Issue 79 - freedom4sale.comFabulous recently built 4 bedroom, 3 bathroom detached villa situated just a stone’s throw from the exclusive Marina Rubicon in Playa Blanca, Lanzarote

Property news Buying a business in the CanariesDownsizing your property expensesCosts of buying property in Spain

FREE PLEASE TAKE

A COPYCanary Island property magazineIssue 79

freedom4sale.com The largest single collection of Canary Island property

Fabulous recently built 4 bedroom, 3 bathroom detached villa situated just a stone’s throw from the exclusive Marina Rubicon in Playa Blanca, Lanzarote. Outside there is a spacious covered area for day to day living with separate lounge and dining sections. The south-facing 8 x 4m pool is surrounded by a sun terrace and gardens. Lovely sea views. Price 835,000 eurosContact: Optima Estate. Tel (+34) 928 519 383 or email [email protected]

www.location-lanzarote.com

Ref: 1277. Very private and immaculate house in the centre of Costa Teguise. Built area is120 sqm. and the plot is 800 sqm. 3 bedrooms. 3 bathrooms, 2 big terrace and pool.

Great views and garage.420,000 e

Ref: 1271. Fantastic Villa in Nazaret with magnificient views. 196 + 218 sqm build on a 783 sqm plot.3 bedrooms, 2 bathrooms, great value and development potential.

325,000 e

www.freedom4sale.com - Over 10,000 properties across the Canary Islands Freedom for Sale 3

CONTENT

Design/Production: Paul Sully - 00 34 928 177 538 e-mail: [email protected]

Sales: Lynne Robinson - 00 34 928 177 538 or 617 225 369 e-mail: [email protected]

We can take no responsibilty for any damage or loss which may be caused as a result of material published herewith.

Published by Freedom Media slTel/fax: 0034 928 177 538 / UK: 0203 1500 538 / worldwide: 0844 5718 633

Paul Sully. Co-director. Editor. Design.

After graduating from the London College of Printing Paul went into the printing industry. Achieved a Bachelor of Science Honours Degree from Plymouth University in Psychology. Arriving in Lanzarote Paul sought a new challenge in founding the Canary Islands first specialist property magazine.

Stephanie Buchanan Design

Stephanie studied textile design at the University of Wolverhampton, then ‘fell’ into graphics after mar-rying a graphic designer! She came to Lanzarote in 1998 and together with her husband, runs a successful graphics and signwrit-ing business. Stephanie works as a freelance designer for Freedom Media.

Hilary Klart Accounts

Hilary although born in Buckinghamshire in England, has lived most of her life in Australia. Before arriving in Lanzarote where she married a local politician, she worked at KPMG in Sidney. Hilary is now in charge of accounts at Freedom Media

Tomas Martinez- Oliva Design

Tomas was born in mainland Spain and has lived in Lanzarote for the last 10 years. He is the youngest addition to the F4S team, with an English mother & Spanish father, being bi lingual he is a bright & entusiastic asset. After completing his Bachillerato, Tomas went on to study Graphic design and has spent the last year travelling around the U.S.

The Team

Property News . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 This issues Canary Island property news round up

Lanzarote section. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Property price guide displayed in price order. Estate agents and properties in all areas of Lanzarote.

The best way to transfer money overseas. . . . . . 8 Currency specialists helps you save when moving your money.

Avoid the pitfalls of setting up a business. . . . . 13 To set up a business in Spain you need to know some facts.

Dissolution of joint property ownership. . . . . . . 16 Stuck in shared ownership of a property, read on...

Fuerteventura section. . . . . . . . . . . . . . . . . . . . . . . . 18 Property price guide displayed in price order. Estate agents and properties in all areas of Fuerteventura.

Moving out of an apartment in Spain . . . . . . . . . 16 Go through this simple check list and avoid problems.

Tenerife section . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 Property price guide in price order Estate agents and properties in all areas of Tenerife.

Downsizing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22 Cutting your property costs.

Full costings of buying in Spain . . . . . . . . . . . . . . 26 Detailed breakdown of buying expenses.

Gran Canaria section . . . . . . . . . . . . . . . . . . . . . . . . 30 Property price guide in price order. Estate agents and properties in all areas of Gran Canaria.

