Useful Information - Fuerteventura Property

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Fuerteventura Facts

An all year round location with SUN almost every day of the year. Property prices are rising sharp as people realise that the property prices in Fuerteventura are lower than other Canary Islands, Spain and Portugal. Making Fuerteventura a very good place to invest and potential rental income for 52 weeks a year.

All prices displayed on our website are net of Canary Tax (IGIC) at 5% for new properties or 6% for resale's, we can advise on legal representation
Many people do not know how beautiful Fuerteventura is. The beautiful island of Fuerteventura is the second largest of the Canary Islands, yet the least populated, situated just 15Km south of Lanzarote and 115Km from the African Coast.
The destination of Fuerteventura boasts a blissful average of 2938 hours of sunshine per year, this topped with the fact that the island offers in excess of 150 golden sandy beaches to explore makes the island a sun-seekers and water sport enthusiasts paradise, you can try:- Scuba Diving, Sailing, Big Game Fishing, Kite & Windsurfing to name a few or for land lovers why not explore by Jeep, Quad Bike, Horse or of course Camel.
Home to the Windsurfing World Championships every July in the south of the island, and 2004 found it hosting the Spanish Open Golf Tournament in the fantastic Campo de Golf facilities in Caleta De Fuste, Caleta now has 2 Golf courses. 2004 also saw the opening of the Baku water parl in Corralejo.
The islands impressive landscape is a mass of Volcanic mountains, and plains with hidden typical Canarian towns such as Betencuria the former capital of the island just waiting for you to wander around the streets, and seek out the 15 th century cathedral, or maybe you will find the typical handmade products such as lace and goats cheese that are still made today by ancient methods. Traditional windmills will be found dotted along the landscape, and the contrast of Natural Park sand dunes in the north of the island and the 32 Km of soft white sandy beaches in the southern peninsula offer spectacular views, and a great contrast to the barren and ridged mountains that dominate this isle.
Puerto Del Rosario has been the islands capital since 1860, and is home to a majority of the islands population, however the many visitors and property investors wishing to make Fuerteventura a more permanent fixture to their lives either as residents or holiday home owners often choose the more touristy locations of Caleta De Fuste, and Corralejo.

Caleta de Fuste

Caleta De Fuste is a growing holiday resort town on the east coast of Fuerteventura. It is famous for its manmade horseshoe beach situated at the heart of the town. The beach is family friendly as the Atlantic waters are calm due to the protection of the harbour wall.
The town is expanding with tourism, and there are several hotels under construction, including 1 Five Star Sheraton. Property prices are expected to boom over the next 2 / 3 years, and there are some great value residential, and touristy properties currently on the market, and it is a haven for property investors. Ideally located just 10km south of the airport, and just a 15minute drive from the capital Puerto Del Rosario.
Golf Course - Just outside of Caleta De Fuste is home to Fuerteventura´s first 18 hole golf course, that also hosted the Spanish Open in 2004. A second course is currently under construction
Watersports - host of activities are available from the harbour that include:- Catamaran Trips, Deep Sea Fishing, Water-skiing, Windsurfing, Jet skis, and Scuba Diving.
Recreational Activities - also include - Thalaventura water spa, 10 pin Bowling Alley, Multiscreen Cinema.
Shops - many shops are available in the centre of Caleta De Fuste, this is complimented by the opening of the Atlantico commercial centre, that is home to a multitude of shops, bars & restaurants including the EuroSpa.
Further commercial centres are under development locally.
Restaurants - an array of restaurants are available throughout the resort to cater for all tastes, from typical Canarian, through to the international Greek, Italian and Chinese to name a few. 2004 also saw the first McDonalds on the Island situated at the Atlantico centre.

Corralejo

Corralejo is Fuerteventura´s busiest holiday resort, once a small fishing village it is now an established town, with a wealth of property, shops & restaurants. Situated on the north coast of Fuerteventura with fantastic views of Los Lobos & across to Lanzarote. It is famous for the miles of natural park sand dunes, with crystal clear waters. Several new property developments are still under construction on the outskirts of the town, and it is a 30 minute drive from the airport.
Watersports - The islands first water park Baku opened at the end of 2004 to compliment the other watersports that are available from the harbour & nearby beaches including: Windsurfing, Kite Surfing, Scuba Diving, Snorkling, and Fishing.
Shops - many shops are available in the centre of Corralejo along the main strip, with many small shopping arcades spilling along the side streets.
Restaurants - an array of nationalities are available throughout the resort to cater for all tastes, from Traditional English, to Typical Spanish Tapas.
Catch the Ferry over for a day trip to Lanzarote, to visit either Playa Blanca or Puerto Del Carmen. Or see the wonders, of the nature reserve of the un-inhabited island of Los Lobos.

