Buying

Property Market In Tenerife – November 2023

https://youtu.be/tqrEyuTGaI0 Tenerife Property Market Overview - November 2023 Comparison Between November 2022 and November 2023: Arona area: Property prices increased by approximately 20%. Los Cristianos: Prices rose by around 13% over the last 12 months. Adeje: Property prices increased by about 26% in the last year. Costa Adeje: Prices increased just under 20% from November...

Is the 90 day rule going to be cancelled?

Navigating the 90-Day Rule: Exploring Options for Extended Stays in Spain and what the future may bring. Understanding the 90-Day Rule: - The Schengen Area, comprising twenty-seven member states like Spain, France, Germany, Greece, Belgium, and Croatia, offers freedom of movement. Post-Brexit, Britons are now considered third-country nationals and are subject to the 90-day rule, restricting them to...

A Comprehensive Guide to Currency Exchange Companies

No. Question Answer 1 What is a Currency Exchange Company? Currency exchange companies are businesses that allow customers to trade one currency for another. - More info here 2 How do Currency Exchange Companies Work? Currency exchange companies operate by trading in currencies. - More info here 3 How Do Currency Exchange Companies Make Money? Currency exchange companies primarily make money...

Ensuring Security in the Forex Market: Keeping Your Money Safe with a Currency Exchange Company

Tenerife Property Group have been using Currencies Direct since 2014 and in all of that time, I’ve got to be honest, they’ve made one client unhappy, having said that, the problem was rectified to the client’s total satisfaction within 48 hours. Currencies Direct are highly recommended and as they have an office locally, it’s so easy to take our buyers and sellers there so that they feel more...

The Global Transfer Guide: Understanding the Process of Transferring Money Internationally

In today's interconnected world, transferring money across borders is a common requirement for both individuals and businesses. However, if you've never done it before, the process might seem intimidating. This article will guide you through the steps involved in transferring money internationally. The first step in any international money transfer is to choose a service provider. This could be a bank,...

A Savvy Consumer’s Guide: How to Compare Currency Exchange Companies

In a world of increasingly global transactions, many individuals and businesses turn to currency exchange companies. However, with so many options available, how do you compare them to choose the one that best suits your needs? This article aims to guide you through the process of comparing currency exchange companies. The first step in comparing currency exchange companies is understanding your needs....

Financial Crossroads: The Difference Between Using a Bank and a Currency Exchange Company

Whether traveling, conducting international business, or sending money abroad, you'll likely need to convert your home currency into a foreign one. This is where banks and currency exchange companies come in, but what exactly are the differences between using these two types of institutions? This article aims to elucidate the key distinctions. At the most basic level, both banks and currency exchange...

Navigating the Forex Landscape: Understanding the Risks of Using a Currency Exchange Company

Currency exchange companies play a vital role in the global economy, facilitating the conversion of one currency into another for businesses, travelers, and expatriates. However, like any financial transaction, using a currency exchange company involves some risks. This article will highlight the key risks and suggest ways to mitigate them. The first and most apparent risk is the fluctuation of...

Behind the Veil: Understanding the Regulation of Currency Exchange Companies

Currency exchange companies play a crucial role in facilitating global transactions by converting one currency into another. Given their significance, it's natural to wonder how these companies are regulated to ensure fair and transparent operations. This article will delve into the regulatory environment surrounding currency exchange companies. Currency exchange companies, like any other financial...

The Flux of Finance: Understanding How Currency Exchange Rates Are Determined

Currency exchange rates serve as a critical barometer of a nation's economic health and are a fundamental aspect of international trade. For businesses and individuals engaged in global transactions, knowing how these rates are determined is crucial. This article will break down the factors that influence currency exchange rates. Currency exchange rates, sometimes referred to as foreign exchange rates...

Demystifying Revenue Streams: How Currency Exchange Companies Make Money

Currency exchange companies, sometimes known as foreign exchange bureaus, are essential bridges in the global economy, enabling the flow of capital across borders by converting one currency into another. While the utility of these companies is apparent, their revenue model might not be as obvious. This article aims to shed light on how currency exchange companies make money. The primary sources of...

The Mechanics of Currency Exchange Companies: Facilitating Global Transactions

Currency exchange companies, also known as foreign exchange companies or bureaus, play an integral role in the global financial ecosystem. They provide a platform for converting one currency into another, enabling international transactions for individuals and businesses. But how do these companies work? This article will demystify the operations of currency exchange companies. Tenerife Property Group...

Understanding Currency Exchange Companies: Facilitating Global Transactions

A currency exchange company, also known as a foreign exchange company, is a business that facilitates the conversion of one currency into another. These companies play a critical role in the global economy, making cross-border transactions possible, and fostering international trade and tourism. At its most basic, a currency exchange company offers services for businesses and individuals who need to...

