Lanzarote Property

2008 report

This report was prepared by Engel & Völkers, a real estate agency with offices in many of Spain’s most popular destinations. It is reproduced here with permission. More information on Englel & Völkers

Lanzarote Properties

This office opened in 2007 and therefore only limited market information is available. However, it reports that the “boom” years on the island of the mid ‘90’s started to tail off in 2005 and there is still a great deal of new developments from that time. There is still a lot available on the off plan market where the buyer can pick up a villa or chalet from €250 – €600,000.

In 2006 property values increased at around 10-20%, towards the end of last year prices started to level out and it has converted into a buyers market which is still buoyant with properties under €1 million selling within six months.

The average price for an apartment is around €180,000 rising to €580,000 for a villa, which are the most requested properties.

There is a wide spread of international clients with the main markets coming from Spain, the UK and Ireland where there are plenty of direct flights to choose from. The majority of buyers are looking for a second residence or holiday home and there seems to be a great deal of interest from the Irish market.

Areas to watch out for this year include Puerta del Carmen, central and north of the island.