Note: For new properties where you are the first owner, the tax would be 1% and you will also have to pay 7% IGIC (vat), so a total of 8% thereby increasing your costs by another 1.5%. Buying a Property in Tenerife sounds promising but no doubt you want to do it right, no surprises; whether you are looking for a property in the coastal areas or if you want to enjoy the diversity of large cities (Santa Cruz de Tenerife), the steps to follow are not always intuitive. What does buying a property in Tenerife cost? Your lawyer will also need to have sufficient funds from you to cover taxes and costs arising from the transaction as follows. Buying property in Tenerife with the Notary Buying property in Tenerife is something you do with a notary. Many people are now exchanging their dowdy lifestyle back home for the beautiful sub-tropical climate enjoyed here, and with the renewed confidence, wealth, and aspirations of Europe’s forty, fifty and sixty something’s, there is ongoing demand for property in Tenerife, particularly in the South around Playa de las Americas. Buying to retire, retire in Tenerife, buy a property to retire, lifestyle, inheritance tax liability of a property, 90% saving, income created, licensed, regulated, advisor, Spanish public health service, transferability of pensions, thousands have chosen Tenerife to retire, climate is ideal They all offer a unique charm and have characteristics that make them easy to fall in love with. An architecturally stunning and modern … The biggest advantage is the rental income that Tenerife Properties are able to generate. If the property is built on rural land or land that is not classified for construction, additional confirmation should be sought from the regional government as to whether they have authorised the construction if you are buying an off-plan property, confirm that the property has been certified as finished by a registered architect and registered as a new build in the property register. as from 1st June 2013, all homes for sale or to let in Spain are required by law to have an energy efficiency certificate. We’re here to provide you with the very best properties for sale in Tenerife, all from reputable and established estate agents you can trust. About 1300 km from the Spanish coast and in front of Morocco , Tenerife is accessible mainly by plane and has two airports: Tenerife North and Tenerife South. However there are many subtle differences in the way property is transacted in Spain and its islands so it is important to do your homework in advance and ensure that you have experienced professionals helping to guide your purchase. Ask us any question about this property! Av. If you cannot attend, you need to grant a power of attorney (much easier here than in Britain) to the person (Lawyer, Estate Agent, friend etc) representing you. Be aware that tax is charged on the council’s valuation of the property as opposed to the amount of the sale. The cost of a lawyer locally will depend on the value of the property you are buying and the work involved but for a standard apartment purchase would normally be in the region of 1500 - 2500€. Tenerife is the largest island of the Canary archipelago; more than half of its population lives here. If you are interested in a particular property, please mention a reference number. What taxes do you pay when selling a house or apartment in Tenerife? Clear Blue Skies Group SL also work with reputable lenders who can provide competitive mortgages and equity release products to our clients. It is an important port linking Europe, Africa and the Americas. An exceptional luxury detached property located in the most prestigious area. ES, © 2020 Advartis Tenerife Property - Property for sale in Tenerife, Canary Islands, Spain, Sitemap | Home | Privacy Policy | Terms & Conditions | Legal Disclaimer. It is also wise to get a certificate from the town hall proving that there are no unpaid rates from previous years the Catastral certificate giving the exact boundaries and square metres of your land. If you are buying for rental purposes, you must make sure that the agent you are buying from informs you about the up to date letting laws. How much does it cost to sell a property in Tenerife? ADVARTIS.UK uses cookies to make the site simpler. Useful information for the acquisition, possession or use of a property in Tenerife and the Canary Islands. Buying Property in Tenerife has many advantages to buying over in Mainland Spain. As the purchaser, you have the right to choose which notary you use. Charges amounting to thousands of euros are not uncommon. Many people dream of buying a property in Tenerife. A two-bedroomed apartment here would cost around €120,000. In Tenerife there is no real estate licence needed to sell properties. The thing is, you can’t just declare what you want and pay the rest in Black money…or at least you shouldn’t. It is very common here for properties to be sold furnished and one other thing to note is that there is no formal survey system here so you need largely to use your own judgement on the condition of the property. This list taken from the site Tenerife Mortgage Broker. Duties. Buying property in Tenerife - To purchase a property in Tenerife there are various bureaucratic procedures that need to be undertaken, all of which we will assist you with from start to finish. More than 1000 relevant properties. It is wisest at this point to appoint an independent lawyer who will look after solely your interests. Buying a Property in Tenerife Once you have decided on the property you wish to purchase and the terms and conditions have been negotiated with the vendor then a deposit of 10% of the purchase price is required to secure the property and as official confirmation of your intent to purchase that property. Tenerife Property Group. Property owners here generally know the value of their property but some negotiation normally takes place with the Estate Agent mediating. Read more. The notary can even send advance notification to the Land Registry electronically once the public deed is signed. If you need further advice or information, please do not hesitate to contact us. Prepared by Paul Stokes, managing Director of Clear Blue Skies Group S.L., International Estate Agents in South Tenerife. As the process of buying a property in Tenerife is relatively long, there is a specificity in how the deal is formed. It's 100% for free, and doesn't oblige you to anything. The buying process in Tenerife. Exercise extreme caution if an estate agent, promoter or lawyer urges you to cut corners to save money or time. the licence of first occupancy or habitation certificate issued by the town hall. Find overseas properties to buy in Tenerife, Canary