Lanzarote is one of the Canary Islands, attracting people not only with its touristic beauty but also with the opportunity for comfortable year-round living. More and more foreigners are considering buying property here, either to relocate permanently or to invest in a home by the ocean. However, before taking this important step, there are several key points to consider. In this article, we will explore what you need to know before buying property on Lanzarote and how to prepare for life on the island.
Why Lanzarote? The Benefits of Living on the Island
Climate and Nature
Lanzarote offers a mild climate all year round. Temperatures rarely drop below 18°C in winter and rise above 30°C in summer, making it an ideal place for those who love warm weather. The island is famous for its volcanic landscapes, beautiful beaches, and unique nature reserves.
Infrastructure and Transport
Lanzarote has a well-developed road network, and driving between the main settlements takes minimal time. Lanzarote Airport receives flights from Europe and other Canary Islands. Public transport includes buses and taxis, making it easy to get around the island.
Quality of Life
The island offers a high standard of living. Lanzarote has well-developed healthcare services with several public and private clinics. The island’s ecological situation is favorable due to the absence of large industrial enterprises and strict environmental laws.
Local Culture and Lifestyle
Locals are friendly and welcoming. Lanzarote attracts those who prefer a calm, measured rhythm of life. The island thrives mainly on tourism, so foreigners are always welcomed. Adapting to the new lifestyle should be relatively easy.
Entertainment and Recreation
Lanzarote offers numerous options for active and leisurely pastimes: windsurfing, diving, hiking on volcanoes, golfing, and much more. The island is also known for its seafood restaurants and unique local cuisine.
How to Choose Property on Lanzarote?
Types of Property
On Lanzarote, you can find various housing options, from small apartments to luxury villas by the sea. Houses and apartments in resort areas like Puerto del Carmen, Playa Blanca, and Costa Teguise are the most popular.
Popular Areas for Buying
- Puerto del Carmen: The busiest tourist area with many restaurants, beaches, and entertainment venues. Popular for both living and investment.
- Playa Blanca: A quieter and more prestigious area with elite villas and top-notch infrastructure.
- Costa Teguise: Known for its seclusion and relaxed atmosphere. Ideal for those seeking peace and quiet.
New Builds or Resale Properties?
New builds offer modern solutions, but resale properties are often cheaper and located in already established areas. The choice depends on your budget and goals: if you want to live in the center of events, it’s better to look at existing properties.
Recommendations for Choosing Property
If you plan to live on the island permanently, choose areas with developed infrastructure close to major cities and beaches. If the property is for investment purposes, focus on tourist areas with high rental demand.
Legal and Financial Aspects
Legal Requirements for Foreigners
You do not need to be a Spanish resident to buy property on Lanzarote. However, you will need a NIE (Número de Identificación de Extranjeros) — a foreigner identification number. This document is required for any major transaction in Spain, including property purchases.
Taxes When Buying Property
When buying property on Lanzarote, the following taxes should be considered:
- ITP (property transfer tax) — 6 to 10% of the property’s value.
- IVA (value-added tax) — 10% when purchasing new builds.
- Annual property ownership tax (IBI).
The Process of Completing the Deal
The process of buying property on Lanzarote involves several stages:
- Signing a preliminary contract and paying a deposit (usually 10% of the property’s value).
- Completing the deal through a notary.
- Full registration of property documents and payment of all taxes. Lawyers and notaries help ensure the proper registration and adherence to all procedures.
Mortgages for Foreigners
Foreigners can obtain mortgages from Spanish banks. Rates vary, but generally, loans are provided for up to 70% of the property value for non-residents. Conditions may differ depending on the bank and the financial situation of the buyer.
Life on Lanzarote: What to Consider After the Purchase
Cost of Living
The cost of living on Lanzarote is lower than in many Western European countries. Groceries, utilities, and transport are quite affordable here. However, the prices of some imported goods can be higher due to the island’s remoteness.
Healthcare
Lanzarote offers quality healthcare services in both public and private clinics. Residents have access to free public healthcare, but foreigners may need private insurance.
Education
Lanzarote has both public and private schools. Many foreign families opt for international schools where teaching is conducted in English. Preschools and kindergartens are also available.
Local Community
Expats find it easy to adapt to life on Lanzarote thanks to the friendly attitude of locals and numerous international communities. It is recommended to participate in local events to better integrate into society.
Entertainment and Leisure
Lanzarote offers a wide range of activities: water sports, hikes along volcanic trails, golfing, and more. The island also regularly hosts cultural events, festivals, and concerts.
Frequently Asked Questions (FAQ)
Which area on Lanzarote is best for living?
It depends on your preferences: Puerto del Carmen — for active life, Playa Blanca — for a calm and prestigious lifestyle, Costa Teguise — for solitude.
How much does it cost to maintain property on Lanzarote?
Annual expenses include property tax (IBI), utilities, and possible condominium fees (if you buy an apartment).
Can I rent property before purchasing it?
Yes, many agencies offer long-term rentals, allowing you to live on the island and evaluate it before buying.
What documents are needed to buy property on Lanzarote?
The main documents are your passport, NIE, bank details for transferring funds, and income verification documents (if you plan to take out a mortgage).
How much does it cost to maintain a house or apartment?
Costs vary, but on average, maintaining a house or apartment (excluding mortgage payments) can range from 100 to 300 euros per month, depending on the size and type of property.
Conclusion
Lanzarote is an ideal place for those who want to live on an island with a comfortable climate, beautiful landscapes, and high living standards. Buying property on Lanzarote is not only an opportunity for relaxation but also a profitable investment. Be prepared for the main stages of the transaction process, study taxes and laws, and soon you will be able to enjoy life on this wonderful island.
