Real estate agents are getting ready for a dramatic increase in sales over the summer as tourists are anticipated to return to the Canary Islands in droves. After over a year in various types of confinement in northern Europe, many of them are chomping at the bit to invest in a residence in the archipelago with its clear blue skies, warm climate and beautiful beaches.
Statistics from online real estate portals such as Kyero and Idealista highlight how prices have not fallen in general in the Canaries, although the volume of property sales has dropped off. By contrast house prices have risen in many lands as governments have continued to pump money into their economies to support those affected by the pandemic. The reality is that good numbers of people have been able to save over the past year. Many of these are keen to purchase overseas, their confidence buoyed by rising property and asset prices around the world.
Richard Potticary, head of real estate sales at The Nordic Consulting, a Tenerife-based consultancy, comments that “the problem has been that many clients simply cannot physically get to the islands to invest in property. For some clients we are able to conduct video tours and complete property purchases using a power of attorney couriered to us from their home country. However, the majority of potential buyers are simply biding their time until they can physically get here. By the time they do, they may find that prices are the same, or even higher than before the pandemic began.”
“Local estate agencies seem to be quietly confident that the second half of 2021 will be a good one. So far luxury villas and cheap investment apartments are the property types that are proving the most popular”
Several agencies in the south of Tenerife have already taken advantage of the downturn to secure commercial premises at a low rent, ready for the expected upturn over the summer and into the winter. It may well be that bargain rental opportunities will also start to dry up soon.
The much-anticipated increase in visitor numbers and sales is predicted as many countries finally get to grips with the virus. The UK is aiming to have the adult population vaccinated by the end of July, and the EU is planning to introduce “health passports” by the summer to facilitate international travel.
To find out more, please contact The Nordic Consulting on:
English Tel: (+44) 207 183 4136
Spanish Tel: (+34) 822 684 556
Website: www.nordicconsultingci.com
