Acn
Buying an apartment in Arrecife today costs 4 percent more than at the beginning of the year, which places the capital of Lanzarote as the fifth city in the Canary Islands where the price of housing rises the most, behind La Orotava, Las Palmas de Gran Canaria, Puerto de la Cruz and Santa Cruz de Tenerife. With this increase, the value of the built square meter is already close to 1,500 euros.
However, the rate of housing price increase has slowed down compared to previous years. According to the main real estate agencies operating in the capital, "the supply has increased, while the demand has stagnated, which means that it takes a little longer to sell the apartments".
Even so, it is still surprising that the price of a one-bedroom apartment on the outskirts is now around 100,000 euros, when less than a decade ago they could be obtained for 36,000. In the center, the cost of new housing is 25 percent more expensive. Well-located apartments with several rooms reach prices above 200,000 euros.
Real estate agencies also agree in highlighting that the price of used housing is "breaking records". "The owners want to take advantage of the situation and get almost double what they paid for their apartment", they point out from HZ Inmobiliarias. This factor is joined by the scarcity of new developments that make second-hand housing the best option for many.
To face these prices, most buyers resort to mortgaging the house for 30 years. Currently, some real estate agencies even offer mortgages for 35 or 40 years for young buyers.
Anyone who decides to rent an apartment in Arrecife does not have it easy. In general, the owners do not decide to put their houses for rent because they feel unprotected against the damage that the property may suffer and due to other problems, such as non-payment or complaints from tenants.
From European Real Estate Management they have confirmed to ACN Press, that there are "very few" real estate agencies that work with rentals, and that normally the lease of a property ranges between 400 and 600 euros. "You have to guarantee the client that you are looking for the right person so that they dare to rent", they assure.
In the heat of all these figures, more than 60 real estate companies have been installed in Arrecife, which have taken advantage of the ‘boom' of construction in previous years to make a significant volume of business.
In the rest of the island, an equal number of companies have proliferated, which are mainly dedicated to the management and sale of apartments, residential villas and luxury chalets.
From the Lanzarote Business Organization, Felapyme, a project is being prepared to invite real estate agencies to associate, as a "guarantee of cooperation and exchange of information" to ensure the survival of this commercial activity on the island.
