To invest money for real estate is definately a dificult decision, specially abroad...
In a volcanic Island that today a caldera view house costs propably more money than many similar size ones in London or Paris, it becomes even more less consulted for those who do not have the money to by it with their keys
in the hands....
Adventure with local construction builders, probaly foreigners, with out any qualification or back ground knowledge, in an island that land worth so much , that legal construction is almost as rare as water, is definatelly , one adventure with unpleasant end for everyone who dreams to have something he can't afford...
In the other hand , the incredible view and the carefull choise of a place ready to live on , in the caldera, [bought with a long term loan of low interests] ,
without possibility to built [even illegaly] in front of your
property, is the most succesfull investment someone can do in Europe, to have two different profits at the time....
1] to live in a paradise on earth, specially in winter time, that the tourists never had been seing snow in its clifs, so they go elsewhere to bring their noise with...
2] to invest in an area that all possible construction is almost done, so within 10 years time to decide , you can either stay the rest of your life here [ sharing the opportunity with others if it is nescessary], or to sell it back , with a zero added also in its value...