Buying a property in Fuerteventura
Fuerteventura, the second largest of the Canary Islands, offers year-round sunshine and beaches reminiscent of the Caribbean.
Roughly two million visitors come to Fuerteventura each year, making it the fourth busiest of the Canaries, yet property is not especially expensive by the standards of the Canary Islands.
Why buy property in Fuerteventura
In some way it’s like a quieter and less expensive version of Tenerife, but Fuerteventura is flatter and has golden sandy beaches. While Fuerteventura does have touristy zones areas there are plenty of quieter spots too.
The whole island has been declared a UN biosphere reserve, and offers 150 kilometres of picturesque beaches, 11 of them holding a Blue Flag, plus sheltered coves and cliffs.
As the name implies, Fuerteventura is ideal for windsurfing and kitesurfing. However, as well as strong wind, the name can mean good fortune too.
As well as beaches, it has wonderful nature to explore too like the Corralejo sand dunes, the mountain Tindaya and the pools of Aguas Verdes. Fuerteventura is also home to pretty, historic buildings and traditional, characterful homes. Plus, you can enjoy day trips to Lobos Island, a beautiful national park.
Fuerteventura has some attractive little towns spread across it and plenty for both visitors and retirees to occupy themselves all year, combining that with a little island hopping (the trip to Lanzarote only takes 30 minutes).
What can you get for your budget in Fuerteventura
Property in Fuerteventura ranges from traditional fincas to charming townhouses to smart duplexes right by the sea. While property for sale in the most desired seaside towns may come with a higher price tag, there is plenty of opportunity to find an affordable home.
You can purchase a small apartment for one or two for upwards of €125,000. Anything under this price is likely to need some renovation. Family villas go from €250,000 but for a pool and something a bit special you’ll need €400,000.
The weather in Fuerteventura
Fuerteventura enjoys an enviable climate of year-round sunshine with little difference between winter and summer temperatures.
There are 3,000 hours of sunshine a year, averaging nine hours a day in summer and six in winter, yet it avoids extreme heat. July and August are the hottest months with an average daily maximum of 28°C. Sometimes, a hot, easterly wind is blown over from the Sahara, this is known as Scirocco. January, the coldest month, sees highs of 20°C, but it can be quite rainy.
Where to buy property in Fuerteventura
Corralejo
Surrounded by the Corralejo Nature Reserve of sand dunes, Corralejo is a seaside town and fishing port on the northernmost part of the island. It boasts beaches of fine golden sand and lively nightlife – making it a sought-after spot for international buyers.
Puerto del Rosario
On the eastern side of the island, Puerto del Rosario is the capital of Fuerteventura with a population of 45,000. It is a small but bustling city with a promenade, beautiful beaches, shops to browse through and an intriguing Sculpture Park.
Costa Calma
One of the most important resort towns on the island, Costa Calma is made up of sand dunes, white sandy beaches and palm trees. While the beaches are undoubtedly the main pull, it has a range of bars, restaurants and shops.
El Cotillo
For those looking for a lower-key vibe, El Cotillo is an example of a charming fishing village that has plenty of amenities but has not been overrun by tourism.
Is property in Fuerteventura a good investment?
The Canary Islands has an especially low property purchase tax (TPI) for a resale property, of just 6.5%. For comparison, in Valencia, it is levied at 10%. The Canary Islands has the lowest VAT for new builds, at 6.5% – the other autonomous regions levy it at 10%.
Recently, the Canary Islands has been working towards stricter rules around holiday rentals. However, for now, renting out a property can prove lucrative, especially in the top seaside resorts.
Steps to buying in Fuerteventura
- Search online: Determine what you can buy for your budget, as well as a list of features you would like in a home (close proximity to the beach or golf, mountain or sea views).
- Form a team of experts. Once you have chosen a handful of properties that tick your boxes, reach out to an estate agent. They will be able to talk through the area and what you are looking for in a home in greater detail. You will also need an English-speaking lawyer to ensure that the purchase is legally secure. Plus, a currency specialist like Smart Currency Exchange can help you to transfer your budget over to the Fuerteventura. You may also want to connect with a financial advisor and a mortgage specialist.
- Book a viewing trip. Once you have your team in place, head out to the Fuerteventura to see your pick of properties. If you haven’t narrowed down to a specific town, make sure you’ve got ample time to journey around the island. If you find a home that ticks your boxes, then reconnect with your professional team and make an offer.
- Once you have made an offer: If the seller accepts your offer, you will sign a reservation contract and pay a fee to take it off the market. Then, you will sign and pay the deposit, around 10% of the purchase price. As you’ve now committed to buying your dream home, lock in your exchange rate to ensure that you do not lose out on thousands. Meanwhile, your lawyer will contact the notary to ensure the legality of the sale.
- Hold the keys in your hand: You will need to sign the sale contract, escritura pública at the notary’s office (unless you authorise your lawyer via power of attorney). Finally, pay the balance of the purchase price, minus the deposit you have paid. You must also pay the relevant taxes (ITP), stamp duty, notary fees and legal fees.
How to get to Fuerteventura
Fuerteventura has its own airport, which has direct flights to all major UK airports. The duration of the flight from London to Fuerteventura is four hours and 15 minutes. Due to Fuerteventura’s year-round sunshine, even out of season there is a still a steady stream of flights.
If you want to explore the other Canary Islands, the ferry is four hours to Tenerife and five to Gran Canaria. Lanzarote is just a 30-minute ferry ride from Fuerteventura.