"Volcanic" paradise
The Canary Islands are located south of Gibraltar, off the west coast of Africa. Their unique landscapes arose about 20 million years ago due to the eruption of underwater volcanoes. The Canaries can be called the closest piece of "tropical paradise" to Europe, illuminated by the sun all year round.
If in 2001 prices for real estate in the Canary Islands were 10% higher than average prices in Spain as a whole, then in 2005 the picture became reversed. According to the Spanish Property Insight consulting company, the "Canary" prices are currently 10% lower than the "general Spanish" ones. This is one of the good reasons why buying a house in the Canary Islands now looks so attractive.
The two central islands of the archipelago, Tenerife and Gran Canaria, with the capitals Santa Cruz and Las Palmas, have a balanced climate and are much more developed than the others. The islands of Lanzarote and Fuerteventura are located closer to Africa, so they are more arid, and their landscapes are more deserted. The three western islands – La Gomera, El Hierro and La Palma - are much smaller in area and less developed, and the climate is more humid.
Tenerife is the most popular
This island is one of the most popular holiday destinations for Europeans. Neon lights, skyscrapers and nightclubs of Santa Cruz are here side by side with the scorching beaches of the south of the island and the calm, relatively cool north. Over the past decades in Tenerife, as well as in Gran Canaria, the volume of supply was so high that it outstripped demand. The local authorities have seriously taken care of this problem and have taken a number of steps to increase the attractiveness of local real estate for buyers. On the one hand, world-renowned architects are involved in the development of new projects in Santa Cruz, on the other hand, the number of international flights is constantly increasing, and retail prices are becoming more affordable. As a result, Tenerife is gradually emerging from the crisis.
The new Mirador del Atlantico residential complex in the town of Chayofa is being built on a hillside with stunning sea views. The complex includes apartments with one, two and three bedrooms, as well as villas. The height of the buildings is only two floors, while the apartments on the second floor have access to the exploited roof, and the apartments on the ground floor have a small private garden.
Buyers may not pay the entire amount at once – 20% is paid when signing the contract, and the remaining 80% is paid after the construction is completed. There is an opportunity to obtain a mortgage loan, which is also available for foreign buyers. Taxes and state duties make up 8% of the value of the property. The complex is being sold through Horizon Property Group, and prices start from 130,000 euros for one-bedroom apartments.
Gran Canaria is the most beautiful
Despite its name, Gran Canaria is not the largest island in the archipelago, but it has a wide variety of landscapes. Tourism began to develop here 100 years ago, when doctors recommended this island as a health resort, primarily due to its temperate climate. The island has everything: huge mountains, pine forests, coffee and banana plantations, groves of avocado, papaya and almonds, vineyards, volcanic craters, ancient caves and pretty villages.
The three main resorts of Gran Canaria are San Agustin, Maspalomas and Playa del Ingles. It was here that the largest construction in the Canaries took place, and it is not surprising that it is here that Spain's largest new development is located, second only to the famous Benidorm. Only a few old villas can compete with the luxury projects built recently.
Cardenas Real Estate company offers real estate in Gran Canaria for any budget - from modest, for 75,800 euros, to a luxury villa for 2.3 million euros. While, in general, real estate on the island is slightly cheaper than in Tenerife, the capital of the island, Las Palmas and its surroundings, is the second city in Spain in terms of prices. As a result, many indigenous people of the Canary Islands move to Lanzarote, where life is cheaper and quieter.
Lanzarote is the most stylish
Among all the Canary Islands, Lanzarote occupies a special place due to strict building regulations, a ban on billboards and the same type of building with white houses with green or blue wooden panels. The construction of such houses is connected with the ideas of local artist Cesar Manrique, who urged the authorities not to imitate buildings on the Costa del Sol. The white Cubist buildings of the island against the background of black volcanic slopes and green cacti create unique, impressive views.
Lanzarote's real estate market has the same volcanic character as its landscapes. In the period between 1994 and 2003, prices here increased by 17-20% per year, now the norm is about 7%. This growth is due to the already mentioned restrictions on development, as well as the fact that a significant part of the island is a protected natural area. "Thanks to high prices, customers become picky. However, real estate in the resort area will always be in demand," says Kiya Bing from Inter Island Estates. She sells a relatively inexpensive duplex apartment with two bedrooms and two bathrooms, located in the north of the island, for 177,500 euros.
Optima Estate has exclusive rights to sell properties in the new Residencial Costa Papagayo complex, consisting of 38 duplex villas with two bedrooms and two bathrooms with a common wall. The cost of the villas starts from 235,000 euros. One of the advantages of the complex, which makes it possible to consider it as a promising investment object, is its proximity to the Marina Rubicon golf course under construction in Playa Blanca.
Hoopoe Construction company operates in a different market segment, but has also chosen the area in Playa Blanca for its luxury villa complex. The cost of residences ranges from 600,000 euros to 2 million euros. One third of the complex has already been sold out, and mainly by American buyers.
Fuerteventura is the most desolate
Fuerteventura is an island of desert landscapes. Although Africa is hundreds of kilometers away, but in the south of the island, where huge pale yellow sands disappear over the horizon, there is a feeling that the Sahara begins here. The main advantage of the island is clean, deserted beaches, and sunny dry weather and constant wind attract surfers from all over the world.
Clive Walker, director of Fuerte Gold real estate agency, warns: "Fuerteventura is not as cheap as it used to be. This is mainly due to the greed of landowners and developers. However, the situation may change, as it is clearly visible that the market is cooling."
The Red Mountain company is selling a new complex under construction with duplex villas worth 195,000 euros. The villas have three bedrooms, which overlook the island of Los Lobos, where a new 18-hole golf course has recently been built. This is the reason for the construction boom, which is sure to raise prices in this part of Fuerteventura.
For all tastes!
A house in the Canaries is an unmistakable choice. Investments are reliable, the choice is diverse, and happy memories are guaranteed. But when negotiating with the seller about the price, do not overpay. Although the period of rapid price growth is over, most homeowners hope to still manage to sell their property for more than it really costs.
And the last tip is to get the most out of your Canary home, first ask yourself what exactly you are looking for. Maybe you are trying to find a place for active recreation, or maybe you prefer a place with a leisurely lifestyle? Maybe you need a neighborhood with a golf course, or maybe a good restaurant? You will find everything you want in the Canary Islands!
