Tenerife Market Bouncing Back

But House Prices will take longer

With pundits from all over Spain telling us that property prices have bottomed out, enquiries for property in Spain and Tenerife have taken a jump.  Internet portals report a massive 26% rise in Spanish searches, although the average value of property sought after has dropped.  However not all countries, have seen a rise.  The USA, France and Greece have all experienced a decline in interest.

Focusing on Tenerife, statistics from www.TenerifePropertyShop.com, one of the most visited real estate websites in the Canaries, show that visitor numbers have been almost steady: fluctuating by less than 2%.  However, enquiries for property in Tenerife, have risen by almost 30% since January as more browsers decide to take their search a step further.  Further analysis shows a strong revival of interest from buyers in the UK and Ireland, as well as Continental and Eastern Europe. 

Additional enquiries lead to a growth in sales, however Bruce Grindley, Managing Director of Tenerife Property Shop warns, “Although sales volumes are increasing, it is clear that buyers will be cherry picking the best bargains, the best locations and the best quality units.  Vendors really need to make sure that what they are selling fits into those categories or it will still be a long wait to find a buyer.”