Buying property in Fuerteventura, Canary islands

Are You thinking of buying property in Fuerteventura? Some time ago – we were as well. And we even managed to do it!

Here are our best tips, tricks, pitfalls, and more for You to make an informed decision!

Pitfalls of buying property in Fuerteventura

Before investing in property on the island, it is important to be aware of the potential pitfalls that can arise.

This includes navigating the legal system, dealing with local real estate agents, and ensuring that all necessary paperwork is in order.

Secondly, the location of the property should be carefully considered. Although many people are drawn to the coastal areas of Fuerteventura, it is important to think about the potential impact of the tourism industry and the overdevelopment in these areas.

The economy of the island

Another factor to consider is the economy of the island. The economic situation in Fuerteventura can be unpredictable, and it is important to be aware of the potential for property prices to fluctuate.

This is especially potent now, during the economic crisis and changes around the world. When we arrived the prices of properties had already risen drastically here. And have gone up another 10%-20% (in some places even more) at the time of writing this.

There are many people coming in from Europe – mostly from the areas close to or affected by the conflict between Russia and Ukraine.

The cost of living has increased dramatically all over the world, and people are looking for alternative options. This has also attracted people from Australia, Germany, and the UK.

All of this has momentarily increased the demand for properties and simultaneously driven the prices up.

What are some of the other potential pitfalls of buying property in Fuerteventura?

Additionally, there may be restrictions on the type of property that can be built or bought in certain areas, so it is important to research the local regulations before making a purchase.

We used the service of lawyers to make sure. Mentioned in this post.

It is also essential to understand the cost of living on the island, as this can affect the long-term viability of a property purchase.

Fuerteventura is not as developed as some other tourist destinations, and there may be a lack of local amenities and services, which can increase the cost of living.

Furthermore, maintenance costs for properties can be high, especially in coastal areas, where properties are exposed to the elements.

This essentially means that the ocean air can damage Your property and it needs more maintenance.

We have also found that it can be hard to find specialists here to do specific work.

It has been a growth experience so far – we have learned to do even plumbing work ourselves.

Pros and cons of buying property in Spain, Fuerteventura

Some of the images shared online as well as the warm climate here can make it seem like living here and owning property would be a “dream come true”.

That is only partially true. With every positive, there are some negatives.

But let us start with the pros first.

Pros of buying property in Spain, Fuerteventura

• Warm and enjoyable climate.
  • From health benefits to just being able to spend more time outside – there really isn’t a better place weather-wise in our opinion.
• Relaxed lifestyle.
  • Time can really stop in this place…
• Beautiful landscapes.
  • Views are breathtaking and soothe the soul.
• Lower property prices than in most of Europe and many parts of the world.
  • This is rapidly changing!
• The option to rent out Your property for potential vacationers or retirees.
  • Something to think about – You can really turn it into an active investment.
• Generally – lower cost of living than in most places.
  • Sounding like a broken record but still true!

Other important positives

• The market is currently growing – the investment is highly likely to grow and pay off in the future.
  • This is not financial advice but something to keep in mind if You have an investor’s mindset.
• Although the process of buying a property can be time-consuming, with some help it was pretty straightforward.
  • We used a real estate agent (Goldacre) and the abovementioned lawyers.

Cons of buying property in Spain, Fuerteventura

There are also a number of drawbacks to buying property in Spain, Fuerteventura that need to be considered.

One of the main disadvantages is the language barrier, as English is not widely spoken in Spain, making it difficult to communicate with local authorities, estate agents, and other service providers.

I need to mention that our real estate agents and lawyers all spoke English – some even were from the UK originally. But we have had delays, issues, and just some confusion when dealing with people here that don’t speak English.

