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Thread: Property Prices in Tenerife

  1. #41
    Super Tenerifian

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    Re: Property Prices in Tenerife

    Its now not so clear if you should buy in a residential or touristic complex it depends firstley on your financial situation if you need to rent then residential is not for you then maybe touristic may not be for you iether depending if you can do your own lets or as the law states you have to go through the exploiter . Values in Elmirador ect have went down i see some advertised for 135,000 euro they were 160,000 off plan advertised prices on our complex have not went down however thats diffirent from what they sell for and like me a lot dont need to sell and lettings still good for now!

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    Angusjim (25-06-2012)

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  4. #42
    Super Tenerifian CIM's Avatar

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    Re: Property Prices in Tenerife

    Illegal lettings impact
    All this illegal lettings malarkey is definitely impacting sales - or it is if you are honest about it to your clients. Still hearing of other agents not making clients aware though. Had a Belgian client recently looking at buying in Palm Mar until we told him the situation, he had been out for 3 or 4 days with a Belgian agent who insists he "wasn't aware" of the laws.... I tell people whats happening, I send them links to this forum, to Janets site, tell them to do their own research in addition to my advice and its up to them. I have just sold a property on a residential complex and the owners genuinely have a lot of friends and family who will be using the apartment when they are not. They wont be taking any money off their family and are going to ask their friends for a contribution equal to their costs per week. No advertising and not for commercial letting so that seems fine. Got me thinking though, could a UK LTD company buy a property here for the use of their staff? So long as it is not advertised and staff arent being charged no law is being broken even though you may have different people in their every week.

    Residential property sales
    I have spoken to 3 owners recently about selling their residential properties - 2 apartments and a villa. The first apartment was overpriced by around 30%, the second was overpriced by around 33% and the villa was overpriced by around 27% (Oh but it has lots of rental bookings and good income... )

    None of those owners seem able to face facts - their properties are way overpriced and will not sell for what they are thinking. They get angry, frustrated, say how rubbish the agents are who have their properties listed because they aren't getting them viewings etc. Two of them at the end of the discussion said "Well just put it up anyways and we´ll see what happens..." One of the owners who needs to return to the UK said "I´ll not come down, I´ll just lock it up, I´ll lock it up I will" - My advice - Well lock it up then - unfortunately no-one cares and no-one is going to come anywhere near your asking price. Why ask me to list it when the price is ridiculous and it wont sell? Rod for my own back... so I move onto the next seller and let some other agent waste his time with these ones. It´s frustrating but what can you do if people dont want to hear the truth and wont price their properties at anywhere near a realistic level?

    Bank repossessions
    The market overall is ticking along, sales continue but obviously if sellers arent competitive then they arent going to get much interest. Banks with repossession properties are getting a bit better with pricing but some of them are still a million miles from reality plus from the market I target, only about 1 in 70 or 80 properties are actually appealing and worth listing. Banks make the same mistakes as property owners. I have had two properties reduced by a bank recently to prices lower than the offers I put in on them 12 months ago for clients - I tell my buyers and they simply make another offer on the new price - and the bank turn it down again!!!

    Sizing up and valuing a property
    After listing a property I can get a good feel for how well priced/in demand a property is. My property listings are immediately sent to over 2,000 people who have opted-in to receive property offers. So I see how many people click through the email, how many delete it without reading it, how many go to the website to take a look and the average time people stay on the page. If all of these figures are pretty high then that is a good indication that the property will sell fairly quickly. If all indicators are low then that generally shows the opposite and I can show owners what sort of feedback the property is receiving.

    Property prices over the next 12 months
    I still think prices will fall more in the residential areas as 80%+ are still overpriced there and the market for residential properties has reduced significantly. I´m talking about places like Chayofa, Amarilla Golf, Roque del Conde etc where previously people who lived and worked here, good jobs, good earnings would have been buying these - that segment though has been decimated by job losses, lack of credit approval from banks etc and the result of that is that those people just are not around anymore in anything like the numbers they were 4 or 5 years ago. Large supply, little demand - prices fall....

    The main buyers of these properties now are people moving over here, 50+ age group, semi retired or retired and buying cash. They want good quality at realistic prices and they have the money to move quickly so sellers have options but they also have a lot of competition.

    Finding the best property deals
    Right now there are some really good deals around on appealing properties, nice complexes, good areas but they are vastly outnumbered by all the rubbish being punted about by sales staff desperate to get a purchase through so they can pay their rent next month! So buyers need to do a lot of searching and researching, ensure they know roughly what sort of price per sq metre they should be paying, what the average price of a 1, 2, 3 bed is in the area they want, whether the banks have anything in the area, separate the wheat from the chaff and work out what sort of realities offer they should be making.
    Or, they could find themselves a good agent to work with who can do all of this for them
    Last edited by CIM; 25-06-2012 at 12:41.
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  6. #43
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    Re: Property Prices in Tenerife

    Or, they could find themselves a good agent to work with who can do all of this for them

    Anybody you could recommend

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    CIM (25-06-2012)

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