Buying Spanish Real Estate: Properties for Sale in Lanzarote

Lanzarote, one of the Canary Islands, is a beautiful place to live or own a property. It is a popular tourist destination, and because of this, the real estate industry is thriving. Buying a property in Lanzarote is an excellent investment, whether you want to buy a home for yourself or purchase a property to rent out. In this article, we will explore the different types of properties available for sale in Lanzarote and provide you with some essential information to help you get started on your property search.

Types of properties for sale in Lanzarote

There are many types of properties available for sale in Lanzarote, including apartments, villas, houses, and repossessed properties. The prices of these properties vary depending on the location, size, and condition of the property.

Apartments

Apartments are the most common type of property for sale in Lanzarote. They are ideal for those looking for a holiday home or a small investment property. Apartments in Lanzarote are available in different sizes and locations, ranging from studio apartments to three-bedroom apartments. They are also available in different price ranges, starting from €200,000 for a 1-bed apartment (as of summer 2024) in the more popular areas such as Puerto del Carmen and Playa Blanca.

Villas

Villas are the most sought-after properties for sale in Lanzarote. They are ideal for those who want to buy a luxurious home or a property for investment purposes. Villas in Lanzarote are available in different sizes and locations, ranging from two-bedroom villas to six-bedroom villas. They are also available in different price ranges, starting from €350,000 for a two-bedroom villa in a popular area (as of summer 2024).

Rural Houses (Finca)

Rural houses are ideal for those looking for a more traditional property and more peace and quiet in Lanzarote. They are available in different sizes and locations, ranging from small, traditional fincas to larger villas further from the coast. They are also available in different price ranges, starting from €250,000 for a small, traditional house (as of summer 2024).

How to buy a property in Lanzarote

Buying a property in Lanzarote is a relatively straightforward process. Here are the essential steps you need to follow to buy a property in Lanzarote:

1. Search for properties online
   Start your property search on a real estate portal so you can compile a list of properties with different agencies that match your requirements. 
   
2. Schedule viewings
   After you have found some properties that you are interested in, you can arrange viewings. Your real estate agent will accompany you to the viewings and provide you with all the information you need about the property.
   
3. Make an Offer
   If you find a property that you want to buy, you can make an offer. Your real estate agent will help you negotiate the price and terms of the sale.
   
4. Hire a Notary
   Once the offer has been accepted, you will need to hire a notary. The notary will oversee the sale and ensure that all legal requirements are met.
   
5. Sign the Contract
   Once all the legal requirements have been met, you can sign the contract and pay the deposit. Your real estate agent will guide you through this process.
   
6. Pay the Balance
   Once the contract has been signed, you will need to pay the balance of the purchase price. This can be done through a mortgage or by paying cash.
7. Transfer Ownership
   Once the balance has been paid, ownership of the property will be transferred to you. Your real estate agent will help you with this process.

Services provided by real estate agents

Real estate agents in Lanzarote provide a range of services to buyers and sellers. Here are some of the services provided by real estate agents in Lanzarote:

• Property search

Real estate agents help buyers to find the right property for their needs and budget. They provide buyers with a list of properties that match their requirements and accompany them to viewings.

• Negotiation

Real estate agents help buyers to negotiate the price and terms of the sale. They also help sellers to negotiate the best possible price for their property.

• Legal advice

It is highly recommended to get legal advice from a third party when buying a property. They can look over the purchase agreement and identify potential issues or errors. They also help buyers and sellers to understand the legal requirements of buying and selling property in Lanzarote.

• Mortgage advice

Real estate agents help buyers to obtain a mortgage for their property purchase. They provide buyers with advice on the best mortgage products available and help them to apply for a mortgage.

• Property management

Some real estate agents provide property management services to buyers and sellers. They help buyers to manage their property once it has been purchased and help sellers to manage their property while it is on the market.

Conclusion

Buying a property in Lanzarote is an excellent investment opportunity. Whether you are looking for a holiday home or a property for investment purposes, there are a range of properties available for sale in Lanzarote, ranging from apartments to villas. If you are considering buying a property in Lanzarote, it is important to find a reputable real estate agent who can guide you through the buying process and provide you with the services you need. With the right guidance and information, you can find the perfect property in Lanzarote and make a sound investment.