Booming at the Bottom!

The property market in Tenerife as a whole may be in the quiet side, but in one area at least, sales are booming.  Properties under 150,000 in good locations are still selling fast and where they have been well publicised, they are spending less than a week on the market.

Take for example the bargain properties in Los Geranios that we advertised in our last newsletter and in the local press.  The response was overwhelming, to the point where there were actually queues of buyers waiting to be shown the homes!  Something we haven’t seen for some time and which took us completely by surprise.

Although there was a particularly strong publicity campaign for these units, because we had several that were very similar to sell, we found that we were becoming flooded with enquiries for other properties at this price.  So much so, that in the middle of February, Tenerife Property Shop had almost run out of properties to sell at less than 150,000!

So we launched an immediate campaign to attract buyers, with blanket advertising and articles in the local press.  We begged for properties in our newsletter that goes to owners, we sent sales advisors on exploratory missions to find more portfolio.  We called vendors and persuaded them to reduce their prices so that they fell into the levels that buyers are looking for. 

We are now relieved to report that we now have some cracking bargains at the sub 150,000 level!