If you’re considering buying property in Fuerteventura, now is an excellent time. It’s still a buyer's market with a wide variety of property for sale including villas, apartments and many new developments.
Fuerteventura is located just 100 kms off the west coast of Africa. It’s where you’ll find the best beaches on the Canary Islands; 125 miles of endless sandy stretches with crystal clear clean blue waters.
It also has an excellent health service, with numerous English speaking doctors, private clinics and a hospital. Make sure you bring the European Health Insurance Card (EHIC) otherwise you will have to pay for treatment.
Fuertaventura’s airport is located about 35 minutes from Corralejo, very close to the capital Puerto del Rosario, and just 10 minutes from Caleta de Fuste.
Buying property in Fuerteventura
The process of buying a property via a Fuerteventura estate agent is relatively straightforward and can be done within a few of weeks.
Once you’ve established your budget you can begin your property search in earnest. Decide on the type of property you are looking for - a luxury villa, a holiday apartment, a new development, etc.
If you need a Spanish mortgage, you’ll be offered a loan of 70% of the purchase price or 80% if you have your residence card.
Getting a lawyer is absolutely essential. You should choose a local, English speaking, Spanish lawyer. They normally charge between 1300 and 1500 euros. The lawyer can find out if the property has proper planning permission and is free from any outstanding debts (in Spain these stay with the property, not the previous owner). He’ll also register the property both at the local register and local council.
Buying Re-Sale (second hand) Property
For this, you’ll need to pay a booking deposit of normally €3000 to take it off the market. The next step is to have the purchase contact drawn up. At this stage you’ll have to pay the balance of 10%.
Now the seller has agreed to sell the property at a certain price within a certain time period. If you pull out you’ll lose the 10% deposit. If the seller pulls out he’ll have to reimburse you his deposit and give you another 10%.
The advantage of this type of property is that you can move in or start renting straight away.
Buying Off-plan
Significant bargains can be made when buying off-plan. Basically, you put down a reservation deposit, followed by a series of payments made throughout the building process. Throughout this “two year” building period the value of the property should have increased dramatically, so you can sell the property at a profit, even before its finished.
If too many people are purchasing just as an investment, not as a home, the market can become flooded with investors trying to sell off their property.
This can be a good thing for buyers, as prices will often be the same as when it was released off-plan, sometimes even less.
There’s a huge range of villas, apartments and new developments for sale, all over the island and with more and more English speaking agents and lawyers, buying property in Fuerteventura has never been easier.
Article kindly provided by Sunway Fuerteventura
