Interest in Tenerife property increases
Spring is finally in the air this week here in the chilly old British isles, and it seems UK holidaymakers have summer on their minds, if the latest data from vacation rental website Holiday Lettings is anything to go by. Surprisingly, despite growing media reports of an ‘income squeeze’ due to increasing taxes and inflation, the portal has recorded a 20% year on year increase in holiday home enquiries so far in 2011, with Spain’s Balearic and Canary Islands the big winners amongst sunseekers.
This is good news for buy to let investors with properties in Spain’s outlying islands, who have no doubt been panicking over the last year with the market collapse on the mainland and virtually no chance of selling their home for a profit. But luckily industry predictions on the resilience of Spain as a holiday destination prompting a recovery in market demand appear to have come true – the Balearic Islands have had the single largest enquiry rate of any destination this year, whilst the Canaries were also popular earlier in the year.
The Canary Islands offer a value-for-money holiday option for cash-strapped Brits, particularly given the savings they could achieve on holiday rentals versus hotel stays. The recognised saving when renting a property is hitting home with consumers in tough economic times and Spain’s reputation for offering value for money and its longstanding place in the hearts of British holidaymakers are likely to be contributing to its popularity so far this year. Great news for property owners in Tenerife.
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