Representatives of the island’s real estate sector claim that very few owners have moved into the residential market but have simply removed their properties from the market altogether, for various reasons.
They claim that the problem is not holiday rentals, it is the legal insecurity that national law provides for landlords in Spain. This has also affected property sales, which have fallen by 70% according to one professional, who says that buyers are reluctant to purchase properties as investments. Squatters and evicting tenants remains troublesome in the Spanish territories.
Other estate agents comment that owners who have converted their properties to residential lets have failed to reduce rents, leaving them out of reach for most islanders. Rents remain high and wages remain low, particularly in the hospitality and tourism sector.
The report also quotes Elsa Betancort, of the Platform for Decent Housing, who claims that “there is no residential renting market”. She points out the increased number of families and workers choosing to live in mobile homes, and claims that younger professionals, such as teachers and nurses, are choosing not to move to Lanzarote because of high rents and house prices.
Looking to move to the island? Find a short-term let for when you arrive here. You can then relax knowing that you have somewhere to stay for a few months whilst you get your paperwork in order.