Is Tenerife expensive to buy property?

Is Tenerife expensive to buy property? Currently, apartments in the south of Tenerife cost about 2,000 euros a square meter ($185 a square foot), with an ocean view adding another 20,000 to 40,000 euros, Mr. Sorokko said. Villas range from about 500,000 up to 5 million euros and above, Ms. Stokes said.

What bills do you pay in Tenerife?

What is worth buying in Tenerife?

What souvenirs to buy in Tenerife. Besides the usual key rings, badges, fridge magnets, dolls dressed in traditional costume and beach towels printed with the map of Tenerife, the island also boasts quality products that can also make perfect souvenirs.

Where is the richest place in Tenerife?

The municipality of Costa Adeje, in the south of Tenerife, has emerged top once again in the ranking of the most exclusive regions in the Canary Islands.

What is the main income for Tenerife?

Tourism is the mainstay of Tenerife's economy. Thanks to the millions of visitors that come to Tenerife every year, tourism is the main cornerstone of the economy.

Is Tenerife a tax haven?

The Canary Islands are thus a tax haven, fully legal in terms of tax advantages, mainly for the so called ZEC, a norm providing great exemptions for those who wish to open an offshore company, according to law requirements.

What happens if you stay over 90 days in Tenerife?

Without becoming a legal resident in Spain, the 90-day rule is applicable, and you cannot extend your stay. So, for periods longer than 90 days, you will need a long-stay visa and a residence permit, which means you need to become a resident if you want to stay long-term in Spain.

What is the posh part of Tenerife?

Puerto de la Cruz – poshest part of Tenerife Puerta de la Cruz is the beautifully lush, green, and posh part of Tenerife. It is also the second biggest town and located on the north of the island, about an hour drive from Costa Adeje and the South Airport (North Airport is more convenient, if you can – 20 min by car).

Where do most expats live in Tenerife?

Where do most expats live in Tenerife? Playa De Los Cristianos – this beachside resort in southern Tenerife is popular with holidaymakers and expats, especially British families who are drawn to the excellent climate and wide beach. Costa de Adeje, where to stay in Tenerife for your first time. ...

Where is the cheapest place to live in Tenerife?

Tenerife north is usually less expensive than the south, where you'll find many more renting options. The average cost for a room in a shared apartment is €650-800 per month while renting an entire apartment can cost you up to €1500 monthly. The cost of food in Tenerife is quite cheap.

Is Tenerife a good place to retire?

Sun, sea, and sand. The unbeatable climate is one of the greatest deciding factors for people retiring to Tenerife. Sea air and ocean water are good for the body and soul. Tenerife is often referred to as the island of eternal spring, where the sun shines for 365 days a year; sunsets are often spectacular.

Do you have to pay resort tax in Tenerife?

This rule applies to all the Canary Islands, meaning that there's no tourist tax in either Tenerife, Gran Canaria, Fuerteventura, Lanzarote, La Gomera, La Palma, El Hierro, or La Graciosa.

How easy is it to buy a property in Tenerife?

To buy a property in Tenerife as a non-resident it is a essential to get a NIE number (Foreigner Identification Number). Apply for the NIE at the national police station. You have the option to handle the application yourself or to obtain it faster and easier you can hire an assistance from your real estate agent.

Which Canary Island is best value?

The most budget-friendly islands in the Canaries are actually the biggest and most popular islands. Tenerife, Gran Canaria , Lanzarote and Fuerteventura all offer plenty of package holiday deals and have a wider range of accommodation options than their smaller neighbours ...

How long can I stay in Tenerife if I own a property?

Even if you own a property in Spain, you're still entitled to stay for only 90 days in a 180-day period without applying for a residence permit or a visa.

What are the disadvantages of Tenerife?

It also rains very rarely and not too much. However, there is a big disadvantage of the weather in Tenerife, known as ”CALIMA”. It's the hot wind from Sahara which brings dust and sand, and it can happen anytime. This is the main reason why you'll not be able to see as far as usually.

Why is Tenerife property so expensive?

High international demand is having a large impact on the Tenerife property market. The majority of prospective buyers are interested in acquiring properties in the locations Costa Adeje and La Caleta. In recent years, prices here have risen by as much as 30 percent.