Lanzarote Property Gripped by British ‘Brickor Mortis’

The market for property in Lanzarote is currently being infected by growing ´brickor mortis´in the UK. As property paralysis appears to be gripping Britain – according to new figures just released by HM Revenue and Customs reveal a 60% decline in UK house sales during August. Whilst the British Bankers Association has reported a fall in mortgage approvals of 63% for the same month. All of which is having a knock on effect for the islands property market – which is heavily reliant on British buyers.

Traditionally, British buyers have usually invested in apartments and holiday villas in Lanzarote for rental purposes. As the island is one of Europe´s only genuine winter sun destinations – with a clement year round clement that generates twelve months worth of returns.

As a result overseas buyers have snapped up thousands of villas and apartments over the last decade. Whilst the British expatriate community now accounts for around 6% of the island total population of 127,000 people.

But despite the fact that British visitor numbers are up so far this year by 7.9% property demand and transactions on the island have been heading in the other direction for some months.

As a result all leading island based estate agents catering to the British and Irish markets have reported a decrease in transactions versus 2007, with some smaller operators even being forced to close their doors altogether.

And mortgage approvals in the Eastern Canary Island province of Las Palmas – of which Lanzarote is part – have also fallen by 35.8% in the first quarter of 2008. According to Spain’s National Institute of Statistics. As local banks follow tighten their lending criteria.

As a result of these factors property prices on the island have softened considerably in recent months and the market has become becalmed – with many local agents reporting a growing quantity of price reduced property on their books. Although price falls for the province of Las Palmas are still some way below the much bigger drops being experienced in mainland Spanish coastal areas.

Despite the growing affordability of island property and the resilience of Lanzarote´s tourist industry the outlook remains decidedly uncertain until consumer and investor confidence is restored in the UK and Ireland.

Orange County Real Estate

With more than 2.5 million residents, Orange County in Southern California is the 5th most populated county in the whole of the United States. It is composed of a number of major cities in the United States. These include Anaheim, Buena Park, Costa Mesa, Fullerton, Irvine, Laguna Hills, Orange, Santa Ana, Westminister and Yorba Linda, to name a few.

Orange County is a popular tourist attraction. This is mostly because Orange County theme parks are popular the world over. The main tourist attraction in Orange County is Disneyland, located in Anaheim. Another popular attraction is Buena Park’s Knott’s Berry Farm. The largest community of Vietnamese people outside Vietnam, known as Little Saigon, can also be seen in Orange County.

The various beaches of Orange County are also prime locations for tourists and residents. The beaches span over 40 miles of coastline. Huntington Beach and Newport Beach are popular beaches among surfers worldwide, and play host to a variety of water sports tournaments annually. Laguna Beach is also popular for its Top of the World peak, where one can get a wonderful view of the county.

Another popular place to visit when in Orange County is Irvine Spectrum. The famous entertainment complex is always packed, especially during the weekends. Points of interest include the Edwards movie theater and the Irvine Improv.

History also plays a big part in the county. The Nixon Home is considered a historical landmark, while the Richard Nixon Library and Birthplace is the sole private presidential library in the whole country. Both of these can be found in Orange County.

A diverse array of sports can be played and viewed in the area. Sports teams, including Major League Baseball’s Anaheim Angels and the National Hockey League’s Anaheim Ducks, also call Orange County their home. Orange County also hosts the yearly US Open Surfing and Vans World Championship Skateboarding competitions.

Shopping centers also abound throughout the county. South Coast Plaza is a prime spot, catering to both the low- and high-end shoppers. The anti-mall, the combined The Lab and The Camp, is also popular especially for the younger generation.

There are various schools to choose from in Orange County. These include the university of California Irvine, Santa Ana College and the California State University Fullerton, to name a few. Numerous people who live in Orange County travel to neighboring areas for their college education.

Orange County has several master planned communities. These include the Anaheim Hills, Mission Viejo and the City of Irvine, to name a few. Most of these communities contain community pools, clubhouses and horse trails. The master planned communities in Orange County have become the prototype for other master planned communities throughout the United States.

Orange County is a wonderful place for real estate. In recent years, Orange County has been receiving a ton of publicity, thanks to television shows such as The O.C. The most popular places in Orange County include the beach districts of Huntington and Newport, and the Garden Grove District.

Real estate in Orange County has remained strong, especially in non-residential investments. Office development is holding up, due to a continuing influx of investors eyeing the location. This, together with an increasing number of job opportunities in the area, is helping increase both employment rates and the real estate market in Orange County.

For an unmatched beach and theme park experience, with easily accessible entertainment and shopping areas, look for Orange County real estate!