Prepare Yourself emotionally and mentally for that – at times it can be stressful. It also helps when You know at least some Spanish, or know how to use Google translate…

Other cons of buying property in Spain, Fuerteventura

• Another issue to consider is the potential for overdevelopment, particularly in popular coastal areas.
  • Fuerteventura has experienced a lot of development in recent years, and many areas are now overcrowded and lacking local amenities.
  • The area where we live has had issues with water pressure for example. And the quality of the water (for obvious reasons) is much lower than in Estonia.
• The cost of living in some areas can be high, particularly in places with a strong tourist industry.
  • We know it seems we are contradicting ourselves but prices can change quite dramatically just by taking a 20-minute drive to a neighbouring town. Or supermarket.
  • A practical example of this would be the price of bottled water.
    • Near our home, the price of an 8-litre bottle of water is €2. If You take a 3-minute drive to the supermarket – it’s €1.10. Worth the trip if You are buying let’s say 20 bottles (something You need to do quite often here).
  • Consider the taxes if You need to ship anything to the island – can again prove costly.
• Local services and infrastructure can be lacking, particularly in rural areas.
  • This means You have to own a car and drive long distances to get to important places.
• Squatters.
  • We really wish we knew about squatters before we came here. The linked article explains it in detail. But squatters are just random people who take over Your property when You are not there. And You need to take precautions to prevent that from happening. From proofing Your home to security alarms. We will dedicate a full blog post to this topic in the future.

Is buying property in Spain a good idea?

We hope we have shined some light above and that will help You make that decision.

In the end, it is a very personal, at times life-changing jump to make.

From our unique experience – it has been worth it so far but there have been times when we wished we didn’t.

But it is important to remember – there will be good times and bad ones. Both exist and best to leave the naivety of “a dream come true” for someone else…

Property prices in Fuerteventura

The cost of property in Fuerteventura varies widely depending on location, with prices generally being lower in rural areas and higher in tourist hotspots.

Location is key!

In general, properties in Fuerteventura are more affordable than in other parts of Spain, with the average price for a two-bedroom apartment starting from around €120,000. Again, very much dependent on location!

Prices can also vary greatly depending on the size and quality of the property.

Some of the best places to look for up-to-date prices are:

• Idealista.
  • We shared some things to be aware of on Idealista in this post and paragraph.
• Goldacre.
  • We used them for our entire property-purchase process.

Cost of buying property in Fuerteventura

We understood quite quickly that the price You see listed for the property will not be the final “moolah” You have to pay the seller.

The general rule of thumb here in Fuerteventura and Spain is – 10% of the property cost for additional fees.

This means that if the property is listed for €120,000 – You will end up paying an extra €12,000 for it. Making Your total around €132,000.

Additional costs

You also need to consider maintenance costs for Your property.

Again, the general rule is 1% of the property cost per year. Remember, this is a rough estimate and can drastically increase if You are buying older real estate.

Essential things to consider and keep in mind:

• The cost of home insurance.
  • Depends on the provider and Your property. Varies dramatically from provider to provider. Ask for many different offers. We ended up paying 50% less than our bank was offering us.
• Community fees.
  • This can include pool maintenance or cleaning of the area. Again, depends on Your specific property. Real estate agents and lawyers will lay it down for You.
• The yearly property tax.
  • This is usually quite low. Very much dependent on the cost of the property and whether you are a resident or not.

Why we bought our home in Caleta de Fuste, Fuerteventura?

• Recommended place for families and with a lot of restaurants and playgrounds for kids.
  • It also has a stunning beach, and many shops ✅
• Our first rental was in Costa Calma which has the best beaches on the island but is too quiet for permanent living for us personally.
  • Good if You are looking to retire in a rural area. ✅
• We only had a 2.5-month time window with the buying process.
  • The entire process (lawyers, notaries, etc.) itself takes 2 months (usually) so we were in a bit of a rush.
  • We looked up 3x places that we wanted to see and this here was the best option for us ✅

• Caleta de Fuste is close to the Aeropuerto (airport) + Puerto del Rosario (capital) where you find a lot of local activities.
  • Also a nursery (important for us) and bigger shops and so on are much closer than in Costa Calma for example. 📍✈️🏘
• And finally last but most important one for us! Our gut feeling!
  • You all probably know probably this feeling and when it is saying something to you 😉🤩🐒

#livinginfuerteventura #caletadefuste #buyingpropertytocanaries

Are You relocating or planning to relocate to Fuerteventura? Or buying property here? Let us know in the comments below!