As we wish you all a happy new year, we’re taking a look back at Tenerife property market trends in 2017. Once again our island has enjoyed tremendous growth, with a 19.7% year-on-year increase in housing sales, the fifth highest among provinces in Spain. The total number of transactions was also the tenth highest in Spain, at more than 10,000. That a small island can compete with provinces like Barcelona, Madrid, and Alicante is a testament to the truly extraordinary nature of this destination.
The island’s wonderful weather may be a major factor in a decision to buy, but of equal importance is Tenerife’s accessibility from all over Europe. Multiple flights per day arrive at Tenerife’s two airports from nearly every major city on the continent. With an island escape only ever a few hours away, a second-home purchase becomes temptingly convenient.
As a result, the proportion of purchases of real estate in Tenerife by foreigners continues to be significant. In fact, Tenerife had the highest percentage of such purchases in all of Spain in 2017, at almost 40%.
And the geographic diversity of new foreign homeowners in Spain attests to this accessibility as well. This past year the British continued to be the single largest group of buyers – nearly 15% of all transactions -, but the French (8.5%), Germans (7.8%), Belgians (6.4%), Italians (6.2%), and Swedes (6.2%) also showed high levels of interest.
Tenerife property sales at Abama
Tenerife’s growing popularity, and particularly its rising profile as a quality tourism destination, are helping to bolster the good long-term Tenerife property market trends. Where once Abama stood alone as a luxury enclave, now there are an increasing number of charming and authentic experiences to be had all over the island. The result is that we can offer our residents the best of both worlds: Michelin-star dining at home, and a unique and fascinating culture to explore outside.
2017 was another great year for Abama Luxury Residences, exceeding our sales targets and selling out of several of our most popular homes. In a place where the views of the Atlantic are magnificent and ever-present, and the landscaping lush, it’s a rare visitor that doesn’t fall in love.
We also added some incredible new assets to our resort this year. Martin Berasategui’s Michelin-starred team has just opened another restaurant, Melvin, in the Social Club at Las Terrazas. Earlier in 2017 we welcomed famed trainer and ex-pro Annabel Croft to head our Tennis Centre. Our Owners Cup & Gala, always the highlight of the social calendar, had the privilege of hosting great flamenco dancer Sara Baras, one of Spain’s living legends.
And there are yet more exciting things to come. We very much look forward to spending 2018 with you, and we hope that you continue to grow with us as we strive to make Abama the best it can be and keep Tenerife property market trends on the up. Read more about property for sale in Spain in our other posts.
