The Lanzarote Property market is very bouyant due to a number of factors, not least the fantastic climate with a year round average temperature of 21 degrees, Lanzarote is truly one of the "Fortunate Islands".
If you are looking to invest in real estate then our list of Property for sale in Lanzarote is a good place to start.
Most of the agents here are used to dealing with English speaking clients who want property, either as a holiday home, rental investment or simply just because they want to live here.
Buying a property here in Lanzarote is not really as complicated as it may first appear. There are certain things that you need to consider when you buy property here in Lanzarote, which will make the whole transaction much easier and secure.
- Always use a reputable estate agent who will hold your hand throughout the process and may offer other services such as applying for residency. Our list of Lanzarote Estate Agents is a good place to start.
- Hire a surveyor to verify the amount of the purchase price.
- Always check the local Property Register (Registro de Propriedad) to make sure that the property is free from mortgages or outstanding debts. This is because when you buy a property in Spain you automatically take on certain debts such as unpaid electricity bills etc.
- Contact the Town Planning Department (Departamento de Urbanismo) of the local council (Ayuntamiento) to ensure that your new property in Lanzarote won't be affected by any public or private building project
Generally speaking if you are buying your Lanzarote Property with a mortgage from a local bank, they will look after all the items listed above. Otherwise it is strongly recommended that you employ the services of a lawyer who is used to dealing with Lanzarote Property Sales.
The other thing to consider when buying property in Lanzarote, is that you need to allow approximately 10% of the the total purchase price to pay for certain taxes, legal fees and other sundry items. Please bear this in mind when looking at prices of property for sale in Lanzarote as many people have suddenly had a shock when they realise there is an additional 20,000 Euros to pay on a 200,000 Euro property.
If you are not paying cash for your property, there are a number of options available for financing property here in Lanzarote. Most people however tend to release capital from their homes in the UK by a second mortgage or obtain a mortgage from a Spanish bank.
Where to Next?
Visit our guide to Getting Started with Property in Lanzarote.
