July 19, 2007 at 8:16 am #53035
I am thinking of buying a property in Lanzarote, I was there last November and loved it. I will be going back in November for 2 weeks and I hope to have a good look around, Costa Teguise and Puerto Del Carmen appear to be the better choice.
One fundamental problem I have with Lanzarote is the issue of peak oil. Will the number of tourists fall over the next few years fall and affect the number of rentals.
Any feedback on Lanzarote property would be welcome, the first question I have is does the asking price reflect what you can expect to pay or in the current climate do people offer below or above it?
July 20, 2007 at 6:50 pm #73686
Although I cant answer your question re:peak oil
I would suggest Costa Teguise as a very nice place to buy, although i’m slightly biased as i used to live there.
I would imagine the rental market has slackened a little since we lived there 6 yrs ago but if you chose the right location and market well, rentals are still very popular, many people return year after year.
Puerto del carmen IMHO is too built up and very tired looking but should prove a cheaper place to buy.
Playa Blanca has changed drastically in the last few yrs and is greatly improved in everything except the overbuild, it’s become the stepford town with hundreds of identical EMPTY bungalows and I cant imagine how they will ever sell them all.
Going back to Costa Teguise, prices here are generally more expensive but have traditionally done very well as resale and the dreaded overbuild has not happened too much.
One complex I’d recommend looking at in C T is Playa Bastian (including Casa Verde) , it’s fairly old in relation to the resort, being some 20 odd Yrs old but the location is excellent, front line, and close to everything without being in the town centre.
Generally it always rented out well and was popular when selling on.
Just for the record I have no vested interest, just an ex owner in the area with very fond memories!!
July 20, 2007 at 7:23 pm #73687
Last time I was in Lanzarote, certainly seemed more properties to rent that renters.
A good guide is to look at holiday rental sites, look at the properties on offer and then the avaiability. It does seem that there are many, many vacancies and rental prices don’t seemed to have increased over the last 3 years. Says something?
Possibly something to do with the hotels attracting families with all inclusive deals?
July 23, 2007 at 3:39 pm #73738
Yes, the Lanzarote property market has slowed down over the last couple of years, but probably not as much as the mainland Spain one.
In terms of area, Playa Blanca is the newbuild capital of the island, and also the furthest away from everywhere, being right at the bottom. As pointed out, there’s lots of empty property there, so in the short term it’s probably not a good investment or rental.
Puerto del Carmen is the main tourist resort, and would probably offer good rental, particularly on long-let to people who work in the hundreds of bars, cafes, clubs and restaurants. While there are quiet parts, in general terms PDC is party-on-down town.
Costa Teguise is more of a family resort, with enough going on but not too much. Sure it’s been damaged by the dread “all inclusive” but-supposedly-the local government are going to act against these. All Inc does hurt the local economy, as holiday makers just stay in their complexes all day, drinking and eating as much as they can because it’s free!
Playa Bastian and Playa Verde are good complexes. Be aware, though, that the main view from a lot of the bungalows in Bastian is the back of the one in front of you! (Very nice restaurant there called The Sausalito. They do a particularly good 3 course meal deal for 6.95 euros!).
There are reasonably priced properties to buy throughout the island. If you see anything you like, why not post them on here and we Lanzarotarians can share any information we may have?
July 23, 2007 at 8:42 pm #73743
Thanks for the feedback so far. From browsing the various estate agent websites there appears to be no shortage of property for sale in Lanzarote. The problem is trying to put together a shortlist of the possible places before I go out.
I have ruled out Playa Blanca, its too far away and there is too much property for sale around there, that leaves Puerto Del Carmen and Costa Teguise and I will be staying in Costa Teguise so I will have enough time to look at it but I think it will Puerto Del Carmen.
This development advertised on daft has 2 bed apartments for €130000, what do people think of these?
July 24, 2007 at 3:41 pm #73756
I don’t know the complex personally. It does sound very close to the main drag on PDC so could be quite noisy.
It’s obviously a holiday complex that’s being sold off. Judging by the photos the apartments all look pretty basic (like, well, holiday apartments) without anything in the way of extras. There may also be a transitional phase where it’s part-holiday, part private, so there could be a steady stream of 18-30 party-goers in the apartments either side of yours for the next few years!
On the plus side, 54 apartments is a nice size for a complex and 130,000 euros is a good price
An Estate Agency called “Daft”?!
July 24, 2007 at 3:43 pm #73757
July 24, 2007 at 3:51 pm #73758
I replied to your PM too.
July 30, 2007 at 2:07 pm #73830
I have PM’d you.
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