife boasts a multi-national culture, with food, facilities, and lifestyles representing nearly every country in the world.
As the largest of the Canary Islands, situated in the Atlantic Ocean just west of the African coast, Tenerife’s geographical location and consistently good weather mean that the tourist season extends throughout the year, achieving an accommodation occupancy rate of 89%. This high occupancy rate makes it possible, depending on the type of property, to achieve rental profits of more than 10%.