Welcome to Issue 79

If you have a spare thirty minutes during the Summer, why not cast your eye further afield to some of the fantastic new homes that have come online this week on freedom-4sale.com. From 3 bedroom villas in Playa Blanca with pri-vate pools at 168,000 euros, to 3 bedroom townhouses in Corralejo at 79,500 to bank repossessions in Tenerife starting at 42,000 euros. And as we saw last month, overall property sales actually increased at the start of the year, demonstrat-ing that buyers are available when the price is right.

The summer 2013 issue of Freedom 4 Sale magazine is packed full of useful advice if you’re thinking of buying a property in the Canaries. There’s a detailed guide to the costs of buying a property in the Canaries, an explanation of how to dissolve a joint property ownership, an introduction to making an overseas currency transaction as well as the pitfalls to avoid starting your own business here.

We find out what sort of properties you could expect to find across the Islands from 30,000 euros to over a million euros. Properties to suit all tastes and budgets. From seafront to golf course and from main tourist areas full of nightlife to the tranquility of a bodega in the wine fields.

We give some top tips on what to do before you leave your rental property as well as our article on page 26 where we compare and contrast the advantages of downsizing your present home.

Then there’s all the usuals - news stories, the most estab-lished estate agents contact details and a selection of hot properties from their portfolios across Tenerife, Lanzarote, Fuerteventura and Gran Canaria

With all this and hundreds of properties for sale across the Islands, Freedom 4 sale is your unmissable magazine and website to help you find your perfect home in the Canary Islands.

Enjoy this season’s issue. Happy Hunting The Freedom 4 Sale team

Lynne Robinson Co-director. Sales manager

Born in Surrey, Lynne attended Kingston University in Surrey & went on to work in advertis-ing sales for UK Press Gazette, Express Newspapers & Elle magazine. After living in Alicante for a number of years, she eventu-ally came to Lanzarote in 2000. Was invited to Freedom4Sale by director Paul Sully.

www.location-lanzarote.com

Freedom for Sale 4 www.freedom4sale.com

[PROPERTY NEWS]Spain to sell off quarter of properties

Free Wi-Fi everywhere makes El Hierro the world’s first ‘Smart island’

The Spanish government has approved a plan to sell of a quarter of its state-owned properties in a bid to raise hundreds of mil-lions and boost the government’s empty coffers.

In plans approved last month by Spain’s cabinet, some 15,000 properties – from of-fice buildings to agricultural land – will be put up for sale over the next seven years.

The measure is the latest in a series of moves to bring Spain’s budget deficit to within the EU target of three per cent by 2016 from 7.1 per cent of GDP last year.

Spain’s government has introduced a raft of unpopular austerity measures as the na-tion struggles with its sixth quarter of neg-ative growth and an unemployment rate of nearly 27 per cent.

A parliamentary commission has drawn up an extensive list of assets that will be sold to private investors in the hope of raising millions to reduce its public deficit.

Among those being offered include dis-used army barracks, an aerodrome on the island of Minorca, a military shooting range and thousands of office buildings.

A BRAND-NEW and totally free Wi-Fi net-work covering the whole of El Hierro has been unveiled, making it the first-ever ‘Smart island’ on the planet.

With 26 Wi-Fi access points scattered across the island in residential areas, town and village centres and the main tourist attractions, it means holidaymakers can share their experiences in real time.

They can also connect to the tourist infor-mation office and download the applica-tion El Hierro the sigue (‘El Hierro is fol-lowing you’) so they can trace all the Wi-Fi points on the island.

But the downside is that cover does not ex-tend to residential homes, and the down-load speed is limited to a painfully-slow 256 kilobytes per second.

The Wi-Fi network will also be used by au-thorities to monitor traffic, and it is hoped

it can later be adapted to help detect and control forest and house fires and connect to sensors on rubbish bins and drinking-water silos to enable their better manage-ment.

It was opened earlier this month by minis-ter for industry, energy and tourism José Manuel Soria and the head of the tourist information department on the island, Al-pidio Armas.

El Hierro’s local government is now the outright owner of the Wi-Fi network, so it does not come from any other provider which sends regular bills.

Parts of the island have no 3G cover or even electricity – such as El Julán and Cala de Tacorón - but these have been adapted to make use of renewable energy sources so that they can connect up to the Wi-Fi network.

The Government of the Canary Islands have announced the launch of a smart phone App which substantially improves emergency services responses when con-tacting the 1-1-2 emergency phone line. It will allow Android phone users to include data relevant to their medical records or send their specific location at the same time as making the emergency call.

