Buying property in Lanzarote as a foreigner: Complete UK guide

Disclaimer: The information in this article is for reference purposes only. All information on this page should not be considered financial or tax advice. You are also solely responsible for calculating and paying your tax liabilities depending on the applicable law. All tax saving strategies or decisions should be made after thorough research and consultation with a qualified financial advisor.

Considering buying a holiday home in Lanzarote? This beautiful island in the Canaries with its year-round sun and dramatic volcanic landscapes is popular with tourists, expats and property investors from the UK and worldwide.

If you’re planning to move or retire to Lanzarote, buy a second home or perhaps an investment property there - we’re here to help.

Read on for a helpful and practical guide to buying property in Lanzarote as a UK foreigner.

This includes info on Spanish mortgages for non-residents, fees and taxes, property prices, where to start your search and the pitfalls to avoid.

We’ll also introduce a reliable and cost-effective way to send and receive large sums internationally from the money services provider Wise.

With low, transparent fees*, great mid-market exchange rates, and secure, trackable transfers, Wise makes international money transfers simple and stress-free. Plus, you’ll get dedicated support and volume discounts when sending large amounts.

Get expert support for large transfers 📞

Please see the terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

Can you get a mortgage from a Lanzarote bank as a non-resident?

The first thing you’ll need to think about is how you’ll finance your Lanzarote property purchase. Unless you have the cash upfront, you’re likely to need a mortgage.

The good news is that Spanish banks do offer mortgages to foreign citizens. The only drawback is that as a non-resident, you’re likely to get a lower loan-to-value (LTV) rate than a local applicant, so you may only be able to borrow around 60% to 70% of the property’s value rather than around 80%.¹ This means you’ll need a larger deposit.

You might also find the application process more complex, with more documentation (especially relating to proof of income) required.

It’s a good idea to start shopping around for mortgages before starting your property search in earnest.

You might also choose to use a broker, who can help find the right mortgage for your circumstances. Simply having someone on your side who speaks Spanish and really understands the system can pay dividends.

Taxes and fees for owning property in Lanzarote

In order to set your budget for the purchase, you’ll need to factor in legal fees, property taxes and other costs.

Here are the main ones to know about when buying property in Lanzarote:²

Tax/fee name	Rate/fee
Legal fees	1% to 2% + optional Gestoria fees (admin support for non-Spanish speakers) of €300 to €600 EUR
Property transfer tax (Impuesto sobre Transmisiones Patrimoniales – ITP)	6.5% for resale properties or 7% VAT for new build properties
Stamp Duty (Actos Jurídicos Documentados – AJD)	0.5% to 2% for new build properties
Notary fees	€600 to €1,200 EUR
Land Registry fees	€400 to €700 EUR
NIE (Número de Identidad de Extranjero) application	€10 to €20 EUR
Property valuation (Tasación)	€250 to €600 EUR
Mortgage arrangement fees	0% to 1.5%
IBI property ownership tax (annual)	0.4% to 1.1% of cadastral value
Community fees - for apartments with shared facilities (annual)	€50 to €300+ EUR per month

What’s the property market like in Lanzarote?

The real estate market in Lanzarote has experienced impressive growth recently, with house prices rising by around 8% over the last year³ and luxury properties seeing some of the most growth.

The island has seen a surge in construction activity recently, as well as benefitting from continued demand from international investors.

However, Lanzarote - like some of the other Canary Islands - has strict planning laws and limited land, so property tends to hold its value pretty well.

Tourism is a major industry on the island, with Lanzarote attracting over 3 million visitors a year.⁴ This means holiday rentals are a viable option, although buy-to-let investors would be wise to keep abreast of any changes to national and local rules on short-term rentals - as well as those relating to foreign property ownership.

Can foreigners buy property in Lanzarote?

Yes, UK nationals and other foreign nationals can freely buy property in Lanzarote and the rest of Spain, without any restrictions.

