British Tourism To Lanzarote Up 15.6%

British visitor numbers to Lanzarote have jumped by 15.6% during the first half of 2008. According to figures recently released by the Spanish airport authority AENA. An unexpected upsurge that flouts fears that the credit crunch could kill off overseas travel and which is also helping to maintain buoyant demand for property in Lanzarote.

The AENA figures reveal that 509,755 British tourists have holidayed in Lanzarote during the first six months of 2008. A whopping increase of 15.6% on 2007 first half figures and a clear indication that many British consumers are refusing to relinquish their holidays abroad. Despite falling disposable incomes, a weakening pound and the contraction of credit.

And it’s not just the British who are refusing to surrender their week in the sun. As visitor numbers from Ireland have increased too – up by 5.4% during the first half of 2008. With 123,047 tourists from Eire visiting Lanzarote – so cementing the islands position as the most popular destination in Spain for Irish holiday makers.

Overall, all foreign tourism to the island has grown by 4.9% during the first half of 2008 with other key markets such as Austria, Norway, Holland and Sweden all helping to contribute to this upswing.

The only negative note has been sounded in the German market. Which is down 13%. Traditionally the second largest source of visitor numbers for Lanzarote – but in decline for some years now as German tourists opt for new, alternative destinations.

According to the Canary Island Tourist Board the number of Spanish nationals visiting Lanzarote has increased also. Up 3.7% during the first half of 2008.

These figures represent the best first half performance that Lanzarote has enjoyed in some years –and will see the island break the one million British tourist visits barrier for the first time since 2003 if carried across the rest of 2008.

The news certainly makes happy reading for owners of apartments and holiday villas in Lanzarote. Whilst also helping to maintain some buoyancy in the Lanzarote property market – as despite current international problems the fundamentals of the island economy – ie tourism – remain in good health.

The credit crunch has helped to soften prices on the island. As local banks – in line with other lending institutions worldwide – have tightened their lending criteria over the last six months. As well as imposing more realistic valuations on vendors.

As a result all of the leading estate agents on the island are reporting a sharp increase in the number of price reduced properties in their portfolios. So creating opportunities for overseas investors.

Lanzarote has long been a hot favourite with British and Irish buyers – as the island enjoys a clement year round climate that creates twelve months worth of rental returns for owners of holiday property.

The main focus of demand is on Lanzarote´s most popular resort of Puerto del Carmen. Where one bedroom apartments – ideal for a starter holiday rental programme – are available from around €80,000 (about £65,000 at current exchange rates). This sort of complex based accommodation commands a minimum weekly rental return of £250 plus.

Whilst villas on the island start from the €250,000 mark – with Playa Blanca in the south of the island offering the largest selection of luxury villas on Lanzarote. With average weekly rental rates starting at £600.