There has been much discussion in recent months on what is the "right thing" to do with a holiday property in lanzarote - my understanding of it, (and I will have to go check this if anyone wants to persue this of course) is as follows -

If you buy an appartment with a rental agreement attached then the complex is clearly operating with tour operators etc. Therefore very little to worry about.There are a few out there that can be bought on touristic complexes and you can rent privately on them providing they have a reception adequate amenities etc.

In the instances of short term private letting the rules say that its ok as long it is to family of friends, there is no clear definition ofwhat friend constitiues and many people here believe that it has been left deliberately wooly.

There is a school of thought that says that the island is so depenant on tourism the authorities dont seek out private holiday lets.

I have to say I havent heard of such a thing in the 10 years I have been here.

I can go dig out the legislation overview I have saved somewhere if youd like it.