Can I buy a property in Tenerife even though I don’t live in the EU?

If you're dreaming about owning your own place in the sun in Tenerife, but you're not an EU national, you may be thinking to yourself, "Can I buy a property in Tenerife even though I don't live in the EU?" You're in luck! The answer is a resounding "Yes!"  Maybe you’re a British or US citizen, in this short guide, we'll break down everything you need to know about buying property in Tenerife as...

What to think about when buying a property in Tenerife

OOooh look, a villa with a private pool. OK, OK … I get it and I don’t want to rain on your parade but what you really want to buy in Tenerife, and what is the more sensible option, could very well be two different things. It’s often said of some holiday makers, when they come to Tenerife, that they leave their brain at their home airport … sometimes thinking that it’s OK to leave their...

How long does it take to buy a property in Tenerife Spain?

I often have clients that are buying property in Tenerife, asking me how long it takes from them making a decision to buy one and actually owning the property of their dreams. The time it takes from deciding to buy a property in Tenerife and signing the paperwork at the notary to complete your purchase and actually receiving the keys will vary, it’ll depend a lot on the type of property as well....

What is a Notary in Spain and how much do they cost?

There aren't many notaries in the UK and they're certainly not used as much as we use them in mainland Europe, so, what is a notary in Spain and what do they do? To give an idea what a notary is, I always say that they're one step up from being a lawyer and one step down from being a judge. Basically, here's the answer to the question - What is a notary? A notary is always used for overseeing...

Should I use a Lawyer when buying a property in Tenerife?

If you're buying a property in Tenerife, you may have been told that using a lawyer isn't a requirement...It's a bit like the UK...you can use one if you want but you don't actually have to. To a point, I'd agree...and if you speak Spanish, know how the system works and where you've got to go to get the information and pay your fees and are well up on your Spanish property law, then maybe you can go...

What taxes do I have to pay If I’m buying a property in Spain?

In fact, if you click the following link you'll be able to find the article that I've written explaining the whole procedure and the related costs about buying a property in Spain. There is 17 autonomous communities in Spain, but there are a couple of municipalities within those autonomous communities that have slightly different tax regimes, so I've set them apart here. You can find the IPT...

What’s the cheapest and safest way to send money to Spain?

If you’re buying a property in Spain, whether you’re having a mortgage or buying cash, you’re going to have to send a lump sum of Euros to an account somewhere in Spain. Whether it’s your life savings or not…it’s still going to be a whole load of cash, so you’ll want to move it cheaply, quickly and above all safely. https://youtu.be/I1ROHmGQf-0 The thing is the banks...

Energy Efficiency Certificates in Tenerife

As of the 1st June 2013 a new law comes into force regarding Energy Efficiency Certificates in Tenerife. If you are marketing your property for sale or letting a property you need to be in possession of a new Energy Efficiency Certificate. These have been part of a property sale in the UK for quite some time now, but have just been passed as law here in Spain. Personally, I can understand the...

Do I need a Spanish bank account if I buy a property in Tenerife?

If you’re buying a property in Tenerife, you’re definitely going to need a bank account, yes. The thing is, although the actual buying process has to be followed, but it doesn’t always follow the same order of steps. What I mean by that is that you might be told that you need to open an account before you sign a contract…that’s not a bad thing and it's not wrong either but in my opinion,...

5 mistakes buyers make and tips to avoid them

If you're buying a property in Tenerife it's both an exciting and frightening experience and for most of you that do it, it'll be the first time you'll have bought a property abroad. Don't let the excitement or the fear trip you up into making mistakes. In this article I explain 5 mistakes that buyers make and tips to avoid them. 1. Indecision At the end of last year we had a client that...

Why I think the real estate industry in the Canary Islands should be regulated

Should the real estate industry in the Canary Islands should be regulated? I'm concerned about the Real Estate industry here in Tenerife and when I say concerned, I'm really concerned. I'm not worried about the market itself, that's doing well at the moment - what worries me are some of the agents and some of the people within the industry. As the property market eases and the crisis seems...

Retiring to Tenerife

There are many reasons why you may want to retire to Tenerife, one will almost certainly be the good weather. It is said that Tenerife has one of the best climates in the world; in fact some people call it the island of Eternal Spring, which is a very good description for it.  The summers are warm, but not scorching and the winters are substantially cooler, but never freezing. In fact most...

What are the running costs of owning a property in Tenerife?

Loads of people ask me during their search for properties for sale in Tenerife…”How much does it cost to run a property in Tenerife?” Of course the real answer is that it depends upon how big the property is, how often you or anyone else proposes to use it and even in which municipality the property is situated. I thought that I would give a couple of examples of the average ongoing running costs...

