Buying Property in the Canary Islands - Some Thoughts

Canary Islands Property Market

Despite their proximity, geographically, to Africa, the Canary Islands are essentially European in all other respects, and, as such, are popular with traditional, beach holidaymakers, and expatriates, from the United Kingdom. Indeed, the total number of foreign tourists visiting the Canary Islands in 2007 was in excess of 9,000,000, and demand for comfortable, well maintained rental property is high. Tenerife - the largest of the Canary Islands - remains the most popular location for buy to let property investment, and the resorts of Playa de las Americas, and Los Cristianos, for example, are predicted to be holiday `hotspots` in 2008. Gran Canaria, alternatively, was one of the original Canary Island holiday destinations, but high quality, new developments - to replace some of the more dated accommodation - are attracting the attention of foreign property investors. Lanzarote, too - with restrictions on high rise, and other, developments considered to be detrimental to the image, and character, of the island - remains an attractive proposition for buy to let investment.

Buying Canary Islands Property

Buying property in the Canary Islands is subject to the vagaries of the Spanish legal system - which is significantly different from that in the United Kingdom - so legal advice is necessary throughout the buying process. A lawyer, or solicitor, will be able to make appropriate searches to determine the authenticity of a vendor, or to determine that there are no outstanding fees, or taxes, associated with a property. In order to register your interest in a property - and to take it off the market - you will be required to sign a private contract with the vendor, and pay a deposit of 10%. An official, final contract will be prepared by, and needs to be signed in front of, a `Notario`, who will ensure that the sale complies with Spanish regulations. Bear in mind that Stamp duty, of 4½%, is payable in the Canary Islands, as are fees for the services of a Notario, and contract documents.

About the Canary Islands

The Canary Island – or `Las Islas Canaria` – archipelago consists of five main holiday destinations (Fuerteventura, Gran Canaria, Lanzarote, La Palma and Tenerife), two smaller islands (Gomera, Hierro) and six islets, the closest of which is less than 70 miles from the northwest coast of Africa. The climate, throughout the region, is therefore dry, with daily temperatures in excess of 21 degrees throughout the year, and sparse, infrequent rainfall, limited mainly to the winter months. Daily sunshine, of up to 11 hours in summer, and up to 6 hours even in winter, makes the Canary Islands a popular, all year round, destination for holidaymakers, as well as those seeking second, or retirement, homes.

Text supplied by www.sunshineestates.net

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