Bouyant British Tourism Keeps Lanzarote Property Market Afloat

Lanzarote, Spain, May 01, 2008 --(PR.com)-- Despite the credit crunch and the weakening pound, tourist visitor numbers to Lanzarote have soared during the first quarter of 2008. According to figures recently released by Spanish airports operator AENA and the Cabildo de Lanzarote.

The official statistics reveal that Lanzarote´s key market – the UK – has played a leading role in this upswing. With British visitor numbers climbing by an impressive 8.7% during the first three months of this year.

Whilst this upward trend can in part be attributed to Easter falling early in March this year, that belies the fact that tourism from the UK had already increased by 16.7% during January and February, traditionally two of the quietest months in the holiday calendar.

These figures certainly provide enjoyable reading for owners of holiday rental property in Lanzarote – as private villas and apartments have been amongst the main beneficiaries of this increased level of business. According to the islands main hoteliers association ASOLAN, who recently reported that self-catering apartments hit high occupancy levels of 84.19% during January and February alone.

Where tourism leads, property investment tends to follow. And as securing a mortgage in the UK becomes increasingly arduous and expensive many investors have eyed up the better value deals now available abroad in markets such as Spain, where interest rates remain at least a percentage point below the standard variable rate in Britain.

As a result Lanzarote´s largest dedicated property portal – Lanzarote Guidebook – has reported an increase in the number of property for sale enquiries received during the first quarter of 2008, with over 1000 leads arriving across January, February and March.

An analysis of these enquiries reveals that overseas investors are still playing a cautious game though. With the vast majority of interest focusing on low cost studios and apartments in the main resorts on the island – the type of properties that are absolutely ideal for holiday rentals – and with 83% of all enquiries made on properties priced below the €300,000 mark.

###