Lanzarote

Buying a home in Lanzarote is both exciting and rewarding at the same time. One of the Most unique islands within Spain’s Canary archipelago, Lanzarote combines its volcanic landscapes with year-round sunny weather in a relaxed lifestyle. This makes it perfect for the following:

• Holiday Homes
• A Long-Term Residence Application Through a Spanish Golden Visa
• A Sound Investment 

Real estate in Lanzarote is generally stable against ups and downs in property prices on the island. The properties here are known for maintaining their long-term value, so property buyers in Lanzarote are assured of consistent price appreciation with time.

This guide will help you understand the property market and the taxes involved to find your dream home on this island paradise.

Why Invest in Lanzarote Property?

See why Lanzarote is such an enticing option:

Six Reasons to Buy a Property in Lanzarote 

Golden Visa Opportunity

Owning real estate in Lanzarote with a value of at least €500,000 carries along Spain’s Golden Visa. This entitles you to residence and the possibility to travel visa-free in Europe.

Year-Round Sunshine

The weather keeps Lanzarote at the top of mind for holidays and permanent residencies.

Low Cost of Living

Compared to the mainland and much of Europe, Lanzarote is pretty cheap, guaranteeing a quality life.

Tourist Attraction 

Lanzarote is so popular that those who rent out to holidaymakers will find they have a constant source of revenue.

Long-Term Appreciation

The real estate market of Lanzarote is resilient, continuously growing and reaching up – partly due to foreign buyers.

Global Connectivity

With excellent flight connections to the UK, Europe, and beyond, Lanzarote is a convenient and accessible choice for international property buyers.

Can Foreigners Buy Property in Lanzarote?

Yes, all foreigners, including non-EU citizens, can purchase property in Lanzarote. Spain itself actively encourages international buyers with the Golden Visa program. This means that if a foreign national invests a minimum amount in the country – in this case, €500,000 in property – residency is granted in return. 

Buying property in Lanzarote is just as straightforward for Brits and non-Europeans, with no obstacles. You’ve got many options here in terms of property – from modern apartments in Arrecife to quaint villas near the beaches in Playa Blanca or Puerto del Carmen.

That said, some of these practical issues – such as opening a Spanish bank account or being able to finance through local lenders – may be more complicated.

The only other limitation is increased mortgage deposits by non-residents, but you can easily manage this with decent preparation and support.

Finding a House in Lanzarote

There are several reputable online real estate platforms and agencies that make finding property in Lanzarote so much easier. Properties range from super-luxurious beachfront houses to rustic interior village houses, so something for every taste and budget.

Idealista: Complete catalogue of properties on the island.

Fotocasa: Great for both buying and letting.

Kyero: Easy-to-use site that caters to international buyers.

It’s recommended that you view properties in person for your expectations and check whether they fully comply with local legisland – be that quiet retreat in Haría or a buzzing home in Costa Teguise.

Upscore’s Advantages

Upscore’s Finance Passport is a godsend when navigating the Lanzarote property market – whether you need to secure a mortgage or professional support.

Multiple Lenders: Shop other local lenders to get competitive mortgage options.

Web-based applications: The easiest application from any place around the globe.

Personalised Service: An individual agent is assigned to you to see you through the entire process.

Free to use: Upscore doesn’t charge buyers anything because it earns its commission through fees from lenders

FAQs

Do Properties in Lanzarote Have Any Investment Potential?

Yes, Lanzarote has great investment potential because of its busy tourism industry, low property prices, and steady market growth. The island’s year-round attractiveness means there is a high demand for rentals, which makes it a dependable income source for investors.

Is It Possible for a Foreigner to Get a Mortgage in Lanzarote?

Foreigners can get mortgages in Lanzarote, but normally, non-residents are required to pay more significant deposits. This can be around 30-40% of the real estate value. In addition, the banks can request confirmation of your income and a Spanish NIE for a foreign identification number.

Which Taxes Are Involved?

When buying property in Lanzarote, expect to pay several taxes, including the property transfer tax (6-10% of the purchase price) and VAT (10% for new properties). Additional costs include notary fees, legal services, and annual property taxes (IBI). Non-residents may also owe a non-resident income tax.

Do I Have to Reside in Lanzarote to Buy a Property?

No, residency is not required in Lanzarote for owning property. Non-residents can buy and manage property without any kind of restriction. Owning property valued above €500,000 will enable you to apply for a Spanish Golden Visa, which comes with residency and allows visa-free travels in Europe.

Which are The Best Places to Buy a House in Lanzarote?

The best would include Playa Blanca, famous for beautiful villas and tranquil beaches; Puerto del Carmen has excellent nightlife and is located near centres of commerce and services; Costa Teguise is excellent for families because of field sports and schools. Nature lovers would also love Haria – this quiet resort nests in Lanzarote’s green north. Each has variants in advantages, depending on your lifestyle and the type of investment.