Islands, Spain with the UK's largest data-driven property portal. There are two international airports on Tenerife, the only Canary Island with more than one; Tenerife North Airport and Tenerife South Airport, which is the largest by far. Having paid your 10%, what now? On an average, the process of buying a property in Tenerife takes 2.5-3.5 months. If you are considering buying a property, the seller is obliged to show you this certificate. (and how can you save money on the purchase!) In due course, probably around four to six weeks later, the transaction will be completed at the offices of a local Notary. Whilst this is not obligatory, it is wise to get a chartered surveyor to check the property From the tranquil resort of Los Gigantes on the south west coast, you can take a boat trip to search for whales and dolphins. Juan Carlos I, Valdes Center, Rather than having a short peak-rental period, property in Tenerife can be rented out and is in demand all year round with the busiest months of the year being December into January. As happen in almost every corner of Spain, the price of houses and apartments is also growing in Tenerife. 38650 (adsbygoogle = window.adsbygoogle || []).push({}); Advartis Tenerife Property 6 bedroom detached villa for sale . Autonomous Tenerife Spain property law; From buy property in Tenerife back to real estate in Tenerife with important valuable, free, information; Disclaimer Laws in Spain are always altered. Arona, The Benefits of living in Tenerife There are huge benefits for people from the UK and elsewhere to buy property in Tenerife. The largest real estate base in Tenerife (Spain). The all year summer-like weather is the obvious attraction, but Tenerife offers so much to almost everyone whether the extremely low cost of living, the beautiful mountains and pine forests or just the fabulous low key lifestyle of foreigners and locals alike, on these, the aptly named “Fortunate Islands”. On a property of 200,000€ this would normally represent around 8% but your lawyer will probably ask you for 10% so don’t forget to ask for a list of costs with your change, several months after the transaction. Canary Islands, Tenerife, Adeje. Prepared by Paul Stokes, managing Director of Clear Blue Skies Group S.L., International Estate Agents in South Tenerife. It is a good idea to seek advice from the notary early on. On completion, the public deed should reflect an accurate description of the property. Many estate agents will say that they will handle the paperwork for you - don't … This can be viewed at to the town planning (urbanismo) department of the local town hall you have carried out a property survey. 13,897 houses and flats for sale in Tenerife, Spain, from 25,000 euros. Property in Tenerife for sale direct from owners and real estate agents. It is required by law that the buyer(s) and the seller(s) or their nominated representatives, are present. When you see an advert or find a property you would like to view on an agents’ website, you can visit the property with the agent’s representative, and if you are interested in purchasing, make an offer to the Estate Agent. The full video – 10 things you should know before buying a property in Tenerife. if you want to buy the home of your dreams in Tenerife, first of all you need to know some things. If you have any doubt about what you are signing, don’t! The first thing is to get the property off the market and, to ensure this, you have to pay a holding deposit, usually 10% of the purchase price. An appointment will be made with a notary (usually between 1 and 3 months later) of your choice, to be chosen by the buyer, for the signing of the deed, payment and handing over of the keys. You will need this document to connect to electricity and water companies. After buying a property, there are a number of required steps you will need to take. Perhaps as a holiday home for the family, to rent out as a source of income, or perhaps simply to live in once they have made a permanent move to Tenerife to work or retire here. Although there are many professionals, the market has also become flooded with anyone that knows how to make a Facebook page. Independent means that they work on your behalf only and are not also looking after the interests of the agent or developer. Buying Property in Tenerife. 3 Bedroom Country House in La Orotava 3 2 120 m² Country house in Bebedero La Orotava north … What are the legalities? We'll just give you an advice and answer on all your questions It's … Real estate prices are low compared to the national average in Spain . The Benefits of living in Tenerife There are huge benefits for people from the UK and elsewhere to buy property in Tenerife. Three of the most popular areas to buy property in Tenerife are Adeje, and Arona. In the case of a private build (the previous owner built their own house and decided to sell before ten years had lapsed) you will need to request these details separately you have checked the latest town plan to see whether or not the plot you wish to buy has any building restrictions, is in a green zone or includes a public pathway or similar. Developed infrastructure, ring road around the island S/C de Tenerife, What additional costs do I have to pay? If the seller has a mortgage, you will probably provide a draft made payable to the sellers bank to pay off the mortgage. Care must be taken when transferring money as banks in Spain can charge large amounts for receiving money or raising bankers drafts. Click here for more information. If your offer is accepted, you will be asked to pay a deposit, normally of 10%. With more than twenty five years experience in Tenerife, Su Casa knows how to find you the ideal property. Santa Cruz de Tenerife. The property market here is respectable, with people being able to invest in homes for reasonable prices. What documents do I need to sell my property in Tenerife? Find Us Here. Oh yes one last thing, you will have to apply for an NIE number, this is simply to register you, and must be done before your property purchase is completed, your Lawyer or Estate Agent will advise. It would be normal for the contract to be written in Spanish, but most good Estate Agents or Lawyers will provide a side by side translation in your language. FEATURED PROPERTY 44. Buying property in Tenerife. Deal directly with the agents that have the contracts to sell the properties … Spacious villa for sale in Buzanada, Tenerife,… Read More, Beautiful modern villa for sale in Jardines… Read More. Marketed by Tenerife Property Shop S.L., Tenerife. How is Property sold? A private driveway sweeps past the tropical landscaped gardens and private pool area. 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