Tenerife Economy Looking up?

Tenerife Property Shop released a report this week suggesting that the local economy may be healthier than we think. The report shows an increase in the total number of clients viewing properties compared to the same period last year.  This is in contrast to concerns voiced by many local businesses.

Tenerife Property Shop released a report this week suggesting that the local economy may be healthier than we think. The report shows an increase in the total number of clients viewing properties compared to the same period last year.  This is in contrast to concerns voiced by many local businesses.  Bruce Grindley, a Director of Tenerife Property Shop warned, 'The figures may not be that reflective of the actual state of the local economy.  We have planned ahead and taken a more aggressive marketing stand because we offer the best possible method to sell a property for our clients. That means being fast and efficient.  Our team have always taken this responsibility seriously.'  Research conducted by Barclays reported a huge growth in the number of homes bought in Spain and the Islands by British, in some areas, up to 40% of all new dwellings built.  They report that equity release reached record levels at 57 billion pounds, which fuelled the strength of the British interest in property.  Many average income earners have entered the property market by remortgaging their houses in the UK to finance deposits on foreign homes.  Interest levels in Europe are also at historically low levels, making Spanish mortgages much better value.  The Bank of England has raised borrowing rates five times since last November, reflected in a drop in mortgage approvals.  Research from Datamonitor suggests that first time buyers are increasingly looking abroad for their first property as domestic house prices have increased beyond their means.  Bruce Grindley of Tenerife Property Shop commented, 'The market for overseas property buying is there, it is our job to go out and get as big a share of it for our clients, who choose to sell through us.  We are in competition from many more countries for this British holiday and retirement spending power.  Tenerife has a well established environment for the British which necessarily means a much greater infrastructure, not just in terms of roads, health and communications but also in the availability of British culture, like schools and local papers printed in English.'  Then smiling with the confidence of a man with a loaded dice, he said 'And of course none of them have our weather!!'