Buying in Lanzarote

Paulo2003 said:
.... having limited access to the island?
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IIRC the first Covid-19 wave had Lanzarotte in a strong lockdown. Some holiday makers had been trapped there.
We’re in the second Covid-19 wave now. Would you be comfortable with being locked into or locked out of Lanzarotte?
Assuming this second wave will result in lockdown(s), you’ll have to contend with Irish, Spanish and Lanzarotte lockdowns. They may not be in parallel, but depending on how the die is cast, it could be consecutive from one lockdown to the next.
And that’s just the second Covid-19 wave...

You’re based in Kerry, are there direct flights from Farranfore to Lanzarotte? So long as you don’t have to rely on DUB/ORK/SNN because you may not be able to travel to these airports.
 
It must be so awful for those who own holiday homes and can't travel even to check their places and for those who rely on the rent received from lettings to pay the mortgage etc. It's not a good time to own or buy abroad right now. The future looks very uncertain.
 

You're right. the property market abroad is volatile. But, rental prices in coastal Spain for next year have dramatically risen for some reason unknown to me.
 
Leper said:
You're right. the property market abroad is volatile. But, rental prices in coastal Spain for next year have dramatically risen for some reason unknown to me.
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spaniards or foreigners working remotely?
 
I have had a good read of Leper’s posts and they are very informative.

I will be retiring in 2/3 years time and I would hope to spend a lot of time in Lanzarote at this stage. I was thinking that it would be a great time to purchase an apartment at this time as the market prices may suit me. I wouldn't mind if the apartment was vacant for a year or so until the pandemic passes? What are your thoughts?
 
I'm in the process right now of renting a property for 6 months in Lubrin, Almeria about 35k inland from Mojacar
It took about six weeks to finally get a property, I used a local agent that I know who finally came through for me.
But I also asked a few friends that I know in the area about any available properties in the surrounding areas
and I was surprised at how little availability there was in the area, a high majority of them were already booked for the winter season
and of those that were available either the monthly rent was higher than normal or they only wanted year long rents
 
1. What Cervelo is saying is on the money. Covid-19 burnt the likes of me who lets out the holiday property on-and-off throughout the year (as we tend to use it ourselves in the more lucrative times). I am facing the prospect (for 2021) for putting our apartment up for long term rental through some agent - no hassle, no worry, no sweat and we can holiday in Spain or elsewhere. Perhaps our investment will come to some kind of profit rather than yearly loss? It's an ill wind . . . But, my suspicious mind is working overtime.
2. I don't mean to offend Paulo2003. He likely into his 60's (I'm much older). Buy property abroad for him (in my opinion) is not a good move for the following reasons:-
(i) Probably most of your available cash will be spent.
(ii) If you do buy, you're probably better off putting the property into the names of your children. Then less "handover" problems when you die.
(iii) You're going to spend more time in Lanzarote/Spain/elsewhere - Terrific! - But, you can rent in the off season for around €650.00 per month inclusive of utilities, internet and no extras and better again no worries.
(iv) Lep is talking through his "you-know-what." Sound! Drive on! The first five years of foreign property ownership brings you along in a wave of happiness and you wonder why you hadn't done this before now. Great if it works, but we've been through the mill with less than honest real estate agents, cleaners, Spanish neighbours (yes Spanish neighbours and they are not Spaniards), people renting from us, Spanish banks with the sympathies of a Drug Baron and the continuous concern that everything is OK there.

(a) If you take one bit of advice from this post and you still purchase abroad you need an honest cleaning person.
(b) We looked at Lanzarote years back. Great sunshine, Long Distance, Apartments on top of each other - Resale Value = Worrying.
(c) I hope you can prove me to be wrong.
 
Could be a great time to buy to be fair.

“When there’s blood on the streets” etc

It’s not as if they’re “on their way” either...prices have already fallen, there’s just no liquidity in the market to illustrate it.
 
I am in my late 60's and I can afford to purchase an apartment/house in Spain. I have cash sitting in the bank doing nothing.

I can spend €300k and hope to get the next 10 years out of it or I can spend €30k per annum on holidays all over the place. Nice hotels, choice of destinations etc.

If I buy, I will do as Leper suggests and buy in my children's names. They can use it during their lifetime and so can their children.

I do not know if they will want to use it though. If they do, it will only be for a few weeks per year because they are all working full time. I am not sure if I want to handle the ongoing paperwork of ownership or responsibility of maintenance. I think I would like to rent somewhere belonging to someone else and let them have these headaches.
 
Almost there.. very sensible approach, enjoy your retirement now rather than bringing the tormendation of managing a foreign property upon youself in these uncertain times.
 
Ravima said:
. Perhaps there is better value in mainland Europe???????????
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But mainland Europe doesn't have the lovely winter sunshine, that's the main reason people buy in the Canaries.

Where else in Europe would you get temperatures of 25° in December, January February, maybe you would have to travel to Thailand.
 
Not much good having a place in the Canaries if you can't get there.

Prices may get cheaper but with not being able to leave our own counties and having to self-quarantine etc. for God knows how long, I think it would be madness to buy a home in the sun for the foreseeable future.
 
With Airbnb nowadays you can rent, your own space, at very reasonable prices around the World.

Many providers offer discounts of up to 30% for stays in excess of 28 days.
 
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