Avoid overpaying for property in Tenerife

Value It Espana SL has published a detailed guide to Tenerife property prices, designed to help those with little or limited knowledge of the market pricing and how to measure for value for money when buying a property. It has surveyed all types of property for sale across all areas of the island, using a database of 5,500 properties.

The Value It guide uses the Spanish measure of value, cost per square metre of constructed space, as it is an effective measure of value, and lets buyers of property understand the comparative values of similar properties in the same area.

For the British buyer it offers a very effective tool that puts them on the same footing as a local buyer. The British are not used to measures of value by square metre (or foot), judging houses by numbers of bedrooms for example. In Tenerife, British people may view many two bedroom apartments (in the same area) priced at the same or similar prices, and if they are not used to square measures and costs per square measure they can fall prey to overpaying. For example if two two bedroom apartments are priced the same, the 60 square metre apartment is poor value when there is a two bedroom apartment of 75 square metres in the same block or area with the same selling price.

Commenting on this John Gardner of Value It said ´´a savvy Spanish buyer will check and review the constructed space to measure value (selling price divided by square metres) while the uninformed foreign buyer can end up overpaying because he does not know the market in terms of costs per square metre and does not measure for it. And all too often the agents do not offer the information on the square metres.´

The Value It guide provides costs per square metre for all types of properties (from studios, to one bedroom apartments through to four bedroom detached houses). It details the lowest cost per square metres for all the categories of properties, the average cost, and it analyses the sizes of properties in those categories, suggesting target values in terms of cost per square metre. The Guide is available via the Value It web site and comes in the form of an e-book.

About Value It Espana SL.

Value It was formed by an English expatriate, J Gardner, who went through the difficult process of trying to work out good value when buying a house. He found that others went through the same, and he resolved to produce the Guide to make buying a property in Tenerife easier and more effective for other people. Value It is based in Santa Úrsula in the north of Tenerife. Its first Guide was published in the middle of September. Web address: www.valueit.es

Editors note:

Should you wish to have a copy of the Guide please e-mail to JohnGardner@valueit.es and we will send you a copy. It comes in a PDF format. For telephone contact: 0034 618 928 288

Tenerife is a popular destination for British people, with over 3.5m British visitors each year, many of whom own holiday apartments. In addition, there are about 55,000 British resident households in Tenerife.