Buying an Apartment in Lanzarote

[Rob 131 Sport]

I’ve recently come back from a holiday in Lanzarote (Puerto Del Carmen) and would be interested in buying a 1 or 2 bedroom apartment there for under £200k with a communal pool.

It would be bought on a mortgage of 40% LTV, and most likely let out as an AirBnb, with the family and I also using it.

What are the things to watch out for when buying there. The returns seem to be really good and I’m just wondering whether it’s all a bit too good to be true.

[Rob 131 Sport]

Evolved said:

How would you be mortgaging abroad? Have you already looked into this?

No I haven’t, so I’m looking for advice on all aspects connected with this.

[Rob 131 Sport]

GT03ROB said:

There's a whole thread on the subject here.....

https://www.pistonheads.com/gassing/topic.asp?h=0&...

I have seen this thread. However it’s 60 pages long and after a brief overview, it does go off on a number of tangents.

[Rob 131 Sport]

Many thanks to all the people who have contributed and it’s certainly given me much to consider.

This isn’t the first time I’ve looked seriously at the overseas property market. In 2009 I looked at buying 2 apartments in Lanzarote that were bank repossessions at £90k each. In the end I bought a house as a BTL in the UK as an alternative.

I also looked at buying a villa in Abu Dhabi the same year as an alternative to paying rent. I didn’t proceed in the end as I didn’t want to live there for 10 years.