However, due to the surge in tourism in recent years, Tenerife is quickly becoming a good potential place to purchase real estate. Real estate investors from across Europe, and especially from Germany, the UK and Ireland have been sizing up properties in Tenerife over the last few months.
A favourite holiday spot for many Brits, Tenerife has an incredible number of tourists year after year.
According to a recent study, about 42,000 Brits have gone from being a tourist to buying a property in Tenerife, and property prices are anticipated to increase in the coming years.
Tourism is one of Tenerife's most profitable industries. Inland Tenerife is where you will find a lot of opportunity to buy properties to renovate. If you are in the market for a country home where you can get away from the rigours of everyday life, inland Tenerife could have exactly what you're looking for.
An impressive 1,500 square meter villa in the hills of San Eugenio, overlooking Las Americas is currently for sale for 4.1 million pounds. The mansion-like villa has five bedroom suites, three reception rooms, a huge pool and amazingly splendid ocean views.
The agency selling the villa says a famous European pop star has shown interest in the villa. The pop star is considering building a recording studio in the basement. It is well known that Sir Elton John was in Tenerife in January, but the agency isn't saying if it is him.
Tenerife used to be considered one of Spain's less prestigious destinations. The surge in real estate prices there seems to indicate that is rapidly changing. Mariah Carey has also recently visited Tenerife and is a big fan of the five-star Gran Hotel Bahia del Duque. The recently built luxury villas and spa also attracted the attention of Jennifer Lopez and husband Marc Anthony.
The most recent additions to real estate in Tenerife are very upscale, modern grey stone and white concrete villas. A three bedroom, three bath villa with a Poggenpohl kitchen is on the market for 690,000 pounds. Construction on these villas is almost complete. They are expected to sell within a very short amount of time.
Real estate more traditional to the island's roots can be found in Fanabe beach. In this area, a candy-colored three bedroom villa with marble tiled floors, a private pool and a balcony sells for about 400,000 pounds. Homes in this area are very near the Sahara-sand beach and Golf Costa Adeje.
Blevins Franks International Director Bill Blevins said real estate in Tenerife is still much underpriced. 'It's a good long-term bet' he said. 'High-density tourism is bringing better quality homes and resorts, plus golf courses, and the infrastructure on the island has been greatly improved in recent years.'
Great holiday packages continue to bring in tourists, and tourists continue to become property buyers in considerable numbers.
