Irish buyers in the Canaries are buying for personal use and long-term investment, according to Garry Witt from Interealty's Puerto Mogan branch in Gran Canaria.
Irish clients represent between 40 and 50 per cent of its business and spend between €250,000 and 5 million on townhouses and villas. Unlike other clients, Irish buyers "have the money and don't need to rent out their properties", says Witt. They use the property themselves and wait for capital appreciation.
Last year, capital appreciation for the island of Gran Canaria was between 15 and 21 per cent, he says.
One popular spot with Irish buyers at the moment is Tauro, just north of Puerto Rico, which has a new golf course. Three-bedroom three-bathroom villas in a development called Paradising Living ?? overlooking the course cost around €550,000. Further north in the picturesque resort of Puerto de Mogán, a two-bed apartment overlooking the pretty port costs around 400,000.
Although the rental market so far this year has not been as buoyant as last year, figures for this year are at around 65 to 75 per cent, according to Witt. An average one-bed apartment will earn around €350 a week, he said.
For Irish people looking to really get away from it all, the sandy island of Fuerteventura is becoming increasingly popular, according to Jill Kennedy of JKOverseas.Two-bedroom apartments are available there from €120,000 and two-bed bungalows overlooking the island's new golf course cost from 142,000. Luxury golf villas start from €364,000.
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