The number of British and Irish residents planning to relocate to Lanzarote has jumped by 35% in the second quarter of 2008. According to figures just released by leading Lanzarote property portal, Lanzarote Guidebook.
The market for property for sale in Lanzarote is starting to feel the impact of the mortgage and property crisis in the UK. As figures just released by Spain’s National Institute of Statistics show a sharp fall in mortgage approvals for the first quarter of 2008 in the province of Las Palmas, of which Lanzarote is part.
Any island based estate agent will tell you that there’s “too much product out there at the moment”. An over supply of property for sale in Lanzarote which has been created by the growing credit crisis, falling pound and weakening consumer confidence in key overseas investment markets such as the UK. But over supply and declining demand is not the whole story. As certain types of property are still generating interest, enquiries and sales.
