Looking to purchase a property in the Canary Islands? Whether it’s a holiday retreat, a full-time residence, or a smart investment, buying in Lanzarote is more straightforward than you might think. Here's a comprehensive step-by-step guide to help you through the process with confidence.
Step 1: Find the Right Property
Start your journey with clarity:
- Define your budget and purpose (holiday home, rental income, or permanent relocation)
- Explore different areas of Lanzarote and choose your preferred location
- Work with a reputable, locally based estate agency that understands the island market
Tip: Local insight is key to identifying the best opportunities – and we can put you in touch with our expert local partner.
Step 2: Secure Legal and Financial Guidance
To protect your interests from the outset:
- Appoint an independent Spanish property lawyer (abogado)
- Obtain your NIE (Foreigner Identification Number), required for all property purchases in Spain – your lawyer can manage this on your behalf
- Open a Spanish bank account to handle payments, taxes, and utility bills
Step 3: Reserve the Property and Begin Legal Checks
Once you’ve found your ideal home:
- Sign a reservation agreement and pay a small fee to secure the property
- Your lawyer will carry out thorough due diligence, confirming:
- Legal ownership
- That the property is free from debts or encumbrances
- All necessary licences and documents are in order
This step is essential to protect your investment – never skip it.
Step 4: Sign the Private Purchase Contract (Approx. 4 weeks from reservation)
After due diligence is complete and both parties are ready to proceed:
- Sign the Contrato de Compraventa (Private Purchase Contract)
- Pay a deposit, usually around 10% of the purchase price
This document legally binds both buyer and seller and sets a timeline for completion – typically around 8 weeks from reservation.
Step 5: Final Signing at the Notary
The transaction is finalised at the Notary’s office:
- Sign the Escritura Pública (Title Deed)
- Pay the remaining balance
- Receive your keys – you’re officially a homeowner in Lanzarote
Step 6: Register the Property and Pay Taxes
Following completion, your lawyer will:
- Register the property in your name with the Land Registry
- Pay any applicable taxes:
- ITP (Transfer Tax) for resale properties
- IVA + AJD (VAT + Stamp Duty) for new builds
- Ensure all utility contracts and community fees are updated
Estimated buying costs typically range between 8–10% of the purchase price.
Step 7: Enjoy the Lanzarote Lifestyle
With the process complete, you can begin enjoying your new home and everything the island offers:
- Endless sunshine and a warm climate all year round
- A slower, relaxed pace of life with excellent cuisine, culture, and community
- Lower cost of living compared to other European destinations
Why Buy in the Canary Islands?
- Year-Round Sunshine & Climate: Scientifically proven – more sunshine really does make you happier
- Outstanding Lifestyle & Value: Excellent quality of life and lower living costs than many other destinations in Europe
- Limited Supply & Rising Value: Especially on smaller islands like Lanzarote, demand remains high while supply is limited – making property a sound long-term investment
We have experts who can guide you through every step – from your first enquiry to receiving the keys. Whether you're relocating or investing, we're ready to help.
