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Article by: Nick Ball firstname.lastname@example.org Published: 13/11/2008
The ranks of Lanzarote´s British and Irish expatriate populations look set to swell further over the coming months. As the number of people planning to relocate to the island is on the rise. According to new research just released by the leading Lanzarote property portal Lanzarote Guidebook.
An analysis of nearly 800 leads received during the second quarter of 2008 indicates that demand for long term rental property on the island has increased by 35% versus the first quarter of the year. As a growing number of disaffected British and Irish residents plan to escape the growing domestic economic gloom and start a brighter future abroad. And little wonder – as spiralling fuel and food costs conspire with rising mortgage repayments to erode disposable incomes.
The majority of these would-be expats are focusing their property search on Puerto del Carmen. Which is Lanzarote´s most popular resort and the hub of the 6,000 strong British and Irish communities on the island. As well as the first port of call for non-Spanish speaking job seekers.
Here, rental accommodation can be secured from as little as €500 per month (around £400 at current exchange rates). Whilst by contrast monthly rental rates back in the UK are going through the roof as the housing market there cools.
Factor in cheaper fuel, food and utilities – add non-existent heating costs – and you have all the ingredients for a cost effective alternative to life in the UK or Ireland.
The prices of property for sale in Lanzarote are also starting to soften – thanks largely to a sharp fall in mortgage approvals during the first quarter of 2008, as recently reported by Spain’s National Institute of Statistics. With local banks tightening their lending criteria and imposing more realistic mortgage valuations on vendors.
As a result Lanzarote is becoming a buyers market – with the bulk of overseas investors focusing their attention on property for sale in Puerto del Carmen. With the resort providing a reliable source of returns for owners of long term and holiday rental property.
The bulk of these buyers are currently seeking property at the cheaper end of the market – with 77% of all enquiries received focusing on listings priced below the €300,000 mark.
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