The caller can pre-select which personal information is to be shared in the event of an emergency, such as a list of their medi-cation or existing conditions and can also enable data to be sent about their exact location using the smart phone GPS posi-tioning coordinates. The app, which is free and is available from the Google Play Store in English as well as Spanish, called FRESS 112/066 and works with 3G networks and WIFI.

The identity of the new British Consul to Malaga and the Canary Islands has been revealed. Charmaine Arbouin’s appoint-ment has just been announced by the Embassy in Madrid. In a statement re-leased on Monday, the Embassy described the new Consul as having “more than 20 years’ experience of managing people and resources in the public and not-for-profit sectors”.

Smart Phone Emergency Services App

British Consul

Further information call 0034 928 177 538 Freedom for Sale 5

[PROPERTY NEWS]Canary Islands Population Rises

Worst Of Recession Behind Us?

British Government Chasing Benefit Fraud in Spain

Iberia to offer in-flight Wi-Fi

IBERIA long-haul flights will soon have Wi-Fi access on board – albeit at a cost.

The airline confirms that 25 Airbus A330 and A340 will include internet access at five euros for 5MB.

Although this is one of the more expen-sive in-flight Wi-Fi services – Gogo costs 14 USD for 24 hours with no download limit – the facility is still very hard to find among airlines in general and shows a massive step forward in passenger con-venience in the 21st-century, as well as a pioneering move in Europe.

Other highly-modern services to be of-fered by Iberia in the near future include a new social network site, a personalised ‘app’ for Smartphones, a brand-new user-friendly website with a much ‘cleaner’ lay-out and easy connections to Facebook and LinkedIn.

This system even allows travellers to choose passengers to sit next to using their Facebook or LinkedIn profiles, fol-lowing in the footsteps of Dutch airline KLM, and which has been baptised by Ibe-ria as ‘social seating’.

A further feature of the website is an ‘in-spirational search engine’, which allows users to describe their interests when travelling – such as relaxation, shopping, beach holidays, culture and history, coun-tryside, adventure or sports – and be given suggestions as to possible destinations, which can be filtered by price and include a downloadable travel guide.

The Wi-Fi service will be gradually rolled out between now and 2015, although the first aircraft to include the facility will be taking off in the next few weeks.

The Canary Islands were virtually the only part of Spain to record a population in-crease in 2012, the latest figures show.

Statistics released by the authorities in Ma-drid show that, while the overall popula-tion of the country on 1st January this year fell by 162,000 compared to the previous year, the Canaries posted an increase of al-most 20,000, putting the current figure at

2.1 million.

The rise was due mainly to the arrival of 12,700 new foreign residents rather than an increase in births, says the National Of-fice for Statistics.

The news will fuel the ongoing debate launched by the Canarian government concerning the need for immigration re-strictions, including on EU nationals.

The governor of the Bank of Spain, Luis María Linde, said last month that he would be leaving the banks to decide whether or not they should remove so-called “floor clauses” from mortgage contracts. The controversial conditions, which prevent in-terest rates on home loans from falling be-low a certain level, were found to be illegal by the Supreme Court last month. Linde’s comments come after Economy Minister Luis de Guindos announced on Tuesday that he had asked Spain’s central lender to ensure that all banks remove floor clauses. Three lenders have so far taken the meas-ure — BBVA, Cajamar and Novagalicia — as they were directly affected by the court’s May 9 ruling, which stated that such small-print conditions lacked transparency.

The British Embassy in Spain has issued another urgent plea to the public to keep an eye out for British expats committing benefit fraud, and to report any suspects immediately. With an estimated 800,000 Brits living in Spain, the crime is unfortu-nately common.

According to authorities, there are “more allegations made about people living in Spain whilst continuing to receive UK ben-efits than in any other country where Brit-ish expatriates live.”

Freedom for Sale 6 www.freedom4sale.com/lanzarote

[LANZAROTE SECTION]

Puerto del Carmen

Top floor apartment with sea views in a complex with communal swimming pool. Comprising of: 1 bedroom, bathroom, lounge/diner/kitchen & very large balcony of 50m.

Web ref: 229795 Estate Agent: House Lanzarote Price: e58,000

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Costa Teguise

Bar Bastian for Traspaso (Lease). In the heart of the best known residential and holiday complex, Playa Bastian has long been a favourite destination for UK residents and tourists.

