Spain, Tenerife

It's general election time again in Spain. D day is March 9. This election is hard to call as the socialist led coalition government has generally presided over a rising tide, economically speaking, in Spain.

Arguably the first generation in modern times to have experienced democracy in Spain have had it good.

The PPs or Partido Popular who ruled the country from 1996 to 2004 don't appear as yet to have captured the inmagination of the electorate. We'll see.

Meanwhile, as is usaual, major decisions are being deferred until after D day. There is a feeling that, whoever wins, the economy is poised for stable growth. It may surprise a lot of people that, as some form of economic indicator, property in Tenerfie appreciated by about 8% during 2007. What recession! As suggested in an earlier post the market can talk itself into a recession.


Let's all be positive and see what happens. I believe that the future is bright.


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España va bien

With increasing prosperity and economic growth during the last ten years or so mainland Spain, or the Peninsula as the Canarios call it, has become an increasing force both from a tourism and property investment viewpoint.

While growth is slowing down just now, particularly in the construction sector, it is anticipated that the Spanish economy will trundle along at no less than 3% growth annually for the next two years. Then it is reckoned that the economy will be again poised for take off. Spain is different. España es diferente.

It is entirely logical and to be expected that the mainlanders should holiday in the Canary Islands and purchase their retirement and holiday homes here.

The islands, particularly Tenerife, have everything to offer to the discerning tourist and, being part of the Kingdom of Spain means that the Spanish are spending their money in house something that makes excellent national economic sense!

There will be a general election in Spain on the 9th March next.

Now is certainly a good time for mainlanders and others to invest in Tenerife.

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Global Economy: Interest rates.

With the latest drop of 0.25% by the Bank of England the major rates that affect us here in Spain and in the Canary Islands are as follows:

Base rates:

• US: 3%


• EU: 4%


• UK: 5.25%

This general downwards trend should help restore confidence and reduce the lemming impact in the stock exchanges.

Now is the time to invest in real estate in Tenerife: obviously with an Irish Estate Agent.

Ciao.

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What crisis?

Spain had almost 60 million tourists in 2007 the highest number ever. It is confidently expected that this number will be increased during 2008. Trends come and go but Spain and it's islands, particularly Tenerife, will continue to be in increasing demand. Invariably, property investers in Tenerife have already visited the island at least once as tourists.
The market is all about confidence and recently people have been talking themselves into a crisis without any real foundation for this prediction that sometimes can be self fulfilling. In Tenerife such places as:

• Playa de las Americas.
• San Eugenio.
• Torviscas.
• Fañabé.
• Playa Paraiso and
• Puerto Santiago (Balcon de los Gigantes!)

continue to be very much in demand. There is a short term surplus of supply over demand just now that make it a buyers market. This situation won't prevail for long, however, hence now is the time to purchase a holiday home or a retirement home or any other property investment in Tenerife whether it be a seaside apartment or a detached villa or a local: shopping unit.
The bank of England is likely to lower interest rates yet again in the very near future and the relative strength of the Euro is merely a short term phenomenon. At the end of the day the exchange value of any currency will be determined by it's internal purchasing power i,e. the state of health of it's ecomomy.
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Tenerife. Quality of life.

Probably the people or clients that we have envied most over the years are the swallows. These are the retired couples who come to Tenerife on or about the first of October and remain here until end of March.
The Tenerife all year round climate enables them to:

• discard their winter wardrobe.
• dispense with central heating.
• enjoy the freedom of the outdoors daily instead of being prisoners of the weather in the north European countries.

Many have purchased in the Playa de Las Americas area where they are within easy walking distance of all educational, commercial and sports and social facilities and, of course, the ocean and beaches. Sometimes these are the forgotten tourists since they live quietly, participate in local social activities and contribute in a significant way to the local economy. Perhaps they are more worthy of cultivation than the tourists who come for ten days or two weeks!
Towards end of Spring the swallows take off to their countries of origin and enjoy the grandchildren and the home summer weather. What a delightful mix that we are sure ads about five years to their normal life expectancy.
For happy and healthy retirement there are few places in the world that can match the magical island of Tenerife. Perhaps, even the snowbirds migrating south to Florida from Canada each winter may take note!!
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