Buying Lanzarote Property
The Canarian Island of Lanzarote is an excellent place for anyone considering buying a holiday rental property. There are a number of reasons why it has more to offer those looking for an investment property than other destinations.
Firstly, the climate is such that the holiday market extends to all twelve months of the year, rather than just the summer months as is the case in most other European travel destinations. The islands in this archipelago are genuinely the only winter sun hotspots with reasonable flight times.
The infrastructure is already well developed, making it relatively easy to purchase a property, even for those who don’t speak Spanish. A good range of experienced and reliable estate agents are there to ensure the process of buying is smooth and problem free.
Strict building controls that have been introduced to protect the island’s natural beauty and cultural identity mean that Lanzarote property retains its value well. And also mean that it is difficult for promoters to gain permission for new projects that may adversely affect the surrounding properties.
For the potential purchaser, there is a wide choice of property to choose from. Everything from small and easy to maintain studio apartments right through to large luxury villas, equipped with all mod cons and extensive gardens with private pools.
In terms of potential income, villas in Lanzarote have a far greater earning power than apartments. But at the same time, they also need a higher level of expenditure on maintenance and upkeep. Whereas an apartment on a complex may well have much of the maintenance built in to the management fees.
The island has three main resorts where the vast majority of holiday accommodation can be found. And it is these coastal towns that are therefore able to generate higher levels of occupancy for property owners than rural villas and apartments.
However, those who prefer the more idyllic countryside location for their holiday home will find that there are still plenty of tourists who will opt for rural accommodation. The only difference being that they will need to arrange car hire in Lanzarote for their stay.
But as rental prices for cars and petrol are extremely affordable on Lanzarote, this rarely puts people off. Especially for those holidaymakers who wish to escape from the hustle and bustle and prefer the peace and tranquility of the countryside instead.
June 10 2010 12:06 am | Property