How much is my property worth in Tenerife?

How much is my property worth in Tenerife? - A question that arises quite often in my world. If you've sold a property in the UK over recent years, you'll have heard of Zoopla. On this site and maybe some others do it now as well, there's data about how much the houses in your particular road sold for over the last few years - I've just looked at their website and seen that some...

Tips for buying property in Tenerife

Buying property abroad can be a daunting experience, so although I have a full run down of the buying procedure in Tenerife here for you to look through, I've replicated the same tips that I gave in an interview with A Place In The Sun in 2014, so here are my top tips for buying property in Tenerife. Always use a lawyer. Many estate agents will say that they will handle the paperwork for you -...

Are Tenerife estate agents worth their commission?

Sometimes I hear directly from people or read blog or forum entries that estate agents in Tenerife or Spain in general, are paid too much. Granted, 5% of the sales price is more than three times the average commission rate charged by the estate agents in the UK - in fact there are some agents now charging as much as 6%. As I wrote in a recent article for this paper about the major differences between...

Why do the same properties for sale in Tenerife have different prices or are sold – yet still being advertised?

If ever you’ve been looking for a property for sale in Tenerife on the internet, you’re almost sure to have come across this problem in the past. There you are searching away…all the websites look the same…most of the properties you’re interested look very similar or even duplicated with different agents but the same photos but, after plenty of searching, you come across the...

How is Brexit going to affect me buying a property in Tenerife?

As Theresa May's Brexit deals have flopped over and over again, property investors are not losing sleep over it. Even though new homeowners are choosing to assume a wait-and-see attitude in the UK, experienced property buyers are still buying property outside of the UK. Tenerife in Spain is one of the real estate property hot spots attracting countless Brits and other nationalities.   ...

Buying apartments to rent for an income in Tenerife

Since the law on apartments to rent and the illegal lettings has been enforced over the last 8 years or so, it's become more and more difficult to decide if buying a property on a legally rentable complex, to provide an income, is actually a good idea. The laws on short term rental are extremely complex...in fact, some of them are still being changed and decided upon as this article goes to...

What will happen to the Spanish property market and expats after Brexit?

OK, I can be wrong ... just ask my wife. The vote for a Bremain result was fully expected to win the day but after all was said and done "team Brexit" was declared the winner. If you've been watching the British news and are keeping tabs on the Internet, you'll be well aware of what's happened and, in many people's eyes...well 48% of the UK, the massive...

What’s going to happen about the Brexit in Tenerife?

What are you doing on the 23rd June? Whatever you’re going to vote in the EU referendum on the 23rd June, that’s if you’re allowed to, one way or another it’s going to affect the property market here in Tenerife and Spain as a whole. There’s plenty of information on the internet and papers in the UK about the Brexit referendum, with MPs and TV commentators giving their own views and...

Are the letting laws changing in Tenerife?

Are the letting laws changing in Tenerife? At the end of 2014, there was a draft written that may well change the current short term letting laws in Tenerife. What you read here is still law until any changes have been made, but things may well progress over the next couple of months in 2015. Basically, the new law needs to be checked over by lawyers and will no doubt take longer than 2 or 3...

Is Tenerife the right place for a second home?

The dream of owning a second home in a foreign country Many people dream of moving to a hot climate when they retire and maybe some of the luckier ones dream of buying a property before they retire to use as a holiday home for themselves and their friends and family. The question is...is Tenerife the right place for you? There are many places in the world with sunny and warm climates, but rarely do...

Rent to buy in Tenerife

Here at Tenerife Property Group we often get asked if we have any properties available for rent to buy in Tenerife. The idea of rent to buy is a good one in principle, but when you start drilling down and getting more information, the idea remains a good one but it might not be exactly what you think. Many people want to make Tenerife their new permanent home, but how do you know where to live...

Letting laws in Tenerife

Subject to "Ley 7/1995", the short term commercial letting of property i.e. holiday letting, in the Canary Islands is illegal, unless the complex in which the property to be let is situated, was originally defined as a touristic complex.  This would have been when the original statutes were written for the complex or if the licence was later requested and approved. This means that if the property...

Santa Cruz de Tenerife chosen as a top 5 place to live in the world

Tom Dyckhoff, a journalist for the Guardian newspaper, has suggested that Santa Cruz de Tenerife is one of the top 5 places to live in the world if you have had enough of the UK and want to go to where the grass is greener. Clearly he makes 4 other suggestions before mentioning Santa Cruz, but to be fair none of his choices are actually numbered, so I think he probably meant to put it in...

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