Fuerteventura Property Sales: Is it the Right Time to Buy ?

This article will give you an idea about Fuerteventura property sales.  Property is available to buy on the island, and people buy here to live in it themselves, or as a holiday home or as an investment to possibly rent out.  At the current time (July 2014) there are many properties available to buy as a result of the economic crisis of the past 4 years, which has seen property values fall, so now is probably the best time to buy.

As in most countries, Fuerteventura property sales are made through estate agents or through private sellers.  Estate agents have offices in places like Puerto del Rosario, Corralejo and Caleta de Fuste; and will also have websites where all properties for sale will have details listed.  Private sellers will put up their own advertising boards with phone numbers to contact.

The general feeling at the moment, is that it is a good time to buy, as there are now positive trends in the property market.  In a recent article, one of the top Spanish estate agents forecast that house prices will rise due to three factors.  The first is that property can offer high rental yields; with a property that is bought for €50,000, offering an annual interest rate of 8.4% if it is rented out at €350 per month.  The second factor is that house prices have fallen by up to 50%;and the purchasing power of small investors has risen as their incomes have not fallen as much as house prices.  This makes property a sound investment.  Thirdly, banks have started to lend again, with mortgages of up to €150,000 available with rates of euribor plus 1.75%, a total rate of 2.25%.  So for example, a home costing €60,000 would require a monthly repayment of €315 per month over 20 years, with the borrower required to have an income of €1,100 a month.

People from Europe who are looking at Fuerteventura property sales, are, in the most part, looking to buy a holiday home to meet their particular needs.  There are a whole range of properties on the island – studio apartments; 1 to 3 bedroomed apartments; duplex properties and semi detached and detached villas and bungalows.  Most people buy in the main tourist areas of Corralejo, Caleta de Fuste, Costa de Antigua, and Costa Calma as there are beaches and other services close by.  Properties are also available in the inland villages and towns.

The procedure for Fuerteventura property sales is different from outside of Spain, so it is advisable to use a recognized estate agent and an independent lawyer.  Most speak English, so they will be able to give you advice and guide you through the buying stages.

The basic procedure for buying a property is to pay a Reservation Deposit of 5% of the agreed purchase price so a contract of sale can be completed.  The second stage involves paying an amount of between 10-50% of the purchase price.  The third stage is to complete the purchase in the presence of a Notary.  A Notary is a specially qualified lawyer who is authorised to complete the final title deed.  The remainder of the purchase price is paid at this point, and will include taxes payable on purchase.  10% of the purchase price should cover the lawyer and notary fees; the purchase price tax of 6.5%; and if there is a tax to be paid on any increase in the land value since the last sale.

The lawyer will also sort out connections for electricity and water.  Find out whether any monthly community fees have to be paid; and the amount of the yearly house tax (I.B.I. tax).

Fuerteventura Property Sales Prices in Caleta de Fuste

As a guide to current prices (July 2014) here are some current properties being advertised:

Caleta de Fuste

  • 1 bedroom linked bungalow  €45,000
  • 1 bedroom apartment €54,000
  • 1 bedroom duplex €69,000
  • 2 bedroom duplex €75,000
  • 3 bedroom town house €110,000
  • 3 bedroom town house €142,500
  • 3 bedroom semi—detached house €168,000
  • Large 3 bedroom detached villa €275,000

Generally, the prices are the same around the island, but some larger properties can be up to 550,000€. Cheaper Fuerteventura property sales can be found in the capital of Puerto del Rosario, which is an urban area of around 35,000 people.

So as prices are currently at their lowest for around 15 years, now could be a good time for Fuerteventura property sales.  An internet search will provide listings of the main estate agents that sell on the island, and this might be the start of the process of owning a property on the sunshine island of Fuerteventura, just like me!

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