Are you thinking of renting your property in Tenerife as a holiday home? The vacation rental sector in the Canary Islands is an important economic engine, but it is also subject to a new regulation. The recent Law of Vacational Housing in the Canary Islands seeks to regularize the sector, guarantee the quality of supply and protect the right to decent housing. In Grupo Proyectos Insulares, as experts in the real estate market in Tenerife, we explain everything you need to know.
What is the new Canary Islands Vacation Home Law?
The new Canary Islands Vacation Home Law introduces significant changes to regulate the rental of homes for tourist purposes. This law seeks a balance between tourist activity and access to housing for residents. Some key points are:
Concept of Vacation Dwelling: It defines precisely what is considered a vacation dwelling, differentiating it from other types of lodging.
Responsible Declaration: Owners must submit a Responsible Declaration to the competent administration to start the activity.
Housing requirements: Housing must comply with certain quality, equipment and safety requirements in order to obtain a license. This may include minimum dimensions (although some requirements have been relaxed), specific equipment and safety measures.
Maximum capacity: Limits are established on the number of vacancies per dwelling, depending on its characteristics.
Penalties: Penalties are contemplated for non-compliance with regulations, which underscores the importance of operating within the legal framework.
Protection of residential housing: The law seeks to prevent the proliferation of entire buildings dedicated to vacation rentals in residential areas, thus protecting access to housing for residents.
Acquired rights: Small owners already operating legally will be able to continue their activity indefinitely, although this right will not be transferable.
Impact on Tenerife
T
enerife, as one of the main tourist destinations in the Canary Islands, will be directly affected by this new law. Owners and investors on the island must adapt to the new requirements in order to continue operating legally. This regulation seeks a balance between tourism development and sustainability, which may have the following implications:
Increased control and quality: an improvement in the quality of the supply of vacation homes is expected, which will benefit tourists and the image of the destination.
Adaptation for owners: Owners will have to ensure that their properties comply with the requirements to obtain the Responsible Declaration.
Possible reconfiguration of the market: The new law could influence the supply and demand of holiday homes in Tenerife.
How can Grupo Proyectos Insulares help you?
In Grupo Proyectos Insulares we understand the complexity of the new Vacation Home Law. Our team of experts in Tenerife offers you:
Legal advice: We help you to understand the regulations and to comply with all the requirements.
Integral real estate advice: We offer you personalized solutions to optimize your investment in the vacation rental market.
The new Law of Vacational Housing in the Canary Islands represents an important change for the sector. In Grupo Proyectos Insulares we are committed to help you adapt to this new reality and maximize the performance of your property in Tenerife.
Do you need advice on the new Canary Islands Holiday Homes Law? Contact us for a consultation!