All you need is a financial number (NIE), valid ID and the funds or finance to support your purchase.

Can you buy property in Lanzarote and get residency?

No, there is no longer a direct route to residency through buying a property in Spain.

Spain was one of a number of countries with a ‘Golden Visa’ scheme, which allowed foreign citizens to gain residency through making an investment in the country. This included investing in property.

However, the Spanish government decided to scrap the scheme and it officially closed for applications in 2025.

So if you’d like to move abroad and live in Lanzarote permanently, you’ll need to apply for the appropriate residency visa.

📚Moving to Spain

How much are the property prices in Lanzarote?

Now we come to the all important question - how much money do you need to afford a home in Lanzarote?

Ultimately, it depends on what and where you buy.

On average though, residential properties in Lanzarote cost around €2,990 EUR per square metre (as of February 2026).⁵

Here’s an idea of what types of property you can get for your budget in popular areas:

Area	Property type	Average cost
Costa Teguise, Arrecife	Small one-bed apartment	Up to €150,000 EUR
Puerto del Carmen, Playa Blanca	Two-bed villa/townhouse	€230,000 to €300,000 EUR
Playa Blanca	Detached villa with sea views and a pool	€450,000+ EUR

Another thing to note when figuring out the price for property in Lanzarote is that international transfers could get expensive, especially if the bank or provider adds a margin to the exchange rate to convert your pounds to euros.

Consider checking out Wise to securely handle your large transfers with mid-market exchange rates and low, transparent fees*.

Where is the cheapest place to buy property in Lanzarote?

If you’re property hunting on a budget, you’ll typically find the cheapest property prices away from tourist hotspots and coastal areas.

Look at inland villages such as Tías, San Bartolomé and Tinajo, or other towns towards the north of the island.

Buying property in Lanzarote as a foreigner - a step-by-step guide

Before you start your house hunt, it can be useful to know a little about how the process of buying property works in Lanzarote.

Here’s a quick overview of the steps involved:

1. Get your finances in order

Before you do anything, you’ll need to get your finances in order. This means setting a budget, getting a mortgage offer (approval in principle) and getting all your paperwork together.

You might also want to open a Spanish bank account.

📚Opening a Spanish bank account

2. Get your NIE

In order to buy property in the Canary Islands or anywhere else in Spain as a foreigner, you’ll need to get an NIE. This stands for Número de Identificación de Extranjeros, and it’s a Spanish tax ID number.

You can get this by visiting a Spanish police station and presenting your passport, or you can apply at a Spanish Consulate if you’re still in the UK.

3. Find a property and arrange viewings

Now it’s time to start searching for your dream home. You can use online property portals and/or local estate agents to find properties. We’ll run through some tips later on how and where to start your search.

If you’ve found somewhere you like, arrange a viewing as soon as you can, and start researching the area in the meantime.

4. Ask to see the Nota Simple

If you’re serious about a property and ready to make an offer, it’s recommended to first ask to see the Nota Simple. This is a crucial legal document which outlines the key details of the property, such as:

• Details of ownership
• Any outstanding debts on the property
• Boundaries of the property and land
• Designated use of the property
• Rights on the property held by others (i.e. right of way)
• Community costs (if any) the owner of the property is liable for.

You can get a copy of the Nota Simple at the local property title registry, or online at the Registores website.

Always cross-check the details of the Nota Simple with the actual details of the actual property, to make sure there are no discrepancies. If there are any, these will need to be resolved before the sale can go through.

📚'Nota Simple' in Spain explained

5. Get a survey

Just before you make an offer, you might want to get a building survey carried out. This involves hiring a surveyor to check the property for structural or other issues.

If the survey flags anything up, you may be able to negotiate on price when putting in your offer.

It’s important that the surveyor also checks details such as the size and boundaries of the property against the information recorded on the Nota Simple.

6. Appoint a solicitor

While it’s not mandatory, it’s a good idea to find and appoint a property lawyer. They will check over and translate all documents and contracts, as well as carrying out due diligence on the transaction.

