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Author: Nick Ball, editor of Lanzarote
tourist information guide, Lanzarote Guidebook.
Demand
amongst overseas investors for residential and commercial
property in Puerto del Carmen is currently driving the Lanzarote
Property market. According to an analysis of 636
property for sale enquiries received by Lanzarote´s
busiest property portal, Lanzarote Guidebook,
during the first two months of 2008.
Property Hotspots
Where are the current property hotspots
for overseas investors on Lanzarote?
According to this
detailed analysis of British and Irish property investment
requirements Lanzarote´s oldest
resort – Puerto del Carmen – is currently top
of the props. Accounting for 43% of all property enquiries
received during January and February 2008. With Costa
Teguise recording 30% and Playa Blanca trailing in third
place with 19%.
However, Playa Blanca remains the most
popular spot on the island for anyone searching for a villa
investment –generating
five times more demand than closest resort rival Costa Teguise. Reflecting
the fact that Lanzarote´s newest resort boasts many
more better value villa properties than any other location
on the island.
Costa Teguise just pips Puerto del Carmen for
apartment enquiries. Whilst Puerto del Carmen leads
the way for commercial property – accounting for 64%
of all demand. So
reflecting the resorts position as the epicentre for expat
enterprise on the island.
Ideal Homes
What types of property in Lanzarote are currently
in demand with overseas investors?
Apartments currently lead
the field – attracting over
three times as much interest as villas. Suggesting
that recent changes in market conditions and consumer confidence
are stifling demand for the more expensive properties currently
on the market. Whilst investors instead turn to lower
risk and lower cost options.
One-bedroom apartments were the
most sought after type of property, accounting for 44% of
all enquiries, followed by two bedroom apartments (35%) and
studios (13%).
Property Prices
How much money are overseas investors planning
to spend?
The conclusion that caution currently dominates
the market is supported by the fact that 83% of all enquiries
were for properties priced €300,000 or below. With
properties priced below €150,000 attracting 43% of all
enquiries.
Demand falls as price rises – with properties
priced in the €300,000 to €500,000 bracket accounting
for 10% of all enquires. Whilst properties priced
above the €500,000 mark were of interest to just 3%
of all overseas investors.
The views and opinions expressed in this article are strictly
those of the author. Spanish Property Guide publishes
these articles in good faith and with the understanding that
there are no intellectual property infringements. If you
feel there has been such an infringement, please contact
us stating your claim.
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