Many visitors to Lanzarote fall in love with the island and end up buying a holiday home here - or even choose to relocate altogether. There are certainly many good reasons for investing in property in Lanzarote, not least the year round climate which enables owners of Lanzarote villas and apartments to enjoy rental returns for twelve months of the year too. In contrast to the much shorter holiday season in mainland Europe.
Lanzarote Property Resources
We have a comprehensive list of Estate Agents on the Island, a property buyers guide, and an extensive list of property for sale in Lanzarote.
You can also browse by resort, just click on the link of your choice to view Property For Sale in Playa Blanca, Property For Sale in Costa Teguise and Property For Sale in Puerto del Carmen.
Property prices on Lanzarote have certainly fallen since the onset of the credit crunch in 2008 with some local estate agents suggesting that they are now back at 2006 levels. This means that apartments are now available from around the €50,000 mark - whilst entry level, two bedroom villas with pools in the main resorts can be puchased from €200,000 upwards.
Given the respectable rates of return for owners renting their properties to holidaymakers this represents a decent investment. Not least as Lanzarote boasts a very stable tourist industry - during 2011 for example the island welcomed 1.7 million plus foreign visitors, with just over 900,000 of them arriving from the UK, the island´s largest tourist market by some distance.
Where Should I Buy?
If you´re planning to buy a holiday rental investment property then it obviously makes sense to confine your search to the main resorts. Puerto del Carmen remains the largest and busiest destination on Lanzarote and also boasts a large expatriate community. Whilst Playa Blanca in the south continues to expand and is firmly established as Lanzarote´s second most popular resort. Property here also tends to be a little cheaper - reflecting smaller plot sizes and supply.
Costa Teguise still attracts plenty of tourists but not on the same scale as Puerto del Carmen or Playa Blanca. That being said that also means that there is less competition from other owners here if you plan to rent your villa or apartment.
Bolder investors may also want to conside rural properties - as independent rural tourism is also on the rise, thanks in no small part to the advent of more cheap flights to Lanzarote over the last couple of years.
If you are thinking about relocating to Lanzarote or retiring here then we would always advise taking a long term rental before making a purchase just to ensure that you are happy to adapt to island life.
Reputable Estate Agents
The vast majority of estate agents on the island are highly reputable and professional. However the recession has revealed isolated incidences of wrongdoing. We strongly recommend that you research agents carefully and always engage the services of an independent lawyer to help you with the property puchase process.