There is no doubt that you can find a bargain if you are house hunting in Tenerife right now. This time last year there is no way you would have found a 3 bedroom town house in central Granadilla for €200,000. Prices are falling and if you are in the market for a new casa, you can get a good overall picture of house prices both for sale by owner and via a wide range of agents by tracking listings on Segunda Mano and Gratum.
A keen eye may even note the same property sold at significantly different prices by two different agencies. For example there has been a finca on sale in Charco del Pino for the last several months. I have seen it for sale on the same day at €259,000 and €269,000.
So shop around and take your time. I definitely recommend using an experienced and reputable estate agent when buying your dream property in Tenerife. Their involvement will ensure the smooth exchange of ownership and their assistance with the necessary documentation will save you a lot of stress. It may help you decide which estate agent to use by comparing the quality of their listings in these two combination websites.
However, where the estate agents are invaluable at sourcing the right property and walking you through the paperwork to ensure a smooth exchange of ownership they may not always give the best advice when it comes to the best mortgage for you.
Unfortunately, there is very little in the way of regulation when it comes to Tenerife mortgages and the stories of bad advice and unhelpful banks are endless. The real problems arose when estate agents here realised they could earn an extra commission by introducing their buyers to the local banks. But, given that there are over 30 mortgage lenders and more than 100 mortgage products available in Spain, it was rare that an agent would ever introduce a client to the RIGHT bank.
Read more about Tenerife Mortgages on eTenerife
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