A personal recommendation is a good way to find a solicitor, but you can also find a list of English-speaking property solicitors on the UK Government website.

Whoever you appoint, make sure they are registered with the local bar association Colegio de Abogados.

7. Make an offer

The next important step is to submit a competitive offer to the estate agent, or to the buyer directly. You can negotiate, just like in other countries. Once an agreement is reached, a notary will summarise the offer in writing.

8. Sign the preliminary agreement (contrato privado de compraventa)

If your offer is accepted, the next step is for both parties to sign the preliminary agreement. In Spain, this is known as the contrato privado de compraventa.

You’ll also arrange a transfer for the deposit, which is usually around 10% of the purchase price.⁴

At this stage, you might want to contact your mortgage provider to finalise the financing for your purchase.

📚 Sending large amounts

9. Sign the contract of sale (escritura de compraventa)

This is the final crucial piece of paperwork, and it must be formally signed in the presence of a notary. You’ll also need to have your solicitor with you in the notary office (or arrange for power of attorney to be provided).

The title deed will be transferred to your name and you’ll arrange a transfer for the remaining balance. Read our helpful guide to transferring money from the UK to Spain for a property purchase.

After all that’s done, you’ll get the keys to your new home.

📚 How to buy and finance a house abroad

How can you find a property in Lanzarote?

The two main routes to find property to buy in Lanzarote are local real estate agencies and online property websites.

Property agencies and agents in Lanzarote

It isn’t necessary to use a real estate agent to find a property to buy overseas. But it can be helpful, especially if you’re unfamiliar with the property market in the Canary Islands.

If it’s the first time you’ve bought a property in Spain, then a specialist buying agent or broker might offer helpful advice and insight into the local market.

However, there will usually be a fee to pay for this service.

Property websites in Lanzarote

The best way to get a head start on finding a place to buy in Spain is to look online. Great websites to find a house or a flat to buy include:

• Idealista
• Fotocasa
• Servihabitat
• Kyero
• ThinkSPAIN
• Canarian Properties Network
• Your Overseas Home
• Rightmove (overseas properties).

What are some of the pitfalls of buying property in Lanzarote?

One of the main things to watch out for when buying property abroad are scams.

To avoid scams and other pitfalls, it’s best to work with verified, independent and qualified professionals such as real estate agents, brokers and property solicitors.

The very best way to protect yourself is to consult an independent real estate solicitor. This is an expert who works just for you and has your interests at heart, rather than working for the seller or estate agent at the same time.

The UK Government has a handy list of English speaking lawyers around the world.

Other important things to remember include:

• Always check the Nota Simple against the actual property and its listing, and get any discrepancies rectified.
• If you’re planning to let out the property, check the local rules on short-term lets and tourist licences
• Be cautious and do your homework before sending money or a deposit.
• Ensure that the seller has the legal right to sell the property - along with carrying out other due diligence checks
• Get an inspection/survey carried out if you have any concerns about the property, especially if it’s an older or historic home.

📚 Risks of buying property in spain

How do you choose the right property in Lanzarote?

Your dream home in Lanzarote will be the one that closest fits your search criteria. The most important factors will be location, the type of home and of course, how much you can afford to spend.

If you’re not already living there, it’s worth travelling to Lanzarote to check out the specific area you’re interested in.

You’ll want to stroll around, checking out local transport links and amenities, as well as viewing properties.

Condition of the property

It’s a good idea to do as much research as possible before committing to purchase a property.

It’s not mandatory, but it is strongly recommended to commission a building survey or inspection. This will flag up any major issues and give you a better idea of what you’re buying.

Type of property

Lanzarote has a number of different property types to choose from, including modern, tourist-friendly apartments, luxury villas with pools, and rural fincas (farmhouses). You’ll also find unique whitewashed cave houses in some of the island’s inland villages.

You may even be lucky enough to find building plots zoned for development.

