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New developments in Tenerife

New-build property for sale in Tenerife. On a new build you pay 7% IGIC rather than transfer tax, and payments before completion should be protected by a bank guarantee.

Buying new build in the Canary Islands

A new-build property bought from the developer carries IGIC, the Canary Islands tax, at 7% instead of transfer tax, plus stamp duty. While the building is going up, the developer usually takes a reservation deposit and staged payments, and the balance is paid when the deeds are signed.

Spanish law requires payments made before completion to be protected by a bank guarantee or insurance.

Our step-by-step buying guide covers the rest of the process. See also apartments and villas.

Read our guide to buying in Tenerife: the steps, the taxes and the costs, explained.

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