Canary Islands

The Autonomous Community of the Canary Islands belongs to Spain and consists of seven islands of varying sizes and landscapes. The islands are Tenerife (the largest and most popular tourist and overseas property destination), Fuerteventura, Gran Canaria, Lanzarote, El Hierro, La Gomera and La Palma. Dotted across the eastern edges of the Atlantic Ocean, the Canary Islands boast a warm, year-round subtropical climate with Fuertenventura just 108km from the African Mainland.

Flying times to the islands are relatively short and offer a minimal time difference, making the Canaries a perennial favourite for winter sun seekers. However, their unique makeup, excellent infrastructure, superb climate and Spanish lifestyle make them popular all year round, with both holidaymakers and second home buyers. All of the islands are volcanic in origin, a fact that is reflected in the striking landscapes that are evident at every step. Indeed, Mount Teide on Tenerife is not only the largest mountain in Spain but is also the third largest volcano in the world. Thankfully for its residents, it has lain dormant for thousands of years. For the overseas investor, it is Tenerife, along with Fuerteventura and Gran Canaria, that has traditionally caught the eye, although every island has something that is likely to appeal.

Capitals: Santa Cruz de Tenerife & Las Palmas de Gran Canaria
Population: 1,995,883
Time: GMT 0
Dialing: 34
Currency: Euro (€)

Climate: The climate of the Canary Islands is warm all year round, with summers bringing intense, dry weather and spring sometimes the same; if the siroco wind is blowing in the right direction, ie, straight off the Sahara Desert, the months of April and Spring can sometime see temperatures reach 40ºc. However, the north east trade winds keep a balance on things, meaning that rainfall does occur throughout the year, and the winter months can bring chilly weather (although it is not unusual for bathers in Tenerife to be enjoying the sea and sun while the distant peak of Mount Teide is dusted with snow!)

Getting There: The Canary Islands are highly accessible from the UK and Ireland. Package tourism has been a huge draw for decades and so most major UK airports have daily flights to Tenerife (north and south airport), Gran Canaria, Fuerteventura and Lanzarote. Most budget carriers have a few routes to each of the main islands too, making getting there an increasingly cheap possibility.

Special Features: Tenerife’s flag is exactly the same as Scotland’s; The lost city of Atlantis is believed to have been part of the Canary Islands; The islands were the last bit of land Christopher Columbus landed at before discovering the new world.

Buying Property in the Canary Islands: The Canary Islands exercise the same property laws as mainland Spain. Hence, investors can be sure that they are dealing with legal processes that are both transparent and geared towards helping the buyer make an informed choice. There is a wealth of real estate agents dotted throughout the islands, with many English-speaking professionals already in place. Therefore, so long as you exercise the caution you would when purchasing any overseas property, the buying process should invariably be relatively straightforward.

The current property climate in the Canary Islands is much the same as Spain and the rest of Western Europe, ie, a buyer’s market. Prices have been overvalued for a while now, but a correction is currenty occuring, meaning the savvy investor and second home buyer currently have a strong bargaining position. The list of good investment locations is almost endless, but the resorts of Caleta de Fuste in Fuerteventura, Puerto Rico in Gran Canaria and the Costa Teguise in Lanzarote come highly recommended thanks to their beauty, excellent infrastructure and well-priced property.