Many people who fall in love with Lanzarote often end up buying a property here – either as a holiday home, or in some cases as their primary residence.
Buying a property in Lanzarote shouldn’t be difficult, but it is different to the process in many other European countries, so we’ve listed the steps below, with pointers on each, so that you should know what to expect.
Financing
Assuming you haven’t already arranged financing in your home country, then the banks here are beginning to lend money for mortgages again, but they are pretty cautious about that lending, so we’d recommend a visit to a local bank before you start house hunting in earnest. They will tell you what terms you can expect, and what paperwork you will need to provide. The amount they will lend here is based very much on the value of the property, not the selling price, so at the early stages they will only be able to give you a very general idea of how much you are likely to be able to borrow. read more »