Lanzarote Property Prices Soften As Mortgage Approvals Fall

The eastern most Canary Island of Lanzarote has long been a favourite with property investors from the UK and Ireland. Thanks to a year round clement climate that attracts millions of foreign tourists every year. Providing a steady twelve month stream of rental income for owners of holiday homes on the island.

But now all that looks to set to change – as new figures just released by Spain´s National Institute of Statiscs reveal that mortgage approvals in the province of Las Palmas - of which Lanzarote is part – fell by nearly 36% during the first quarter of 2008. As the international credit and mortgage crisis starts to bite into the hitherto healthy market for property for sale in Lanzarote .

The NIS figures show that new mortgage approvals fell from 14,456 during the first three months of 2007 to 9333 in the same period this year. Despite the fact that the island’s tourist market has in fact enjoyed a buoyant start to 2008 – with total foreign visitors numbers up by 8.7%.

This fall in new approvals can be attributed to a number of factors – such as the weakening of sterling against the euro, declining disposable incomes and falling consumer confidence in the UK and the tightening of credit criteria by local banks. Who play a key role, as the vast majority of British investors opt to take out mortgages locally in order to take advantage of the cheaper credit available in the euro zone.

Local banks have also been imposing more realistic valuations on vendors. Many of whom are now having to market their property at prices someway below their original expectations as potential buyers become scarcer.

As a result of this combination of factors property prices are now starting to soften. With all of the island’s leading estate agents reporting a sharp increase in the quantity of price discounted property coming onto the market.

Some observers suggest that this adjustment is in fact long overdue – as the island has witnessed annual consecutive price growth of around 9% across the last five years. Whilst others believe that property on Lanzarote is still under priced in relation to other Spanish holiday hotspots.

Either way – it is clear Lanzarote is now becoming a buyers market. With discounts of up to €90,000 now visible on estate agents websites for luxury villas and up to €30,000 on apartments in the main holiday resorts.

Nick Ball, editor of leading Lanzarote property portal Lanzarote Guidebook reinforces this view: “There is still a decent level of demand out there – but buyers have become more cautious and are leveraging the current economic position to secure discounts wherever possible. As a result – vendors are now being forced to accept offers way below the levels of even six months ago if they are serious about securing a sale.”

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Riverside County Real Estate

Riverside County in California, part of the Greater Los Angeles area and the Inland Empire of Southern California, is a desert county. Spanning more than 7,000 square miles of land, it is composed of some of the most popular cities in the United States, including Palm Springs, Beaumont, Canyon Lake and Indio. It is also home to several Indian reservations, including the Cabazon and Cahuilla bands of Mission Indians, the Santa Rosa Indian Reservation, and the Agua Caliente Tribal Council, to name a few.

Situated in the county is the popular Joshua Tree National Park. The Riverside Municipal Museum can also be found in the area, where the history and culture of Native Americans are displayed. Other famous spots include the Heritage House, the Mission Inn Hotel and the California Citrus State Historic Park. Every April, Riverside County attracts numerous people the world over for the annual Sunkist Orange Bloom Festival.

Riverside County boasts of a complete set of amenities, including a number of airports, universities, hospitals and sports venues.

Riverside County is easily accessible, with approximately 15 airports all over the county, including the Palm Springs International Airport. This fact is also a reason for the growing population in the county, and supports the real estate industry in the area.

There are several universities and colleges serving Riverside County. The University of California Riverside is home to the famous Botanical Gardens and the Museum of Photography. Other universities include Riverside Community College, Palo Verde College and California School for the Deaf.

Keeping the residents of Riverside County healthy are the almost 20 General Acute Care Hospitals in the area. Most of these provide basic care in case of emergencies.

Riverside County is also a world-famous sports location. Various golf resorts are dotted across the county, including Palm Springs, La Quinta, Palm Desert and Indian Wells.

In recent times, there has been a surge in the real estate market in Riverside County. This is because of the continually increasing rates of real estate in nearby areas, such as Los Angeles and San Diego. More and more of the workforce in Los Angeles are moving to the less expensive Riverside County, and opting to commute to their workplaces instead.

At the same time, there is also an ongoing economic growth in the Riverside County. The labor force is expected to continue growing for the next few years, requiring even more workers and increasing employment rates. Real estate, specifically in commercial properties, in Riverside County appears to be a good investment at present. Commercial developments in the area and the presence of affordable housing and land are key factors in the healthy real estate industry in Riverside county.

The Palm Springs area, specifically, is experiencing a real estate boom. The attractive location and the affordability of the real estate in the area are the primary reasons for the continued growth of the real estate industry.

If you’re searching for an affordable yet interesting place to invest in, look into Riverside County Real Estate!

Long Beach Real Estate

Long Beach, also known as the international City, is located in the county of Los Angeles in the state of California. The city of Long Beach is the 5th largest in the entire state of California, and the 34th largest in the whole United States.

Long Beach is also a favorite location used by the film industry. Since Long Beach is only approximately 20 miles from Los Angeles, the place is an attractive alternative location.

There are numerous attractions to see in Long Beach, California. One of these is the Queen Mary, a historic ship originally used during the second World War. The ship can be toured several ways. Another interesting place to visit is the Foxtrot Submarine, which is a Russian submarine used in the Cold War. The Aquarium of the Pacific is also a popular tourist attraction, where about 1,000 species of sea creatures are displayed. The Aquarium of the Pacific also has ongoing exhibits. Other places to visit include the Rancho Los Cerritos historic Adobe, the Earl Burns Miller Japanese Garden, and the Long Beach Museum of Art.

Long Beach is also home to a number of events occurring every year. The Long Beach Sea Festival occurs every summer, and is composed of a diverse assortment of events that changes every year. The Long Beach Grand prix is a much-awaited event for CART racers worldwide. Parades also attract numerous people from all over the world, especially during Christmas time. These include the Naples Island Christmas Parade and the Parade of a Thousand Lights. Other annual events in Long Beach include the Long Beach Triathlon, the Long Beach Blues Festival, the Long Beach International Marathon, and the Gay Pride Festival, to name some of them.

Several universities and colleges serve the Long Beach community. These include the California State University Long Beach, the Long Beach City College and Brooks College, to name a few.

Although considered as one of the most expensive real estate markets in the entire state of California and even the entire country, Long beach still manages to sell. This is because of the high quality homes available in the area. Also, the location of Long Beach is a plus, as it is both close to the city and the beaches, making it a perfect getaway for those who wish to avoid the constant bustle of the city life. Also, Long Beaches long list of businesses are quite attractive to those looking for commercial investments.

When searching Long Beach real estate, luxury homes and resort locations top the list. Of the Long Beach neighborhoods, the areas where the most desirable homes are located are those in the Naples area, El Dorado area, Long Beach State and the Belmont Shore. The Long Beach Downtown area is also experiencing a revitalization of sorts, and is becoming a more attractive place for investors. Other popular Long Beach neighborhoods include Pine Avenue, the Broadway Corridor and the 4th Street Corridor.

For those searching for luxury homes, resort locations or commercial investments, Long Beach real estate is the way to go.