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British Tourism Buoys Lanzarote Property Market



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By : Nick Ball    99 or more times read
British consumers are refusing to relinquish their holidays abroad. Despite the credit crunch and weakening pound. Which makes happy reading for the owners of holiday property in Lanzarote. As new figures recently released by AENA, the Spanish airport authority, reveal that British visitor numbers to Lanzarote have surged by 15.6% during the first half of 2008.

Lanzarote has long been a hot favourite with British tourists and property investors. The eastern most Canary Island is located just off the coast of Saharan Africa. A location that creates a year round clement climate. As well as a year round tourist calendar. Ensuring twelve months worth of rental returns for the owners of apartments and holiday villas in Lanzarote.

Prior to the release of the AENA figures some observers had postulated that the advent of the credit crunch could sound the death knell for overseas holidays. But the AENA figures have confounded any such fears – with 509,755 British tourists holidaying on the island during the first six months of 2008. An increase of 15.6% on 2007.

And it΄s not just the British who are reluctant to give up their sunshine and sangria. Lanzarote is the most popular destination in Spain with Irish tourists. A position further cemented by the fact that 123,047 tourists from Eire visited the island during the first half of 2008. An increase on 2007 of 5.4%.

Dutch, Swedish, Swiss and Norwegian tourism has also increased across the same period. And even the Spanish are getting in on the act. With the Canary Islands Tourist Board reporting an increase of 3.7% in visitors from the mainland during the first half of 2008.

Lanzarote is heavily reliant on tourism – which accounts for around 90% of all economic activity. So the figures demonstrate that the market fundamentals remain in good shape on the island. Despite the worsening economic situation internationally.

As a result, demand for property in Lanzarote remains relatively buoyant amongst overseas investors. Especially as prices have started to soften in the last six months as local banks impose more realistic valuations on vendors.

This has created an increase in the amount of price-reduced property on the market. Enabling buyers to secure apartments and villas - ideal for holiday rental programmes – far more cheaply than even a year or so ago.

Apartments in the main holiday resorts are now on the market from around €70,000 upwards. Whilst villas with private pools start at the €250,000 mark.
Nick Ball is the editor of Lanzarote Guidebook. The in-depth guide to travel and property in Lanzarote.

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