Tourism continues to be a large draw here.
UK investors seem keen on the idea of investing in Tenerife, which has become the largest and most popular destination in the Canary Islands. The location features some of the most rural of architecture and offers a beautiful landscape.
There are advantages to purchasing here as a British buyer. First, the standard VAT of 7% is between 5% cent and 6.5 % of General Indirect Tax of the Canary Islands. After five years of owning a property there is no inheritance tax either.
Yet, why does this location seem to be so attractive to investors?
As a tourist destination, quite a bit is seen here including amazing beaches and perhaps the latest hot spot for tourists from around the globe: Playa del Duque. Tenerife is one that is often considered to be filled with celebrity in that it offers trendy bars and more pristine beaches than surrounding areas.
It is even getting easier to get to Tenerife, which is one thing many investors consider to be essential when buying overseas property. Spain's Canary Islands as well as the surrounding area have become easy to get to through airline transportation.
Spain is a tourism market, and it continues to grow as such. Figures released show that 2.8 million people will visit the country this year; this is according to the country's tourism ministry. The largest draws for tourism here are Tenerife, Lanzarote and Gran Canaria.
