Buy secondary real estate in Tenerife - what you need to know

Buying a home in Tenerife on the "secondary" market, not being a resident of Spain, is quite simple, provided that the right amount of money. Local laws are loyal to foreigners. Secondary real estate Tenerife is still a profitable investment - pre-crisis prices have not recovered, but the market of houses and apartments shows stable annual growth.

Buying secondary products in the Canary Islands is attractive for these reasons:

  • Relatively simple procedure of registration of transactions for foreign citizens.The process is time consuming, but requires from the buyer a minimum of actions and documents - NIE, a preliminary contract for the purchase. Usually a deposit of 10% is required so that the object will not be shown to others.
  • Affordable mortgage with adequate interest rates and requirements of the bank - both to housing and to the borrower. Despite the rather large down payment, from 40% of the price tag, the probability of a positive decision on the loan is high enough.
  • Unique climate without winter and rainy season - you can use the housing yourself or rent it all year round. On the island there are 15 million tourists a year, who provide a stable demand for daily rent square meters.
  • Bank real estate in Tenerife - often it is confiscated housing for non-payment of credit obligations, and it is a real opportunity to buy an apartment on the island at the price of one of the Moscow region.

Property in Tenerife from banks is often much lower than the market, the difference comes up to 40%, but at trash prices there are also pitfalls in the form of unpleasant neighborhoods, the presence of living on the site of previous owners or poor technical condition of the object.

It is recommended to carefully check the housing, and decide to buy only after a personal review.

Legal peculiarities of buying a home on the "secondary market" in the Canary Islands

Secondary housing in Tenerife is a variety of apartment types, semi- and detached houses. There are no legal differences between apartments and apartments in Spain, both of which will be residential.
Buying a home in the "secondary market" in the Canary Islands step by step:

  • Signing of the contract, which specifies the amount of prepayment and the order of payment of the next fees, as well as the terms and conditions for the transfer of the object to the buyer.
  • Making a deposit. In case of cash transfer - only in the presence of a notary public.
  • Receipt of NIE. This is a Spanish TIN for foreigners. It is prepared for two weeks, you can get on the basis of a preliminary contract.
  • Signing of the extracture is the contract on the basis of which the purchase and sale of the secondary product is carried out, it is prepared by a notary public.

Then there will be a number of payments - VAT, stamp duty, payment of land registry, services of a notary and a lawyer.

Our company renders professional services in work with the real estate. For the clients we will pick up optimum object, we will check up its legal cleanliness, presence of the outstanding debts, taxes or restrictions, conformity to a price segment.

We take full responsibility for the transaction, we speak your language.