According to the national newspaper “El País” the only places to find bank repossessions on the Mediterranean coast in Spain are Alicante, Murcia and Almería. The average property should be a brand new two bedroom apartment built some seven years ago, from 2 to 10 km from the coast, now property of a bank after taking those properties over after their promoters collapsed during the crisis.
Following the article, “El País” says that in Tenerife there are only two municipalities with this type of bank repossessions: Arico and Granadilla de Abona. In Arico we can find bank properties in La Jaca, Abades and Poris de Abona. In Granadilla de Abona, they are mainly in San Isidro and Granadilla town.
Finally “El País” points that the strong demand in Canary Island, especially in Tenerife, maintains the price of 150.000 € for an average 1 bedroom apartment on the main touristic resorts. This is very good news as once again, Tenerife appears like a safe investment with a prospect for the future, not only because we enjoy a fantastic weather all year around but because the prices kept strong despite the difficult times.
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