Costa Calma and Jand�a

The southern penisnsula is a beach haven with the 32 kilometres rolling white sandy beaches dominating much of the landscape. The newest beach resort of Costa Calma is about a 1 hour drive from the airport, and is predominately holiday accommodation, with a small residential area dotted between the beautiful beaches. Jandia is a large modern resort that takes approximately 1hr 30 minutes drive from the airport and as a multitude of high rise touristy hotels set into the mountainside, a must is a visit to the quiet fishing village of Morro Jable. This is predominately a region favoured by German tourists.
Watersports - Home to the world Windsurfing speed championships in July. The crystal clear waters are great for learners and advanced watersport enthusiasts.
Shops - many shops are available along the front of Jandia, along with several small shopping arcades specialising in electrical goods, and duty free items. .
Restaurants - nationalities are available throughout both resorts.
Jandia finds many restaurants and bars along it main road that travels alongside the sea.

Buying a Property

What is the property to be used for?
Permanent Residence, Holiday Home, Rental Income, Investment
Setting your budget
Research your capital available.
Non-Spanish residents can usually obtain a mortgage of up to 70% over a period of 15 years or more (80% for residents). This is subject to status, and dependant on age of the applicants.
Type of Property
Apartment, Traditional Finca, Villa, Bungalow, Duplex, Town House, Land or Commercial.
Your Property Requirements
Be realistic, and prioritise your requirements.
No of bedrooms, bathrooms, garden, plot size, swimming pool (private or communal),
Sun terrace, balcony.
Location
Beach, Mountains, Tourist Resort, Countryside, Residential.
Nearest town, beach, supermarket, school, medical care.

Buying a rental property?

Long term Lets - choose residential areas/towns.
Holiday Lets - choose popular tourist resorts with good facilities located close by.

Once you have found your ideal property

Reservation Agreement
A deposit of between 3,000 & 6,000 euros is taken to block a property and to take it off the market. A reservation agreement is drawn up at this stage, detailing the buyer, the property, the owner and the price.

Lawyer

A lawyer will usually charge a set fee for a property purchase, often they ask for 50% to be paid when you appoint them, and the balance at the end of the purchase.
Your appointed lawyer will draw up a private contract agreement if required, and will check the property nota simple, which shows if there are any debts on it.

Private Contract

Within 1 Month the private agreement is signed, and up to 30% of the purchase price is paid. The lawyer will work with the seller to ensure all outstanding bills including utilities, and community charges are paid.

Escritoire - Title Deed

At the Notary the completion if the property takes place, this is approximately 2 Months after the property reservation.
If you are not going to sign in person, it is easiest to sign over power of attorney for the purchase to your lawyer whilst you are in Fuerteventura.
If you have taken out a mortgage on the property the bank representative will also attend to pay and sign the mortgage. The title deed needs then needs to be registered.
The property tax IGIC on New Properties, and ITP on re-sale properties (like VAT), Notary charges, Land Registry , & Transfer Tax need to be paid.

Spanish Bank Account

Open a local Spanish bank account
Your estate agent or lawyer should recommend a bank to you, and will often accompany you to the bank.
The usual requirements for this are a copy of your passport (for each applicant) & approximately 300 Euros (This can usually be taken from a credit card) .
Check the commission rates for receiving monies from overseas, it is often best to transfer in Euros than in UK pounds sterling.
To apply for a mortgage from a Spanish Bank, they will ask for you to be an account holder of that bank.

Mortgage Application

Arrange a meeting with the bank director, they will ask you details about the property you wish to purchase, and about your income.
The will give you details of mortgages usually up to 70% dependant on your requirements, and the term of the mortgage will be discussed. This also depends on the age of the applicants.
Agreement in principle is then normally given, and then you will be required to provide the following information from the UK.

NECESSARY DOCUMENTATION FOR MORTGAGE APPLICATION

Employed Applicants
• Letter of reference from your employers Human Resources Department confirming length of service, position within the company, gross annual income and bonuses.
• Copies of at least your last 3 months salary slips.
• Copies of annual Tax Authority Forms (P60 or equivalent of country)
• Bank Reference.
• Copy(ies) of your existing valid passport or NIE or resident card.
• Copy of Spanish Property private sale-purchase.
• Last current account/s, loan/s and mortgage/s statements.
Self Employed Applicants
• Copies of profit & loss accounts and balance sheets for at least 2 years.
• Letter from accountants confirming that all figures are correct and that all tax liabilities are fully paid-up.
• Letter of Confirmation from Accountants (if applicable) of personal drawings from the business on an annual basis.
• Bank Reference.
• Last current account, loan/s and mortgage/s statements.
• Copy of Spanish Property private sale-purchase contract.
Once the paperwork has been received it usually takes approximately 1 week to receive the firm offer.

Currencies

Alliance work in association with several currency brokers to offer you the best possible exchange rates when purchasing foreign currency, we have worked with exchanging foreign currencies since 1996 and feel we have gained a lot of experience on currencies.