Canary Islands — Choosing an Island for Real Estate Investment

The Archipelago's Nature

Overall, the climate on the Canaries is oceanic subtropical: with very comfortable temperatures and rare rainfall. However, depending on the region, there can be significant differences. For example, in some places on the island of La Palma, annual rainfall reaches 1200 liters, which is already quite a high figure. Meanwhile, on the eastern islands – sunny and arid Fuerteventura and Lanzarote – precipitation is much less than on the western ones facing directly toward the open ocean.

Some islands, thanks to their volcanic nature, have porous terrain, while others feature areas where mountains come close to the ocean. It is there that one can observe a natural phenomenon of extraordinary beauty, which Spaniards call "sea of clouds", when large rain clouds condense into huge masses and begin to form right by the mountains, creating favorable conditions for the life of dense local flora. At the same time, on one and the same island, due to differences in microclimate across its different parts, tropical forests and arid regions coexist peacefully. Another distinctive feature of the Canary Islands' nature is that there are almost no rivers – due to numerous faults and ravines, rainwater quickly flows from hills straight into the ocean.

Vegetation depends on climate and topography. On northern and northwestern slopes, where rainfall and wind predominate, moisture-loving plants dominate. On the drier southern coasts, species adapted to heat and lower humidity prevail. It is logical that with such an impressive diversity of flora, the fauna of the Canary Islands includes an incredible number of species.

Choosing a Location

For many years, the Canaries have remained one of Spain's most attractive resorts. This amazing place allows you to fully enjoy all the advantages of a tropical climate without going too far from Europe. The diversity of nature, excellent beaches and hospitality of local residents have made the archipelago popular not only among tourists but also among those who are ready to buy housing and pay property taxes in Spain. Which of the many places on the archipelago is preferable?

• Tenerife is considered the largest and most populated island. British tourists chose it in the 1960s. The number of foreigners preferring to spend their holidays here continues to grow – last year there were about 5.7 million of them. According to real estate agents, property buyers prefer the southern part of the archipelago near the airport.
• Lanzarote is a small island only 37 miles long and 12 miles wide. Nevertheless, it quickly catches up with Tenerife in popularity, largely due to its unique climate and volcanic landscape. It is a UNESCO World Heritage Site, with its eco-villages and peaceful cozy hotels attracting both surfers and cyclists as well as wine lovers. As for investors, they are happy to invest in cozy hotels on the coast. Private buyers prefer to make purchases mainly in the island's capital, as well as along the coasts of Puerto del Carmen and Costa Teguise.
• Gran Canaria is often mentioned in tourist brochures as a "mini-continent", mainly because of its incredibly diverse landscape, plus numerous attractions that await tourists here. These are holidays among dunes on the magnificent beaches of Maspalomas, walks through tropical forests in the northern part and exciting shopping in the capital Las Palmas. The third largest island in the archipelago, Gran Canaria attracts tourists and investors from different countries, but British people make up the largest group.
• Opportunity to own real estate in a region with what is considered the best climate in the world appeals to many. Most buyers prefer to make their purchases near the Maspalomas golf course and shopping centers in the capital. Surprisingly, prices here are still affordable: a second-hand apartment needing cosmetic renovation can be bought for €100,000. Spending between €10,000 and €30,000 on renovation allows you to get comfortable modern housing. Those who want to buy a small bungalow should prepare to pay around €150,000.
• If a buyer who decides to purchase real estate in the archipelago does not want noise and hustle, they may prefer Fuerteventura. It is the second largest but least populated island. Despite its popularity among homeowners, the local market still offers favorable opportunities. Depending on budget, an investor can purchase a small affordable apartment or a comfortable villa. The terrain is literally covered with beaches – there are 152 of them, so finding an apartment near the sea is not difficult. Prices are now much lower than in peak years before the crisis: a moderate budget allows for a good purchase. Buying an apartment here for €100,000, one can expect to rent it out at €500 per week during the peak season.

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