Web ref: 163004Estate Agent: Grupo Estupendo Price: e50,000

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Costa Teguise

Well presented ground floor one bedroom apartment on the popular Sands Beach Resort, which hugs the beachfront and slopes gently down to the sea with six large plazas and pools


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Montana Blanca

11 apartments for sale in central Playa Blanca. One and two bedrooms available and prices from just 46,500 euros each !!

Web ref: 231854Estate Agent: Lanzarote Investments Price: e46,500

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Matagorda

Selection of 1 bedroom holiday apartments for sale on an excellent complex with heated communal pool and just a few minutes walk to the beach in Matagorda!


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Puerto del Carmen

Fantastic opportunity to purchase an upper floor 1 bedroom apartment located on a holiday complex just 200m away from the newly built Marina in the Old Town of Puerto del Carmen.


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Costa Teguise

Reformed 1 Bedroom Apt, 1st floor with lovley views over the Pool area ofPlaya Bastian.

Web ref: 201218 Estate Agent: Location Lanzarote Price: e80,000

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Puerto del Carmen

Ground floor renovated studio apartment with private terrace and communal pool. Gated complex just a few mins walk to the main beach. Ideal holiday home for first time buyers.

Web ref: 171187 Estate Agent: Lanzarote Investments Price: e55,000

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Matagorda

This fantastic property is 1 of a select few that is privately owned and benefits from having perfect views over the communal pools. Ideal for letting. Immaculate condition.


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Puerto del Carmen

The studio above Old Town has an open plan area, nicely distributed into living with sat t.v., dining, kitchen with 2 halogen hobbs & full oven, integral fridge, shower room and sleeping area.

Web ref: 170516Estate Agent: Optima Estate Price: e69,500

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Playa Blanca

Very central, ground floor 2 bed apartment situated in Playa Blanca. Found in excellent condition and of a good size with a decent size terrace

Web ref: 144857Estate Agent: Playa Blanca Properties Price: e85,000

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Puerto del Carmen

Less than 200m from the beach: Two-story apartment with sea views on a very well maintained complex with communal swimming pool. Balcony of 10m


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[LANZAROTE SECTION]

www.lanzaroteinvestments.com

email: [email protected]

Tel. (0034) 928 516 238Fax. (0034) 928 512 675

Mob. (0034) 618 309 487

A selection of newly built duplex houses with 3 bedrooms, 2 bathrooms and south facing terraces. Prices start from just 135,000 euro

Ref: 01060 - Tias

Large semi-detached 3 bedroom 2 bathroom house with private gardens and driveway. Located just a few minutes walk from the beach in central Puerto del Carmen.Price 210,000 euro

Ref: 01453 - Puerto del Carmen

Spacious 3 bedroom townhouse with communal pool, underground parking and electric entrance gates. All just 5 minutes walk to the main beach of Puerto del Carmen.Price 159,000 euro


Exclusive to Lanzarote Investments!!! 11 apartments for sale in central Playa Blanca. 1 & 2 bedrooms available and prices from just Ä46,500!! Just 2 minutes walk to the main street and beach!!Prices from 46,500 euro

Ref: 01451 - Playa Blanca

Terraced 1 bedroom 1 bathroom house with garden. Located close to the lighthouse in Playa Blanca.Price 41,100 euro

Ref: R108 - Playa Blanca

Detached 3 bedroom 2 bathroom bungalow with private off street parking and just 150 meters to the beach in central Puerto del Carmen.Price 225,000 euro


Very large ground floor 2 bedroom apartment with 30m2 terrace and sea view. Situated close to the Old Town and main beaches in Puerto del Carmen.Price 149,000 euro


Upper floor 1 bedroom apartment with stunning pool and sea views. Excellent condition and located on a quiet complex just minutes from the beach. Ideal holiday home.Price 69,000 euro


Ground floor 2 bedroom apartment with communal pool and panoramic sea views and views of Fuerteventura. Located just 2 minutes walk to the main beach in Puerto del Carmen.Price 146,950 euro


Large detached 4 bedroom 4.5 bathroom villa with basement, private pool and sea views. Located in Cortijo Viejo in Puerto Calero.Price 770,000 euro

Ref: 01449 - Puerto Calero

End of terrace 2 bedroom 2 bathroom town house located on a small private gated estate in the center of Uga village.Price 87,000

Ref: 01448 - Uga

Large upper floor 2 bedroom apartment with enclosed terrace and parking space for 1 car. Located just a few minutes walk to the beach.Price 89,950


