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Jul 03
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Property Hot Spots in LanzaroteReal Estate Comments Off
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Lanzarote is an ideal location for anyone planning an overseas property investment. As the sun shines on this Canary Island every day of the year, making it possible for the owners of property in Lanzarote to earn rental income all year round too.
Prices on the island have fallen dramatically over the last eighteen months as a result of the economic crisis that has swept across Europe. With many Lanzarote villas and apartments now on the market at price levels that have not been seen for over eight years. So anyone in a position with liquidity to invest should take a look here. Especially as the stock market and savings rates currently offer very little in the way of returns.
Chief amongst Lanzarote´s manyattractionsforinvestors is the fact that the island benefits from a very stable tourist industry. Which guarantees a flow of around 150,000 visitors every month. Most of whom originate from the UK, along with smaller representations from Germany and the Republic of Ireland.
Puerto del Carmen is themain holiday resort and this is also the best spot for investors to start their search. Especiallyif they are keen to set up a rental property that appeals to British tourists. Prices in the resort currently start at €60,000 for an apartment and €250,000 for a small villa. And these wouldgeneraterental income of €250 and €600 a week respectively during low season. And even more during the peak holiday periods. Such as the school summer holidays when the island becomes a very popular choice for families.
Playa Blanca is the second largest resort on Lanzarote and offers a similar range of investment options but at slightly lower prices. As there is a much greater supply of property in Playa Blanca for sale currently. Thanks to the fact that there was a real building boom here during the 1990´s.
For Britishinvestors there has probably not been a better time to buy here in the last couple of years. As the pound has just started to recover the ground it lost against the euro over that period. And is now exchanging at a rate of around €1.20. Enabling buyers to get that much more for their money than they were able to during the course of 2009.
Costa Teguise is another option, but savvy investors should confine themselves to beach front properties as the resort is now less popular than it was and ranks third behind Puerto del Carmen and Playa Blanca.