Canary Islands set for hotel boom

Currencies Direct January 25th 2017 - 2 minute read

Hotel and resort companies around the world are set to invest even more in the Canary Islands, it has been reported.
One example is FTI’s hotel subsidiary Labranda, which has presented its first plans for the new Stella Canaris complex on Fuerteventura. The complex has been closed for the past three years, for huge renovations.
Meanwhile, Radisson Blu has launched its second resort and spa in Gran Canaria and Jet2 has opened a number of new hotels in the Islands.
These companies will be expanding the amount of available rooms for visitors to the Islands. With flight operators constantly announcing new routes to the Islands, a rise in visitors is bound to follow.
Spanish minister for energy and tourism Alvaro Nadal said that the region has seen a significant year-on-year rise in the number of foreign visitors at the end of 2016, with the official statistics due to be released at the end of January.
With the threat of political instability and unease in other parts of the world, this makes the Canary Islands a very attractive option for holidays, with the likes of Tenerife, Lanzarote and Gran Canaria presenting relatively low risk for travellers. The Islands could see themselves gaining in popularity as a result.
With more tourism, comes more demand for places to stay. Although hotels and resorts are always popular, there are huge numbers of people who prefer to stay in more homely properties, where they can cook for themselves and enjoy a quiet evening in, if the mood strikes.
This means that buy-to-let investments are currently a real draw in the Canary Islands.
It presents an opportunity to UK citizens to get in at the right time. If you’re interested in purchasing a property that you intend to let out to tourists, you will likely be looking at how to go about it now.
With the Spanish property market in general seeing real growth – and the Balearic and Canary Islands performing particularly well – it means that in the near future, house prices could rise significantly.
Therefore, it becomes clear that now is the time to get involved in purchasing property in the Islands. When looking at the future of the UK’s political situation and that of the pound, it emphasises that now might be the best time to transfer your money abroad.
That’s because many analysts are predicting that the pound will fall further when Article 50 is actually triggered and when the UK makes its official exit from the European Union (EU). It makes it more reasonable that potential buyers should be exploring their options now.
If you want to get more for your pound, it makes sense to look into purchasing your Canary Islands property now.
However, regardless of when you choose to make your purchase, Currencies Direct can help you transfer your money to the Islands quickly and without having to pay the cost of dealing with your bank. Our specialist advice can help you make the decision that’s right for you.


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