Location, location, location – there’s no escaping that old estate agents mantra when it comes to picking up a property and Lanzarote is no exception to this rule. Indeed getting to know the island a little before making a purchase could mean the difference between buying a reliable rental property and forking out on a bit of a turkey. So take some time to read through our guide to the best options for investors below.
Firstly, ask yourself, what is the real purpose of this purchase? Are you looking to find a holiday home for just you and your family or does it also need to earn its keep and generate ongoing rental bookings? Are you planning to relocate to the island – or possibly even retire here? Gaining a clear insight into the property’s future uses is key to the decisions you make today, so mull this point over carefully.
Many overseas buyers are looking to invest in a property in Lanzarote in order to generate rental income. The island is absolutely ideal for this purpose thanks to the fact that it enjoys good weather for 12 months of the year, which gives owners a non-stop rental season, something that cannot be said for any other Spanish or European destination.
Puerto del Carmen is the largest and busiest resort on Lanzarote and is particularly popular with British and Irish tourists, so if your intention is to target this market then this is an ideal place to start your search.
Puerto del Carmen offers entry level options too, not just expensive houses and villas, as the resort was developed with apartment complexes at its core. As a result it is relatively easy to find studios and apartments from as little as £40,000 – and with rental rates starting from around £250 per week this means that your outlay can also be recouped quite quickly whilst the property also appreciates in value.
For those working on a bigger budget the price of villas in the resort have fallen by around 15% in the last few years since the onset of the recession – and there are now plenty of genuine bargains to be had in popular areas of Puerto del Carmen such as Los Mojones.
Playa Blanca is another resort which should be on the radar for any prospective property buyers as this is the second most popular destination on Lanzarote and also attracts a steady flow of tourists.
Playa Blanca also boasts a newer infrastructure than Puerto del Carmen as it was developed some ten years after its resort rival to the north – and it can also lay claim to the best beaches and weather on Lanzarote, making it a hot favourite during the winter as well as summer months. You can view a selection of properties for sale in Playa Blanca here.
Property stock here is more commonly found in the form of new build villas and houses as opposed to apartments and prices can also be considerably lower than in Puerto del Carmen too. You can view a selection of properties for sale in Playa Blanca here.