Lanzarote is the most North Easterly of the Canary Islands. Due to strict building laws the island has been able to keep a traditional and unspoiled feel.
The airport of Arrecife is located half way up the east coast.
There are three main tourist destinations, these are Puerto del Carmen, Playa Blanca and Costa Teguise.
Puerto del Carmen was the first resort on the island after that came Costa Teguise and in recent years Playa Blanca, right in the South, has gained a lot of popularity.
The property recession has drastically changed the Lanzarote property market. High and inflated prices of the past are now forgotten. Values are now set very realistically and bargains are common place. Owners caught by the recession in the UK and Lanzarote are being forced to sell good sized villas and apartments for half the price of a few years ago.
Banks are playing a large roll in bringing good prices to the market. These come in the form of repossessions. Along with reduced prices the banks are supporting their sales with very good mortgage deals. Spanish residents are being offered as much as 100% mortgages and overseas residents 90%. Now really is the time to buy.
As an example there is a 3 bedroom house in Arrecife on the market for around 60,000 euros. The mortgage repayments on a 90% mortgage would be around 210 euros per month. The rent alone would bring in 500 euros. Its time to get the nest eggs out and start hatching some recession typed property bargains.