Lanzarote property market report 2008

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.

Report prepared by local estate agents

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.

Lanzarote Property Prices

TYPE AV. PRICE € PRICE INCREASE 2006 VS. 2007 AV SALE PERIOD IN MONTHS
Villa with views, 4 bed, 350m2 580.000 € 20 % 3 months
Villa no views, 4 bed, 350m2 430.000 € 20 % 4 months
Apartment with views, 2 bed, 100m2 260.000 € 15 % 2 months
Apartment no views, 2 bed, 100m2 180.000 € 15 % 4 months
Country house, 3 bed, 350m2
Townhouse, 3 bed, 180m2 360.000 € 18 % 4 months
Plot m2 250 € 10 %

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About Mark Stücklin

Mark Stücklin is a Barcelona-based property market analyst and consultant, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com.