REDUCED TO SELL QUICK!! Large ground floor 1 bedroom apartment in need of modernisation. Located just 200m to the beach. Residential complex with no pool and low community fee.Price 39,950 euro


Selection of 1 bedroom holiday homes located just minutes from the beach in Matagorda.Prices from 59,900 euro

Ref: 01244 – Matagorda

MUST SELL NOW!! Large ground floor 2 bedroom apartment in Barranco Seco complex just meters from the beach in central PDC.Ideal holiday home at an unbeatable price.Price 99,950 euro


Totally refurbished ground floor studio apartment with pool view and tourist licence. Ideal investment with good rental history and future bookings.Price 69,500 euro

Ref: 01421 - Old Town, PDC

4 3 A v e n i d a d e l a s P l a y a s , P u e r t o d e l C a r m e n

R e a l E s t a t e A g e n c yNew Office

opening soon Opposite Mango in Calle Limones,

Playa Blanca.


What is the best way to make an overseas currency transfer?

Whether you’re buying a second home abroad or you live overseas, at some stage you’ll need to transfer money between the UK and another country, from one currency to another. Your high street bank will offer to send your Pounds to an overseas bank account, converting them into Euros along the way, but there is another option. Currency brokers are specialists in foreign exchange markets and as such are better suited to transferring money overseas than banks.

By buying and selling large amounts of foreign currency on behalf of clients, currency brokers have been known to beat exchange rates offered by banks by up to 4% – a saving of up to £4,000 on a €120,000 transaction. Also, unlike banks, it is usual for currency brokers to charge no commission and waive other charges such as transfer or receiving bank fees. When clients open an account with a currency broker they are allocated a personal account handler, thus avoiding the “call centre” environment of banks.

Currency brokers have a range of solutions, or contracts, to suit different client scenarios. The Spot contract is the most basic and commonly used solution. This lets you fix an exchange rate with your broker for an immediate transfer.

If you are someone who prefers to budget carefully and protect yourself against fluctuating exchange rates, currency brokers offer Forward contracts. These are a type of ‘buy now, pay later’ solution that allow you to fix an exchange rate for future delivery of funds, often up to 12 months ahead.

If you are not risk averse and wish to take a gamble on rates improving, then you could opt for a Stop Loss or Limit order. The former will protect you against adverse exchange rate movements and secure your currency if it falls below a pre-agreed rate; the latter is placed at the top end of the market to secure currency at a specific price that may not be currently available. These tools allow you to aim for a higher rate while providing protection should markets move against you.

Finally, currency brokers can set up regular payment schemes for you. Examples include transferring Pounds into Euros on a monthly

basis to cover overseas mortgage repayments or transferring a UK pension to an overseas account each month.

The FCA

In November 2009 currency brokers – officially classed as Money Services Businesses (MSB) – became regulated by the Financial Services Authority (FSA). The FSA has since been rebadged as the Financial Conduct Authority (FCA). Such regulation should give peace of mind to consumers who previously were nervous about entrusting their money with an unregulated money services business.

Naturally, ensuring your funds are in safe hands throughout the transfer process is of paramount importance. With this in mind we spoke to Nat Davison, Head of Private Clients at Global Reach Partners Limited, to understand how his company goes about giving clients peace of mind.

“When we speak to a new client the first question we are often asked is about the exchange rate. However, when we dig a little deeper the issue of security is generally at the forefront of someone’s mind. With any financial transaction, ensuring your funds are in safe hands throughout the process must be of the utmost importance. We strongly believe that we have the credentials to give complete reassurance to anyone who uses our service. Moreover, we proactively ask each of our clients to write about their experience of using Global Reach Partners on an independent review site so you do not just have to take our word that we do what we say!”

Davison welcomes the ongoing regulation his industry adheres to, “We are a registered Money Service Business (MSB) regulated by Revenue & Customs and meet stringent financial criteria designed specifically to protect client funds. We are also supervised by the FCA under the Payment Services Directive”.

“In addition, we adhere to the Know Your Customer checks outlined by the Third EU Money Laundering Directive and are in line with statutory obligations for the prevention of Money Laundering. From our perspective any measure that guarantees the integrity of our service is positive”.


