Costs when buying a house in Fuerteventura

Costs when buying a house in Fuerteventura
Do you know the costs of buying a house in Fuerteventura?
Do you know that they can account for up to 10% of the total cost of housing?
We detail and estimate them according to the house you are looking for.
If you need financing, we indicate those associated with the mortgage.

Fixed costs when buying a house in Fuerteventura

These are those that occur regardless of the type and price of the house being purchased:

Legal representation

In Spain it is not compulsory to have the services of a lawyer or an agent to help you with the process of buying your home. At Destiny Home we accompany you in this process, but in case you decide to opt for a lawyer, we can recommend several of great trajectory and prestige that operate on the island.

Opening a Bank Account

place where you will deposit your money to proceed with the purchase of your home. The costs will depend on the bank.


The “Documento Nacional de Identidad” or ID Document for foreigners, is a document that will be the fiscal and identification number of the foreigner.
It is mandatory and is requested prior to the purchase of your home.
It is a fixed number that never changes and will be used to identify you throughout Spain.
It is requested at the National Police headquarters.

Registry Note

This document is issued by the Land Registry and allows to obtain information about the house, the owners, description, encumbrances, area,…

Variable costs in the purchase of a house in Fuerteventura

Taxes are calculated according to the amount of the house purchased:


It is the place where the document of purchase of the house is elevated to public, which is normally known as the deed of sale.
This is a mandatory step to be able to register it in the Land Registry.
The amount ranges from 0.5% to 0.75% of the value of the house. If it is acquired with a mortgage loan, the expenses will be higher, since the mortgage must be formalized before a notary public.

Transfer tax and stamp duty

The ITP is the tax that is paid at the time of the transfer of the second hand property.
This tax is generally charged, although there are some exceptions:
  • habitual residence destined to a large family,
  • buyers under 35 years of age,
  • physically handicapped persons,
  • acquisition of subsidized housing
In order to calculate the tax at a reduced rate of 5%, one of the following cases must be met:
  • the house is the taxpayer’s habitual residence.
  • the amount of the taxable base, including the garages and annexes located in the same building that are jointly transferred, is less than or equal to 150,000 euros.
  • that at the time of the accrual of the delivery of the new dwelling, the taxpayer is not the owner or bare owner or usufructuary of another dwelling.

In the case of large families in certain cases, as well as for people with disabilities or single-parent families with low income, a super reduced rate of 1% is established.

Documented legal acts (AJD)
has a fixed and a variable fee.

  • in the case of a new home, both the fixed and variable installments are paid, whether or not the purchase is financed through a mortgage.
  • for a second-hand house, if it is purchased without financing, only the fixed AJD will be paid. On the other hand, if it is financed, the variable AJD (bank) fee will have to be paid. In general, a rate of 0.75% is applied.


In the case of the purchase of a brand new property, the Canary Islands General Indirect Tax (IGIC), which amounts to 7% of the purchase value, is paid. There are also exceptions and reduced rates:
  • 5% for the purchase and sale of a principal residence, when the taxable base is equal to or less than 150,000 euros and the person is not the owner or bare owner or usufructuary of another residence.
  • 3% if any of these requirements are also met:
    • 35 years old or younger.
    • being part of a large family.
    • Have a disability equal to or greater than 65%.
    • Be a woman victim of gender violence (with a protection order in force or a firm court sentence).
    • Being a member of a single-parent family.
    • The income of the family unit of which the acquirer is a member is (in the tax period of the calendar year prior to the accrual of the supply) up to 24,000 euros (with an additional 10,000 euros in the case of joint taxation).

Land Registry

This is the place where the deed of sale has to be presented in order to register the property in our name in the public registry, once the Transfer Tax and Stamp Duty has been paid.
This is a fundamental step to preserve our property against third parties.
The percentages vary according to the amount of the house:
  • Value of the house less than 6.010,12€: 24,04€.
  • Between 6.010,13 and 30.050, 61 : 1,75 additional Euro for each 1.000 more cost.
  • Between 30,050.62 and 60,101.21: 1.25 additional Euro per 1,000.
  • Between 60,101.22 and 150,253.03: 0.75 additional euros per 1,000.
  • Between 150,253.04 and 601,012.10: 0.30 additional for each 1,000.
  • For exceeding 601,012.10€: 0.20€ additional for each 1,000.
The minimum amount is 20’04€ and the maximum amount is 2.181’67€.
To the resulting amount must be added the registration of the deed, 0.2% of the value of the property.

Deposit, reservation or earnest money

In the event that the owner accepts the buyer’s offer, the buyer must pay a deposit to formalize the reservation, which usually corresponds to 10% of the amount of the house.
This information is included in the Deposit Agreement (Contrato de arras).

Home insurance

It is a mandatory insurance for all homes, especially in the case of renting a home.
You can negotiate with the bank, if a mortgage is needed, to get a lower price on the policy.

Real Estate Office in Corralejo, Fuerteventura. Destiny Home

Purchase financing costs: the mortgage

In the event that you had to take out a mortgage, the costs are:

Opening Commission

Amount charged by banks for handling the mortgage loan.

The amount is negotiated with the financial institution, which may not exceed 2%.


It is an amount for the official valuation of the house, which is determined according to the value of the property, its type and surface area. The amount can vary, starting at 300€.


These are payments made by the buyers in exchange for the processing of the deeds and the settlement of taxes.

Negotiation with the financial institution.


The mortgage deed must be converted into a public document in order to be registered in the land registry.

Notary fees are usually between 600 and 1500€.

Notarial mortgage deed

Registration of the mortgage, so that the financial entity has guarantees against third parties. Since it is a real right, it is mandatory. Its cost usually exceeds 600€.

At Destiny Home we help you find the house in Fuerteventura you are looking for, by calculating the costs of buying the house.

Get the 
Fuerteventura Home Buying Guide

home buying guide fuerteventura

Esta información está disponible en / Post available in: Español (Spanish)

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