6 elements that you should not overlook when buying an off-plan property in Fuerteventura to succeed with your purchase.
The interest in buying off-plan housing in Fuerteventura is increasing at a higher rate than the available demand . The possibility of customizing the spaces, its rapid revaluation capacity, its modern and sustainable infrastructures and the guarantee and legal security offered by this type of construction, are some of the advantages offered by the new homes compared to the second hand ones.
But, in addition, in the Canary Islands we live an unusual situation in the rest of the Spanish communities: The new houses are cheaper than the used houses.
Another reason that increases the interest in this type of construction.
Aspects to consider before buying off-plan housing in Fuerteventura
The benefits of buying a property off plan in Fuerteventura are obvious, but in order to enjoy them in all their magnitude, it is necessary to take into account a number of issues that will allow us to save unforeseen scares once we have taken possession of the property.
If you are interested in buying off-plan housing in Fuerteventura, Destiny Home is pleased to announce Villas de Tamaragua, a development of 118 modern and sustainable homes located in front of La Capellania, known as Tamaragua, an established urbanization in Corralejo.
Villas de Tamaragua is the first cooperative housing development in Fuerteventura, so you can save up to 25% compared to a conventional new build home.
Below we show you the aspects that you should look at before buying off-plan housing in Fuerteventura and how we respond from Destiny Home to each of the questions regarding the homes we market.
Total price: What does it include?
It is important to know the total price of the property as well as what is included in it.
You have to take into account that off-plan properties in Fuerteventura are taxed with the IGIC (Canary Islands General Indirect Tax), a rate that amounts to 7% on the value of the property.
In case of needing financing, you will also have to pay the Tax on Documented Legal Acts (AJD).
Other expenses that you will also have to take into account:
- Land Registry
- Gestoría
- Notary
- Mortgage expenses (in case you need one)
Payment Plan
Ask about how payments will be made throughout the construction process.
At Villas de Tamaragua, the payment plan is flexible, so you can adapt it to your needs.
In addition, all payments are held in notarial escrow until the necessary licenses are obtained, thus guaranteeing the financial security of the partners.
Payment Plan for Villas de Tamaragua
- Membership in the cooperative: 7.5% of the price of the property of your choice
- Registration: 2.5% of the property price
- 1st Payment: 5% of the price of the property, before the beginning of the work.
- 2nd Payment: another 5% of the price of the property, also before the beginning of the construction work.
- Start of construction: another 5% of the price of the property with the possibility of payment in 24 installments.
- End of the work: at this point, you will have already paid 25% of the value of your home, so you will only have to pay the remaining 75%, at which time you can apply for a mortgage if you need one.
Verify the characteristics of the house
It is important to know in detail the characteristics of the off-plan housing in Fuerteventura that you are going to buy.
We are referring to: surface, distribution, finishes, energy efficiency, windows, floors, air conditioning…
To know all the specific details of Villas de Tamaragua regarding: specifications, floor plans, prices and other specific questions, please contact us.
Below we leave you with images of what will be the first off-plan housing development under a cooperative scheme in Fuerteventura.
Inspects the area
Off-plan homes tend to be located somewhat further away from the center.
However, if the area is well connected, it is possible to reach the center in a few minutes, which allows you to enjoy a quiet life and enjoy all the services of the center at the same time.
Villas de Tamaragua is located between Corralejo and Lajares, 25 minutes from the airport and only 5 minutes from downtown, a place where we can find a variety of services such as supermarkets, bars, gyms and other leisure activities.
This area stands out for its natural landscapes such as the Natural Park of the Corralejo Dunes and surrounding volcanoes.
Research on the project management team
Search for information on previous projects carried out by the companies involved in the project, as well as customer feedback on their particular purchasing experience.
The Villas de Tamaragua project team is composed of the following organizations:
- ICC CONSTRUCCIÓN: Canarian company with 20 years of experience and more than 6,000 homes built
. - COVI CANARIAS: Leading company in the development of cooperative housing with 35 years of experience.
- ARCHY.TEK: Multidisciplinary studio with 25 years of experience in residential, commercial and tertiary projects.
Home warranties
You must know the guarantees offered by the off-plan property in Fuerteventura that you wish to purchase.
In the case of Villas de Tamaragua, as it is a cooperative housing development, it is supported by the Cooperative Law at the state level (Law 27/1999) and the Law of Cooperative Societies of the Canary Islands (Law 4/2022).
According to these regulations, cooperative construction must be managed by a management company in charge of the integral management of the project: legal aspects, negotiation of the land, obtaining the necessary licenses and insurance, etc.
This management company ensures the quality of the houses as well as an optimal price for them.
Off-plan housing in Fuerteventura
If you are interested in buying off plan properties in Fuerteventura, in Villas de Tamaragua you can find the opportunity you need.
To know all the details about this development, do not hesitate to contact us so we can inform you.
In addition, for more information about buying a home in Fuerteventura, here is the Destiny Home Buyer’s Guide. A document in which you will find the details you need regarding the purchase of homes in the area: purchase costs, financing, negotiation of the property and documentation required for closing among other topics of interest.
Questions and Answers about new construction in the Canary Islands
Since 2021, the Canary Islands have shown an unusual trend in the real estate market: new construction is cheaper than second-hand housing. According to the Association of Registrars, in the first quarter of 2024, the average price of new construction in the Canary Islands stood at €2,110 per square meter, while used housing reached €2,243 per square meter.
These are some of the reasons why new construction in the Canary Islands is cheaper than second-hand housing:
Peripheral location: New homes tend to be located in less central areas than used homes, which are located in consolidated areas with all services nearby, raising their price.
Less Affected by Inflation: New construction housing transactions reflect prices defined years ago, as they are off-plan purchases, so they are not as affected by current inflation.
Supply Shortage: There is a limited supply of both new and second-hand housing, which increases demand and, consequently, prices.
Longer Delivery Times: Buyers prefer ready-to-move-in homes, which is more common in the second-hand market. Longer delivery times for new construction can be a disincentive for some buyers.
Finding new build developments in the Canary Islands can be difficult due to the scarcity of product. At Destiny Home, we are proud to be the first company to market new developments in Fuerteventura. We currently market Villas Tamaragua, the most ambitious new development on the island, with 110 cooperative housing units.
