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We have 47 properties for sale in Tenerife
October 07, 2014

Costs of Maintaining a Property

So the legalities have all been done and now you are the owner of your very own property in Tenerife! Whether you have bought the property to use as an occasional holiday home or whether you are planning to relocate and live full time on this beautiful island: either way, the benefits are endless!

This can be your own home from home with bountiful sunshine all year round, temperatures never really dropping much below 20º and that 365 days a year holiday feeling – and it’s all yours whenever you want it!

However, the vino may be free-flowing and the sun is shining but there are always costs involved in maintaining a property, no matter where you are. Luckily for us in the Canary Islands we have a very low VAT rate of only 7% – this is known as the IGIC.

To give you a rough idea of maintenance costs, here is a guideline based on a one-bedroom apartment in Playa de las Américas with a value of €100,000:

On the whole, the cost of living in Tenerife is cheaper than that in the UK, plus the quality of life is excellent here. Congratulations – you’ve made the right decision!!