[LANZAROTE SECTION]

We can help you with every aspect of buying a property in Lanzarote from arranging your mortgage to arranging your furniture.We offer building and design services, holiday rental and property management/maintenance.

www.optimaestate.com [email protected]

Calle Varadero No 4, Playa Blanca, Yaiza, Lanzarote. 35580 / Mobile: +34 620 803 510 Phone +34 928 519 383

5 MINS WALK FROM TOWN CENTRE Fantastic 4 bed/2 bath semi-detached villa in Los Calamares. Quality furnishings/fittings. Walled garden with BBQ, heated pool & parking.

REDUCED PRICE: 338,000e

Ref. 485 PLAYA BLANCA

Very private semi-detached 2 bedroom villa on 500m2 plot, in Costa Papagayo. 2 bathrooms, separate fitted kitchen, gardens, terraces & private pool. Furnished.

PRICE 258,000e


Well-kept semi-detached 3 bedroom villa in Costa Papagayo. 2 bathrooms. Living-dining. Fitted kitchen. Gardens, terraces & pool. Parking.

REDUCED PRICE: 226,000e


Charming detached 2 bedroom villa with sea views in up-market Los Mojones. 2 bathrooms (1 en-suite), ample out-door space and private pool. Fully furnished.

PRICE 425,000e

Ref. 228 P. del CARMEN.

Pair of semi-detached 3 bedroom/ 3 bathroom villas with pools, each set on 500m2 plot. Project just needs finishing off.

PRICES: 189,000e and 199,000e


Near Marina Rubicón,semi-detached duplex, 2 bedrooms, 2 bathrooms, dual aspect living-dining room, walled gardens with terraces & private heated pool. Private parking space. Furnished.

PRICE 165,000e


Lovely semi-detached villa in Costa Papagayo; close to the town centre & beaches. 3 bedrooms, 2 bath-rooms, spacious terrace with private pool, gardens, covered double , roof-top solarium with spectacular mountain views. PRICE 285,000e


Detached 2 bedrooms villa with many extras in Faro Park. Short walk from the shops and res-taurants. Planted gardens surrounding spacious sun terraces and a large heated pool. Covered al fresco dining, BBQ, hot tub and private parking. Fully furnished. PRICE: 219,000e


Spectacular sea views. Secluded finca set in 13,000 m2 of rural land. 4 bedrooms, 3 bathrooms, 2 living rooms, dining room and very large, open plan kitchen + 2 independent apartments, pool, sauna, outside entertaining area with alfresco kitchen PRICE 1,575,000e

Ref. 423 MACHER Contemporary style villa on 1,664m2 plot with stunning panoramic sea-views and huge pool situated in an elevated position on Montaña Roja. 3 bedrooms, 2 bathrooms. Walking distance to a small beach. PRICE 1,300,000e

Ref. 434 PLAY BLANCA. Detached luxury villa near the exclusive Marina Rubicón. 4 bedrooms, 3 bathrooms, covered alfresco living-dining, south-facing terrace & private pool. Stunning interior deco, roof terrace, walled gardens & parking. REDUCED PRICE: 835,000e

Ref. 455 PLAYA BLANCA Semi-detached villa in Costa Papagayo, close to the town centre, restaurants and beaches. 4/5 bedrooms, 3 bathrooms, living room and alfresco dining area. Second living area on the lower floor. Air-con in some rooms. 9 metre heated pool. Ideal as rental property.

BARGAIN PRICE: 230,000e


More propertiesurgently required -

we now have clientswaiting

UNDER OFFER

S

OLD


[LANZAROTE SECTION]

Playa Blanca

Semi-detached duplexes in the popular Costa Papagayo area of Playa Blanca, only 10 minutes walk from the town centre, good restaurants and sandy beaches. Private pool & terraces

Web ref: 40641 Estate Agent: Optima Estate Price: e168,000

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Arrecife

This apartment is located on the fifth floor of a very well-maintained and secure building, overlooking Calle Real. Unexpectedly quiet right in centre of town. 117 metres built


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Tias

Immaculate three bedroom apartment in a popular town in the centre of Lanzarote. This property has just come on the market. Outside terrace and BBQ area. Great value property.

Web ref: 230612Estate Agent: Freedom Properties Price: e195,000

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Playa Blanca

This house has been built to a very high specification with quality alumium throughout, neutral tiling and has good sized rooms making this an ideal home you can move straight into.


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Haria

An opportunity to buy a traditional Canarian house which has already been fully renovated, Lovely views from the house across the town, taking in many of the famous mature palm trees


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Costa Teguise

Built in 2005 this duplex, over a ground floor apartment, is presented in truly immaculate condition. Ready to move in and sold part furnished.


