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!

Buoyant Tourism Aids Lanzarote Property Market

Despite speculation that the credit crunch could spell the end for holidays abroad British tourists are still flocking to the Canary Island of Lanzarote in ever increasing numbers. According to figures just released by the Spanish airport authority AENA – who have registered an increase in visitor numbers from the UK of 15.6% for the first half of 2008. An upsurge that is helping to generate a buoyant level of demand for property in Lanzarote – despite the current international economic situation.

Lanzarote has long been a hot favorite with British holiday makers and property investors alike. Located just seventy miles off the coast of Saharan Africa the island enjoys a clement year round climate with temperatures that rarely fall below 20C. Creating a twelve month rental calendar for the owners of holiday apartment and villa properties.

For a small island Lanzarote deals in pretty big tourist numbers – attracting over one million British and Irish visitors alone annually. Figures that look set to increase further in 2008 – as AENA´s statistics reveal that British visitor numbers to the island have already broken the half a million barrier during the first six months of this year. With 509,755 tourists from the UK enjoying a holiday on the island – up 15.6% on the first half of 2007.

Irish tourist numbers have also increased. Up 5.9% across the same period – with 123,047 visitors from Eire spending their week in the sun on Lanzarote. So cementing the islands position as the most popular destination in all of Spain with Irish tourists.

Total foreign tourism has increased 4.9% during the first half of 2008. With significant increases also recorded in the Dutch, Swiss, Norwegian and Swedish markets. Whilst tourism from the Spanish mainland has also increased – up 3.7% in the first six months of the year.

All of which makes happy reading for the owners of apartments and holiday villas in Lanzarote. With many private owners and island based holiday companies reporting a significant upsurge in bookings – and forward numbers also looking bright into the autumn and winter months.

This buoyant tourist market is helping to shore up the islands property market – as local fundamentals remain strong despite the international picture. Although prices have certainly softened in recent months – as local banks impose tighter lending criteria and more realistic valuations on lenders.

But there have been no market wide price falls as is currently the case in the UK and elsewhere – and demand for property on the island remains relatively strong.

Currently apartments in the main resorts are priced from €70,000 upwards. Whilst villas with pools are available from €250,000 upwards. Making it relatively affordable to invest in a holiday rental property. Returns are enticing too – as apartments rent out from €300 a week with villas commanding a return
of €650 plus.

San Francisco Real Estate

One of the most famous destinations in the United States remains to be San Francisco City in California. Found on the west coast, San Francisco’s territory includes a number of must-see islands, including Treasure Island and Alcatraz. San Francisco is home to over 50 hills, including Pacific Heights, Nob Hill and Twin Peaks. The climate of San Francisco is a mixture of the Mediterranean climate of California and the Pacific Ocean’s cool breeze and fog.

A world-famous tourist attraction, San Francisco boasts of a seemingly unlimited number of tourist destinations. The city is divided into a variety of famous districts, including the Mission District, Marina District and the Financial District, with its famous Union Square. Other popular tourist spots include the Golden Gate Park and the Golden Gate Bridge, Fisherman’s Wharf, Alamo Square, Moscone Center, The Palace of Fine Arts, Coit Tower, Lincoln Park, and the original Chinatown, to name a few. The most twisted street in America, known as Lombard Street, can be found in San Francisco. The Island of Alcatraz, the former island prison, may be reached via ferry and cruises. The San Francisco Zoo will surely be enjoyed by people of all ages. Cable cars are also widely popular the world over.

The Financial District in San Francisco is the primary financial center in the entire west coast of the United States. Various companies have their headquarters there, including Wells Fargo and the Bank of America.

Various universities cater to residents of San Francisco. These include the San Francisco State University and the City College of San Francisco. The University of California San Francisco (UCSF) is another San Francisco university. It is one of the top employers in the city, focusing on jobs in the biomedical and health sectors. The university is affiliated with the UCSF Medical Center, one of the top hospitals in the country. Aside from these, San Francisco also has schools directed towards enhancing various arts, such as the San Francisco Art Institute, the San Francisco Conservatory of Music and the California Culinary Academy.

As one of the most densely populated cities and the 4th most populous city in the united States, San Francisco is home to huge numbers of immigrants from all over the world. Approximately 40% of San Francisco residents were born in other countries. The massive number of immigrants has supported the real estate market in San Francisco, with various neighborhoods made up of both residential and office spaces for new entries.

The Internet revolution in the early 1990s led to a rush in the real estate market in San Francisco. The value of properties continued to increase, peaking in the year 2005. Since then, there has been a gradual decline in the value of real estate in the area. With the decreasing prices of real estate and the continuing availability of jobs in the area, more so in the biotechnology and research areas, it is expected that the real estate market will experience a surge in the next few years.