Real estate in Tenerife. Prices for property in Tenerife
Property for sale in Tenerife has been rather modestly priced since the '08-'09 crisis. While €100,000 was hardly enough to buy real estate in Tenerife back in 2008, now attractive mortgage rates in Spain mean that people are buying apartments in popular tourist areas for €50,000–60,000.
New turn-key properties with a private pool, playground, tennis courts and underground parking in respectable neighbourhoods sell for €2,600–2,700/sq. m.
Many foreigners search for properties in Tenerife along the southern coast in Las Americas and Los Cristianos. European property investors prefer to buy in the capital, Santa Cruz de Tenerife, and cities in the southwest.
Spanish banks provide foreign citizens with 30-year mortgage worth up to 60% and even 70% of the real estate value. Developers offer attractive sales terms and prices for buyers in new developments.