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Costa Teguise

Las Gaviotas is a well maintained development in a popular residential location of Costa Teguise. It is within walking distance of shops, schools, the town centre with all its amenities, and beaches


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Playa Blanca

SPECIAL OFFER ONLY 5 UNITS AVAILABLE AT THIS PRICE Recently built contemporary style villas situated in Playa Blanca. Airy living-dining area with high ceiling, separate kitchen & utility.


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Playa Blanca

3 bed detached duplex villa with private heated pool located in a great position within the urbanization of San Marcial de Rubicon. Situated close to the coast, beaches, amenities and port.


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Playa Blanca

Great value for money. Semi-detached 3 bed 2 bath villa with private pool situated close to the main town centre of Playa Blanca. Sold furnished and equipped


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Yaiza

Duplex, 3 bedrooms and 2 bathrooms. Great size property to include large basement and garage. Garden and terraces, with large terrace leading off the master bedroom with mountain views.


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Puerto del Carmen

Large frontline 2 bedroom apartment with beach views and large terrace of 25m2! Located in central Puerto del Carmen.


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[LANZAROTE SECTION]Calle Puerto Cabras Numero 6, Local Numero 1, Residencial Las Moreras(San Marcial de Rubicon), Playa Blanca, 35580, Yaiza, Lanzarote.Telephone:- (00 34) 928 518 923 Mobile:- (00 34) 666 45 51 71 E-Mail:- [email protected] www.playablancaproperties.com

Lanzarote’s Preferred Estate Agency

REF AB403 Price: 275.000 €Great property consisting of 2 bed 2 bath villa with private heated pool, sold together with 2 bed lower level house with independent access, kitchen, living room, bathroom & terrace. Located close to beaches, sea front promenade & local amenities. Sold fully furnished. Good sea views from the terrace. Private entrance, private parking, terraces & gardens. Good price for area & type of property.

REF AB257 Price: 190.000 €Detached 2 bed villa with private heated pool in a prime position close to the coast & amenities. Excellent standard of construction & finish, the villa is beautifully decorated & furnished. Marble floors throughout, wooden carpentry, including fitted wardrobes & shutters on all windows. Complex has a communal swimming pool.

REF AB401 Price: 259.000 €Beautiful semi-detached 4 bed 3 bath villa on 2 levels with private

heated pool & situated 15 minutes walk from Playa Blanca centre.

Well equipped & furnished. Private entrance, private parking &

generous size plot. Good sea views from the first floor. Ideal as

investment property or family home.

REF AB314 Price: 280.000 €Exceptional detached 3 bed, 2 bath villa, built on one level with private heated pool. Good position, in sought out area, close to centre of Playa Blanca, amenities & beaches. High standard of construction & finish. Fully furnished, equipped & decorated to very high standard. Private terraces & private parking. Excellent investment property. Sold with forward bookings if required. Viewing definitely recommended.

REF AB386 Price: 150.000 €Very well priced detached 3 bed 2 bath bungalow situated in a

quiet complex with large communal swimming pool. Sold com-

pletely furnished & equipped. Property of decent size with gener-

ous plot, large terraces, private landscaped gardens, & lovely

views, at their best from the roof terrace.

REF AB226 Price: 90.000 €Lovely 2 bed duplex property, situated in the resort of Playa Blanca. Handy position close to the amenities the coast & seafront promenade. Nearest beaches just a short 10 minute walk away. Fully furnished this duplex has a nice layout with lots of natural light, garden & terrace area outside the property.

Avda de las Playas 1 – L2, Puerto del Carmen, Lanzarote. Tel.: +34 928 596 220Visit our website to see all our properties for sale

www.HouseLanzarote.com www.facebook.com/HouseLanzarote

Detached villa with 3 beds, 2 baths & private pool.

A0588 – Puerto del Carmen H1422 – Los Mojones

Studio apartment with sea views in a complex with tourist license.

H1416 – Puerto del Carmen H1414 – ConilSpacious villa with sea & mountain views. 3 bedrooms & 2 bathrooms. Plot of 1141m².

Ground floor apartment on the front Las Villas bungalow. 2 bedrooms, 2 bathrooms & communal pool..

Detached house with sea views. 4 beds, 3 baths, pool & garage. Const. area 180m². Plot 700m².

