Long Term Rental Demand On Rise in Lanzarote
By NBall • Jul 18th, 2008 • Category: Analysis
Demand for long term rentals on Lanzarote is going through the roof. As a growing number of disaffected British and Irish residents seek to escape the growing economic gloom for a brighter future abroad. According to new figures just released by the leading Lanzarote Property portal, Lanzarote Guidebook.
The websites second quarter analysis of the islands property market has revealed a 35% upswing in enquiries for long term rental property versus the first quarter of 2008. Suggesting that the ranks of the islands existing ex-pat population of around 6,000 residents will soon be swelled by new arrivals.
The majority of those seeking to relocate to Lanzarote are focusing their search on the islands most popular resort of Puerto del Carmen. Which is the main focal point of the British and Irish expat community and – correspondingly – the main hub of employment opportunities for non-Spanish speakers.
Studio and one bedroom apartments in Puerto del Carmen command a starting rental rate of around €500 per month – currently £400 at current exchange rates. Whilst back in the UK rents are on the rise – as demand for property for sale collapses.
Add in cheaper food, fuel, utility bills and non-existent heating costs and it´s easy to see why the prospect of a new start abroad holds a growing appeal for many.
Property prices on Lanzarote are also falling – thanks to a dramatic downturn in mortgage approvals across the Eastern Canary Islands. Creating a buyers market which also offers opportunity for those seeking to escape or invest in a holiday rental property abroad.
Lanzarote´s tourist industry remains surprisingly robust – with overall foreign visitor numbers up 5.5% during the first half of 2008. Providing plenty of opportunity for owners of holiday rental property.
And property for sale in Puerto del Carmen remains the hot ticket for those seeking good value apartments and villas – as the resort accounted for 41% of all enquires received. Followed by Playa Blanca with 31.05%.
NBall is Nick Ball is the editor of Lanzarote Guidebook, Lanzarote´s leading property portal. Which features a large selection of property for sale in Lanzarote with over 2000 listings across the island.
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