Buying Guide Details

Buying Property in Fuerteventura

Where to buy property in Fuerteventura

Home buyers will find that there is a premium to pay for sea views and around some of the golf courses on Fuerteventura. A quiet island, it has lots to tempt visitors and buyers: most of its 100 kilometres of coastline are fine, golden, sparsely populated beaches; the heat of the sun is tempered by Atlantic winds that make for perfect windsurfing weather; and property here is generally cheaper than on its larger neighbours.

There are popular beaches to the south of the capital, Puerto del Rosario, midway down the east coast, including Caleta de Fuste, the home of Fuerteventura’s only (for the time being, at least) golf course. Other courses are planned or already under construction.

Corralejo, a fishing port at the north of the island, also has some of the better-known beaches and is growing in popularity, as is the Jandia peninsula in the southwest. As with the other Canary Islands, Fuerteventura attracts home buyers and visitors for its excellent sailing, diving, windsurfing and deep-sea fishing.

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The Process of Buying Property in Fuerteventura

Anyone wishing to buy (or sell) a property in Fuerteventura must first obtain from the state – in person – a fiscal number for foreigners known as NIE (numero de identificacion de extranjeros)
Once the buyer has received the NIE number, the buyer’s lawyers can make an offer on their behalf. When a price has been agreed, it is recommended that both parties sign a preliminary agreement which outlines details such as the completion date
A deposit of 10% is the normal amount placed to secure the deal. After this, if the buyer pulls out they lose the full deposit but, should the seller decide not to go ahead, he/she must return double the amount of the deposit – i.e. 20% – to the buyer
If a property in Fuerteventura is purchased off-plan, it is usual for payments to be broken into stages, the balance being paid when construction finishes
On completion, when all the necessary checks have been carried out, both parties sign the escritura (title deeds) in the presence of a notary. The buyer then pays the balance, plus all other fees and taxes. Copies of the deeds are sent to the Land Registry and the tax office.

Homes Overseas Property Club

Homes Overseas has joined forces with a collection of IFA specialists to form the Homes Overseas Property Club (HOPC), designed for existing and prospective overseas property homeowners.

The Club – which has access to international lawyers in no fewer than 43 different countries - has been set up in order to guide people through some of the various issues relating to buying and maintaining a property overseas. It offers advice on a range of topics, including financial, legal, insurance, taxation, property management and foreign currency matters.

For further information please telephone 0845 838 7142 or email info@homesoverseaspropertyclub.com

Fees & Taxes

Taxes and fees usually amount to around 10% of the total purchase price of the property
Taxes payable depend on whether the property in Fuerteventura being purchased is new-build or resale. Currently, transfer tax of around 7% is applied on resales, which includes stamp duty. For new-build property in Fuerteventura, VAT (IVA) of 7% is payable in addition to 1% stamp duty
On top of this there is also plusvalia (capital gains tax), which is set by the local authorities and depends on the area concerned and the amount of profit being made on the sale. This is usually paid by the seller
If the buyer is purchasing land or commercial property rather than residential, VAT is 16% as opposed to 7%. Stamp duty remains the same
Most Spanish lawyers charge around 1% of the final purchase price, and notary fees are around 0.5%
Agents’ fees can vary anywhere between 2% and 15% – so be careful not to be ripped off

Getting there

There are flights to Fuerteventura direct from all over the UK.

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