The cost of an apartment in Fuerteventura

The idea of ​​moving to Fuerteventura has become very popular in recent years and what worries you is the cost of an apartment in Fuerteventura ?

Fuerteventura is the last of the Canary Islands to be developed; there are no skyscrapers, huge shopping malls, or large-scale real estate developments.

Buying a house in Fuerteventura or investing in real estate on the island can be a truly huge source of income.

The real estate market of Fuerteventura here is truly attractive for investors, and the average home price has continued to rise. 

Urban planning regulations mean that there is a significantly lower concentration of properties than in its sister islands Tenerife and Gran Canaria.

The island’s real estate market reached its highest prices per square meter in the first months of 2008 and its lowest in 2015 with a drop to 1,145 euros per square meter.

Where to look for a house in Fuerteventura?

The favorable tax regime, thanks to the ZEC (Zona Especial Canaria), is what pushes many to buy a house in Fuerteventura , but where to look for a house on this island?

With a 6.5% tax rate and a 5% tax rate for new properties, and the very affordable price of homes in Fuerteventura (around €1,700/m2), they’re an excellent investment.

La Oliva offers many real estate investment opportunities, especially in the Corralejo area , a rapidly expanding tourist destination.

For this reason, the average price in Corralejo is the highest in Fuerteventura at €2,685/m2, while in the rest of the municipality of La Oliva it is €2,450/m2.

Puerto del Rosario , where the prospects are broad and with great potential, the property price is €1,400/m2.

The municipality of Pájara, which includes the famous resort of Costa Calma , is also a place with a very large tourist expansion, so real estate market prices are high, around €2,500/m2.

Obviously the price per square meter decreases in inland areas, where there is a noticeable lack of many necessary daily services and a lack of nightlife .

How to buy a house in Fuerteventura?

To understand how to buy a house in Fuerteventura there are two options:

• contact the real estate agencies on the island directly
• or rely on CRD Capital to buy properties directly from banks

When purchasing a house, you can choose to take out a bank mortgage, which for non-residents of Fuerteventura is 60-70% of the total cost.

The cost of an apartment in Fuerteventura is relatively lower than in Italy and other European countries.

This has always been the biggest obstacle for foreigners in Fuerteventura: the amount of money banks are willing to lend.

Regarding taxes and fees, to buy a house in Fuerteventura you need to pay:

• VAT (Impuesto sobre Valor Anadido) if the seller is a builder
• the ITP (Impuesto de Transmisiones Patrimoniales) if the seller is a private individual

In both cases, the AJD ( Actos Jurídicos Documentados) tax must be paid , a tax that is calculated on the notarial deed and applies to the legalization of all commercial and administrative documents.

The AJD stands at 0.5%, about half that of other Spanish cities, and VAT is also on average lower than in the rest of Spain (7%).

It’s worth noting that renovation costs often need to be added to the cost of an apartment in Fuerteventura .

Tips and documents for buying a house in Fuerteventura 

• The value of the deposit must be at least 10% of the total sale price
• Maximum time for closing the deed
• Certification of electrical and hydraulic systems 
• The notarial deed is absolutely necessary
• The presence of an interpreter who can follow the entire procedure is a great advantage 

It is advisable to avoid concluding the sales transaction directly with the seller, to avoid any potential problems that may arise.

To buy a house in Fuerteventura , you must provide some essential documents at the time of purchase, without which it will not be possible to proceed with the closing:

• The certificate of ownership
• The certificate of absence of mortgages on the property;
• The certificate of habitability
• The energy efficiency certificate