Tenerife, the largest island in the Canary Islands, has always been seen as a holiday destination, but it is now gaining increasing popularity among Lithuanians as a place to buy real estate.
So many Lithuanians have already bought property on the island that a local community is forming. Real estate specialist and head of the agency “Namai Tenerifėje” Vida Cechanavičienė said, that Tenerife has all four seasons at once: “For example, in December it could be snowing in Teide, but you go to the ocean and it’s summer, you can swim. We go to another part of the island and it rains. Go to another place and it’s spring.”
According to Cechanavičienė, around a thousand Lithuanians currently live in Tenerife, a large part of them in the popular coastal towns of Los Gigantes and Puerta de Santiago, where there is even a Lithuanian school and library. The real estate specialist noted that a strong community has formed in these towns.
Although much is still determined by what Lithuanians can afford, they are increasingly attracted to the island lifestyle.
The price of modest housing starts at 100 thousand euros, while property in a popular location with an ocean view costs around 200 to 250 thousand euros.
Cechanavičienė notes that in 2022, with the outbreak of the war in Ukraine, interest in living in Tenerife increased. At that time, everything was bought up, and the properties in the south, by the ocean, were the first to disappear. Now the situation is calmer, but prices have not fallen.
However, property buyers also have to reckon with challenges. A popular form of passive income, short-term rental housing, requires a permit.
Some local communities have banned short-term rentals altogether.
The Spanish media also often discusses the problem of squatters, but Cechanavičienė believes the risk is minimal, especially given the new legislation that makes it easier to evict illegal residents.
Some Lithuanians buy houses for personal use, while others hope to recoup their investment. The flow of tourists is more intense in the winter months, while in the summer the island is visited by many Spaniards who come to enjoy the slightly cooler air than on the mainland. Although, compared to other European destinations, the properties are relatively cheaper, buyer have to take into account the additional costs of taxes and fees. At the same time, the maintenance costs are low.
Cechanavičienė advises potential buyers to come and see the property in person, and not rely solely on what they see online. She added that sometimes people fall in love with the location, or are happy with the price, but don’t consider other aspects.
Read the full article in English here: https://www.lrt.lt/en/news-in-english/19/2600745/why-more-lithuanians-are-buying-homes-in-tenerife
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