📚 Building property in Spain

Moving into your Lanzarote property

You're in the process of buying your new home, but there are a few tasks to complete before you can get the keys and move in. These include taking out insurance and setting up your utilities.

Insurance

It’s strongly recommended to take out a buildings insurance policy starting from your completion date. In fact, it’s likely to be a condition of your mortgage.

Setting up utilities and bills in Lanzarote

If you know when your completion date will be, it makes sense to get some essentials set up in advance of moving in.

A prime example is utilities, such as power and water. Get these sorted as early as you can, and the moving process should be a little smoother.

📚 How to pay bills in Euros

Renovating property in Lanzarote

For some properties, some building work or improvements may be needed before you can move in.

Our guide to renovating property in Spain covers everything you need to know, from planning permission to finding a local builder - and some of the main costs you can expect.

📚 Renovating property in Spain

Save on currency conversion fees with Wise when buying property in Lanzarote

After reading this guide, you should have all the essential info you need to start your property search in Lanzarote. This includes those crucial first steps such as finding a broker and searching online property portals, and getting your finances in order.

Need a secure, convenient and low-cost way to send a deposit or pay the final balance for your property purchase in Lanzarote? Take a look at the Wise account from the money services provider Wise. It's not a bank account but offers some similar features and your money is safeguarded.

With Wise, you can set up large amount transfers worldwide to 140+ countries for low, transparent fees* and the mid-market exchange rates with no markup.

Here’s an overview of the main benefits of using Wise:

Fast and easy setup with no physical paperwork Low, transparent fees* and no-markup mid-market exchange rates Dedicated support and volume discounts for large transfers No monthly/annual account fees Sophisticated security and anti-fraud measures, with your money safeguarded Trackable and fast transfers to 140+ countries Low-cost spending in 150+ countries with the Wise card Earn a variable return on your GBP, USD and EUR with Wise Interest (capital at risk, growth not guaranteed)**

✅ Sign up with Wise for free

**Investments in funds are never guaranteed and your capital can be at risk. In the UK, Interest and Stocks are provided by Wise Assets — this is the trading name of Wise Assets UK Ltd, a subsidiary of Wise. Wise Assets UK Ltd is authorised as an investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you're not sure, seek qualified advice. You can find more information about the funds on our website.

Additional FAQs about buying property in Lanzarote

Can I live in Spain permanently if I buy a property?

Whether or not you can live in Spain all depends on your visa, rather than whether you own property. UK citizens can stay in Spain for up to 90 days within any 180-day period without a visa. If you want to live there permanently, you’ll need to apply for the right visa or residence permit.

Which Canary island is best to buy property?

It all depends what you’re looking for. Tenerife is popular with investors thanks to its high investment returns and number of luxury villas, while Gran Canaria attracts expats looking to move there full-time.

Property in Lanzarote tends to hold its value, while Fuerteventura is known for lower prices (compared to other islands) and strong growth potential for investors.

Do you pay council tax in Lanzarote?

Yes, property owners in Lanzarote must pay property tax - which is the equivalent of council tax in Spain, along with other local taxes. This is known as IBI (Impuesto sobre Bienes Inmuebles).

How much money do I need to retire in Lanzarote?

You can expect a comfortable retirement in Spain with an income of around €30,490 EUR a year.⁶

How hard is it to move to Lanzarote from the UK?

It’s fairly challenging for UK nationals to move to Spain after Brexit, mainly because of the country’s strict visa and residency requirements for non-EU citizens.

---

Sources used:

1. Advocate Abroad - LTV mortgage info for non-resident applicants
2. Lawants - fees and taxes
3. John D Wood & Co - Lanzarote's property market and average prices
4. Your Overseas Home - deposit amount and prices for different property types and areas
5. BestYieldFinder - average property price per sq.m
6. Get Golden Visa - income needed for comfortable retirement in Spain

Sources last checked on date: 3 Feb 2026