Property for sale on Garden City – apartments and studiosSubscribe Now
Looking at buying one of the studios or apartments for sale on Garden City? Heres a few things you should know first!
Garden City is a holiday complex in San Eugenio made up of around 300 studios, one bedroom and two bedroom apartments. These are split between the Holiday Club of Olympus World which is based on the complex and the rest of the complex itself.
About Garden City
Around 135 apartments are owned by the holiday club and the rest are privately owned. There is no visible segregation between the two types of ownership, it all appears as one complex ad they are completely mixed so far as location so you get apartments and studios for sale all over the Garden City complex. The complex holds a touristic license meaning you can let out your apartment or studio on a short term basis whilst not using it yourself, thus deriving an income.
There are two swimming pools on Garden City, the main pool is down towards the bottom near the front entrance to the complex. This is the larger of the two pools and it is heated all year round. There is a lifeguard on duty at all times whilst the pool is open. Around the bottom pool you have the main bar on the complex which has recently been taken over by the owners of Taylors Lounge in Los Cristianos (which has a very good track record and has been very successful for many years.) The bar serves food and drinks and has a large terrace area next to the pool. As such this is by far the busier, livelier swimming pool.
Below this bar is another bar called the Winning Post – established for a long time and very well known. They have air conditioning, serve good food and it is a friendly place to go for a few drinks before hitting the town or stop in for a night cap on the way back. The pool bar is open until 9pm on an evening, the Winning Post is open much later. Just outside the complex there is a good selection of bars and restaurants so you really don’t need to walk far from Garden City if you don’t want to. Popular Bars in the area include Star Bar (a kind of semi-professional karaoke place) The Pheasant Plucker, The Theatre Bar (lots of entertainment acts) and the Wali Haii cocktail bar. Restaurants in the immediate area include a Chinese Buffet restaurant, Marfil serving Canarian and International food (highly recommended!) and Marios which specialises in Steaks and Pizzas. So there is a lot of variety right on your doorstep.
Getting to and from the South airport (Reina Sofia) will cost you around 25€ and takes 10 to 12 minutes. Las Americas bus station is just a 5 minute walk from Garden City and from there are buses to literally everywhere on the island.
The location of this complex is ideal. In addition to all of the bars and restaurants on and outside the complex, a short walk down the road takes you into the centre of San Eugenio and down the hill from San Eugenio you have Puerto Colon and Playa La Pinta (a very nice beach.) From here you can walk back to Garden City along the coast which is a very pleasant, picturesque walk and we would recommend you walk back this way at least once. You are also just 5 minutes from Siam Park – the largest water Park in Europe. In San Eugenio you will also find a Mercadona supermarket which is a large brand of supermarkets in Spain.
There are 4 types of property on Garden City. First you have studios which sleep 2 people, 1 bedroom apartments which can comfortably sleep 4 people (with a sofa bed in the lounge, 1 bedroom duplex apartments which will also sleep 4 people and then you have the 2 bedroom properties which can sleep up to 6 people and some of which also have two bathrooms.
In general expect to pay at this time around 85,000€ for studio or 90,000€ plus for a studio in good position with sea views. One bedroom apartments start from around 120,000€ with the best ones selling fro 135,000€ and upwards. 1 bedroom duplex apartments also command a premium but it is very rare that they actually come onto the market. 2 bedroom apartments – you can expect to pay from 190,000€ upwards depending on position and views and again, there are not many that come on to the market.
As mentioned previously, Garden City is a fully touristic complex so you can rent out your apartment when not in use. If you are buying purely for investment then we would recommend looking mainly at studios as they offer the best return on your investment. Because whilst 1 bedroom apartments will rent out for more than a studio, the difference is not high enough to offset the higher price you will pay for a 1 bed. 1 bedroom and 2 bedroom apartments do make exceptionally good lifestyle purchases though with rental income easily offsetting all of your running costs when not in use, sufficient to support mortgage payments or provide a modest income if you have bought cash. Do contact us for an appointment if you want to go into figures in detail as we can illustrate earnings potential versus all ongoing costs including community fees, laundry, advertising etc and give you a very good idea on what you can expect to earn. Depending on location and condition for example, a studio apartment on Garden City will rent out for between £200 and £250 per week.
We have some very nice studios and one bedroom apartments for sale on this complex ranging from 85,000€ to 135,000€. Condition and location on the complex vary a lot but we can certainly help you decide which ones are most suitable for your own needs and if you intend on renting out can assist you in correctly decorating and furnishing your new property to maximise rental return. 40 weeks of bookings a year is certainly not uncommon but different times of the year require different approaches when it comes to filling your apartment with holiday makers eager to pay you money. Set up and managed correctly though, properties on this complex can generate a very decent return for you.
If you would like more information on all the letting laws regarding property here in Tenerife then we at Properties Are Us are more than happy to sit down and go through this with you.
Some agents in Tenerife simply do not have the hands on experience when it comes to holiday lettings and are not really up to speed on which complexes you can and cant rent out your property on. Fortunately we are up to date and can give you as much information as you require prior to purchasing.
In my experience Garden City has to be one of the best investments out here in Tenerife the community fees are very low which helps and overall complex is a very friendly one.