The 2008 downturn in the worldwide property market had negative consequences for a majority of countries across the globe. The United States saw some of their properties reduce by almost 50% of the original asking price during this period. The real estate market in Tenerife also saw a slight decrease in the asking prices for properties. But the market didn't significantly slow down like in most of the other places in the world. That was because different nationalities from across the globe invested in properties in Tenerife during that time.
The beautiful sunny climate makes Tenerife a unique place to reside. There is very little rainfall with the temperatures ranging from an average of 23 degrees during the day. Many tourists come here during the winter season to get some sunshine since it is just a short 4-5 hour journey from most parts of Europe. In fact, Tenerife attracts clients from Britain, Germany, Belgium, France, Russia, and Scandinavia. Many people coming from these countries usually end up buying a property in Tenerife.
If you plan to visit Tenerife on a regular basis, it is a good idea to invest in a property here. You will get a good rental income as well as property appreciation benefits over time. If you invest in ne of the popular complexes, your return is even higher in the long run. But these properties are a bit expensive compared to other properties in Tenerife. You can rent them for a higher amount and have more occupancy too.
Property prices fluctuate, but let's face the facts. The property prices in Tenerife have been appreciating on a continuous basis. For example, I purchased my first property in Tenerife for €60,000 in 1995. By the year 2006, the same property was sold for €175,000. But the prices fell to €130,000 during the credit crisis - which created a loss for people investing in property from 2005 onwards. The loss amounted to an average of €50,000 in this short time period. That is why you need to consider investing in Tenerife for the long term. It is one of the best decisions you can make considering the long-term benefits of owning property.
For more information, visit https://www.lupain.com an established estate agency based in the south of the island in the popular resort of Los Cristianos.
Some more articles that might interest you:
Pricing your Property for an Effective and Efficient Sale
The Cost Of Purchasing A Spanish Property
8 Secrets To Selling Your Home That Only Real Estate Agents Know
Is Sunshine Returning To The Property Market In Tenerife?
The Three Golden Experts Needed When Purchasing Property In Spain