So now we are well and truly into the second wave of the COVID-19 pandemic, you may well be wondering how the real-estate market is reacting over here in Tenerife.
We have seen a drop in real estate prices here on the island of around 10% - 15% since COVID hit Europe in a big way at the beginning of March 2020. On a small island that is hugely reliant on tourism, this drop is only to be expected. However for investors who are happy to bide their time and long let their apartments until the tourism picks back up here in the Canary Islands then this really is a great time to buy, as there are bargains to be had and the long let market here is going strong.
There are many people coming over from Europe to escape lockdowns, restrictions, cold winter weather and dark nights and to enjoy the relative safety and freedom, and not forgetting the fantastic weather, that Tenerife has to offer at this time. The Canary Islands are in the fortunate position of being able to say that they are reducing the number of cases of COVID here on a daily basis and the risk of infection is very low. Although we may be looking at a quiet November, we are hopeful that Christmas time will be much busier, as long as European countries manage to get the virus back under control.
And once the pandemic is over and the tourism does pick back up to 100%, then we believe that the market will be stronger than ever as the Canary Islands are seen as a safe and sure European destination.