Overseas Property News

Canary Islands

Canary Islands Investment Property will Continue to Soar

The Canary Islands, is and probably always will be one of the world's biggest tourism destinations. And because of that fact it is a strong favorite on the international property investment scene. It doesn't matter what is said about people getting tired of lying on a Spanish beach year in year out causing increasing popularity of skiing and adventure holidays, because for every 1000 people who tire of sun-bathing and head for the slopes, there is another generation of people growing up that will be heading for the beaches every year from now until they get tired of it. When it comes to finding a beach to lie on, most people (ten million+ per year) head for the Canary Islands.

I remember the conversations from my childhood, when pupils would stand in front of the class after the holidays and talk about their holiday, 9-10 would be Canary Island stories. But what's the big attraction:

Well, even sun-loving beach babies don't like it to be too hot, and the Canary Islands offer the perfect temperature almost all year round. The longer period of warm weather means the holiday season is more spread out, which means sunbathers aren't as sardine-packed as they are on Spanish beaches. A catch-phrase for the all-year round climate is: the only place you can play golf in the sun on Christmas Day. In that statement lies another attraction: the wealth of excellent golf courses and facilities on offer:

None finer than the world-class Feurteventura golf course and holiday resort, DSR have a range of 2-3 bedroom townhouses on the resort, priced from £158,000. The La Colina complex is right above the 18 th tee, so golfers can head straight out onto the course every morning, and their wife could be waiting for them when they finish, Sangria in hand optional. Each villa has 2 bathrooms, fitted kitchen, big balcony, sea and golf views, as well as private parking and use of the communal swimming pool.

These are good for any type of investment, capital appreciation is solid at 10-15%, and while rental yields are an unspectacular 7%, the potential for all year round rental is unsurpassed by any other market in the world. Buying costs are a moderate 11%, and capital gains tax a reasonable 18%. There are a lot of taxation issues to consider when buying a Canary Island property, because of the creation of the canaries special zone Zona Especial Canaria (ZEC), which provides tax relief, but mainly only to companies, so the rule for all property purchases, to take professional advice and hire a solicitor is even more important when it comes to the Canary Islands.

Find out more about Canary Islands investment property at:
http://www.davidstanleyredfern.com/investment-property/canary-islands/

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