Would you relocate to Lanza?
Moving to Lanzarote is often more expensive than mainland Spain. Rent is especially high and quality doesn’t always match. There are plenty of properties for sale but mortgage deposits for expats are quite prohibitive.
Of course the price of renting in resorts had been inflated by the Airbnb phenomenon. It’s simply more lucrative to rent to tourists than to long-term residents. But the Covid crisis has left many of these apartments empty for months and owners struggling.
Across all of Spain, rental housing started the year 2021 with falls and in January fell by more than 1.8% compared to the same period of the previous year, a decrease that was especially significant in the Canary Islands (10.15%). This info from Elpais.com.
We don’t know if this easier access to homes will continue when tourists return. Many say the balance of earning-power here compared to cost of living has needed a break for some time. When doctors, nurses and teachers can’t afford the rent, something must change.
There are tempting bargains out there at the moment but be sure to study the contracts. It’s the law here to offer longevity and stability. Don’t be fooled by a cheap villa that will be repurposed when the flights return. We’ve seen it happen before.
As always, seek professional advice before making big decisions. And hire a Gestoría (paperwork and admin expert) before you sign anything. We hope to see more of you moving to Lanzarote when the borders open but do your homework first.
Could you make Lanzarote your home?
Let us know, and see what others are saying, on our Facebook post.
