Buying in Lanzarote

ccgirl

Registered User
Messages
26
Hi,

I just want to see what people thing of the idea of buying in Lanzarote at the moment. Has the market bottomed out or is there still a bit to go.

Would be looking at a 2 bed apartment primarily for own use.

Thanks
 

Centaur

Frequent Poster
Messages
33
Was there in January - had a good look around Playa Blanca in South. Prices had certainly dropped a lot in the two years since we last looked but are still a lot higher than Tenerife, for instance.

We decided to do nothing for another year.
 

Slim

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Messages
2,187
Hi,

I just want to see what people thing of the idea of buying in Lanzarote at the moment. Has the market bottomed out or is there still a bit to go.

Would be looking at a 2 bed apartment primarily for own use.

Thanks
Had a look at Lanzarote in 2010. As a straightforward sun destination, it is hard to beat, all year round weather. There are loads of rentals though, so best not to rely on them for income. One beds were going for about €60,000, 2 beds about €75 -120 and of course much higher. Location and condition seems to be key, as with anywhere. Many of the cheaper apartments are in complexes that need or have just been refurbished. Access by Aer Lingus quite good all year, from Belfast too, but flight prices may be offputting at certain times. Nic eplace though.
 

browtal

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513
It very much depends on where you want to be in a resort. In Tenerife currently you can buy 1 bed on golf course from about €60,000 up and 2 bed from €75,000. You could buy 1/2 bed up hill for similar amounts in great condition.

However if you want to buy in Tenerife in central location, beside beach, shops and restaurants, without climbing hills you are talking about 1. bed nice complex €130,000
2 bed from about €170 upwards.
I think there will be a further drop in prices, many people may need to sell for whatever reason and cannot wait. However nice apartments in the right location are still selling well, a bit slower than a couple of years ago.
I currently know of a 2 bed apartment in a great location in Tenerife, needing renovation costing about €155,000. Renovation would cost about €15,000 - €17,000 that would include replacement of bath/kitchen/re-tiling and replacing white goods. The location is excellent. Excellent rental potential. It has been on the market for €185,000 for about a year the nearest bid is €140,000. Browtal
 

KoolKid

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Messages
76
Had a drive around Playa Blanca when there in January. Lots of empty property about. I'd hold off another while. Things are very quiet in general around Lanzarote.
 
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Wahaay

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125
Had a drive around Playa Blanca when there in January. Lots of empty property about. I'd hold off another while. Things are very quien in general around Lanzarote.

Agreed.
I think anyone considering buying anywhere in Spain at the moment, including the Canaries, needs their head examined.
Was in Lanzarote last month and listening to what the local expats had to say about market conditions wasn't good.
 

bmm

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46
Agreed.
I think anyone considering buying anywhere in Spain at the moment, including the Canaries, needs their head examined.
Was in Lanzarote last month and listening to what the local expats had to say about market conditions wasn't good.

Spain and the Canaries are two very separate economies. Lanzarote is the nicest of the islands in my view.
 

chillaxed

Frequent Poster
Messages
11
Almost 2 years and no discussion on Lanzarote.

What do people think of it as an investment at the moment. I was there over the Christmas and like the idea of a place mainly for personal use but the option of renting out for income if needed.

Playa Blanca is a long way down so you need to be looking at a car.

Puerto Del Carmen is definately the best place, although Costa Teguise is also reasonably central.

Do people know if prices for 2 bed apartments in Puerto Del Carmen are gone down since the last comments on this thread almost 2 years ago?

I also wonder is it better to rent a place out long term for say 6 weeks as from talking to people you will get a good rate for long stays?
 

lopin

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45
As someone that lives in Tenerife and been to all the Canary Islands many time, i have to say when lining full time here in my opinion Tenerife is the best of all the Canaries. Its the biggest of the Islands with many different things to do. Property can be cheaper here also and the cost of living is very low. What I find about Lanzorote is you can drive and see the Island in one day where Tenerife is a big Island and takes a lot more time to see. We also have on of the biggest water part in the water parks in the world here. Thats my opinion
 

Ravima

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2,449
have been to Lanzarote for past 10 years and enjoyed every minute of it. However, as a place to live (as in buy a place) I would not be too happy. The island itself is quite small. Access is OK now via Aer Lingus and Ryanair, but what happens if one or other pulls out or raises prices? There is little to do on the island, given size. Taxes are increasing/being imposed on owners who rent properties that are not registered as tourist accommodation. Perhaps there is better value in mainland Europe???????????
 

SDMXTWO

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Messages
99
Rather than start a new thread, I am not having any luck with my talents over here jobwise and will be soon in a position to spend 43K on a one bed in a nice complex two minute walk from beach. Can anyone point me to the extra charges that may apply in Spain after purchase. It is a small hotel with landscaped gardens, pool and restaurant in a quiet area (no Irish or brits on the rampage). Thanks.
 

Leper

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845
Hi SDM15XTWO. (I note the thread is a few years old). Anyway to answer your question:-
1. Community Fees (probably around €1500 per annum). Perhaps even more?
2. Water Charges.
3. Electricity Charges even for electricity outside of the complex.(I kid you not).
4. Refuse Charges.
5. Local Council type of tax.
6. Non Resident Taxes (+ including your rental gains if any).
7. Cleaning of apartment. Minimum €40 per changeover of rentals.
8. Wear and tear.
9. Maintenance.
10. Difficulty in selling later.
11. Changing of locks at least once a year.
12. Keyholder charge and for somebody to just keep an eye on the place.
13. Advertising costs if you are renting out the place.
 
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Leper

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845
Just in addition to my previous post (above) regarding purchasing property abroad. Prices in Spain (and Canary Islands) have bottomed out. That is not to say that now is the time to invest (Get that right). Property owners in Spain have difficulty in selling their investment. Selling property there is not unlike selling property in Ireland. It mostly depends on the location. Buy a property for €45K, you will be lucky to sell for much more depending on the quality of the location. Two mins from the beach probably applies to most holiday homes purchased. So, my advice is not to get a sudden rush of blood to the head and buy while property is cheap. Measure twice, cut once!
 

Buddyboy

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Messages
512
Every year we go to Lanzarote
Every year I sit down with a beer and the back of a fag packet
Every year I do the sums
Every year I decide to rent again the next time
Even excluding the costs above, and just working off a mortgage cost, for a working stiff with two weeks in the Sun, it's much cheaper to rent.
Remember, you are still going to have to pay your plane fare, it's only the accommodation cost you'll save. And with bookings.com, airbnb, etc. it's pretty cheap to rent.
In SDM15XTWO's case, it might be an idea to rent for a while first to get the lay of the land. The post is unclear as to whether you are living there now, or moving over in search of work.
 

Leper

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845
Thanks Monaght. Buying a holiday home abroad feels good, looks good, supports your self esteem etc, but the hassle of maintaining it stinks e.g. you rent it out to a "retired couple" and it gets occupied by a longhaired blond Brit by the name of Bowsie and he runs a Surf-Board School from the apartment (only 2 mins to beach). And I didn't even mention losing money on the deal.
 
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