Detached house with sea views. 5 bedrooms, 4 bathrooms & garage. Const. 285m². Plot of 1007m².

Imposing country villa with views of the local countryside. 6 beds, 4 baths divided between the main house & apartment. Private pool.

Building plot of 1000m² with sea views & project to build 3-4 bedroom luxury villa with pool.

H1361 – El Cuchillo L0211 – Las BreñasH1378 - TíasH1332 – Tías

Price: 49.500 €

Price: 235.000 €

Price: 345.000 €

Price: 295.000 €

Price: 169.000 €

Price: 399.950 €

Price: 195.000 €

Price: 49.950 €


[LANZAROTE SECTION]

Playa Blanca

Delightful villa set on a secluded 326m2 plot and located in an elevated position in Las Coloradas with views towards the west. Lovely sunny terrace which surrounds the 7 x 3 m heated pool


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Playa Blanca

Only 15 minutes’ walk from the town centre! This stunning semi-detached villa is in the popular Costa Papagayo area and is within easy walking distance of the Playa Dorada beach & amenities


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Puerto del Carmen

Beautifully presented holiday villa. 3 bedrooms, 2 bathrooms (1 en-suite), lounge/diner, kitchen, drying area. Roof terrace with sea views, terrace with barbeque, private swimming pool & parking.


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89

Mala

Beautiful 3 bed villa in Mala with private pool on 1.187sqm plot.


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Playa Blanca

PLAYA FLAMINGO BARGAIN. This 2 bedroom, 1 bathroom bungalow is situated on Playa Flamingo, which is a front-line holiday village of bungalows direct on the Playa Flamingo Beach.


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Teguise

Fabulous villa in the rural village of El Mojon on the outskirts of Teguise. Externally this property benefits from electric gates and wall surround. Private pool with terrace surround


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Playa Blanca

Beautiful semi-detached villa in sought-after Costa Papagayo area, only 12 minutes’ walk from the Playa Dorada. Furnished and ready to move into. Ample parking for 2 cars


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Playa Blanca

Located in a good position close to the coast and just a short walk to the nearest beaches. Generous plot size, private garden, surrounded by lovely boundary wall. Equipped and furnished


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Playa Blanca

REDUCED IN PRICE: Located on a beautiful front line complex, only a few minutes walk to the centre of the town and Playa Flamingo, stunning views across to Fuerteventura.


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Playa Blanca

BIG PRICE DROP. Immaculate 2 bed villa on a quiet development close to the sea. No expense has been spared to make this a well equipped family home.


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Oasis de Nazaret

Casa Galle is a truly magnificent detached villa nestling on the upper slopes of Oasis De Nazaret, just a few minutes walk from Lagomar restaurant and museum. Panoramic views


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Playa Blanca

Stunning single-storey villa situated in the sought-after Los Calamares development, only a short walk from the town centre. Contemporary style and beautifully furnished


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Avoid the pitfalls of setting up a business in SpainUnrealistic expectations can empty savings of entrepreneurs-wannabes expats who are thinking of starting a new business in Spain.

Many Brits move to Spain thinking they’ll easily start up a new business there and live happily ever after. Unfortunately a large percentage of these expats face financial ruin due to lack of knowledge, poor financial planning and unrealistic expectations.

As a result, many expats return home poorer and disillusioned having found it impossible to establish an income in Spain and using all of their savings to survive. If you’re considering a new life in Spain then these handy tips will help you avoid the financial traps that leave you broke.

1. Build a Safety Net

Before coming out to Spain, you should work out the minimum you are going to need to survive for at least 12 months and make sure you have it stashed safely away in case you get in trouble. If you find yourself eating into this safety fund then this gives you a good early indicator that you’re not self-sufficient in Spain.

Wherever possible you should consider renting out your home in your own country rather than selling it so that you at least have an asset that’s worth something should your Spain plans fail.

2. Consider Testing Your “Good Idea” At Home First

If you’ve never run a successful business before then it’s not going to be any easier in Spain. If anything, as an expat who may have limited Spanish language skills, you’ll be at a massive disadvantage.

Of course, tourism businesses that rely on local attractions will only work in Spain but other businesses should be setup and

stable in your home country before you opt to “export” them to Spain.

3. Beware The Setup and Ongoing Costs

Starting a business in Spain costs more than you might expect and as soon as you’re up and running the government will expect a hefty national insurance contribution every month whether you’re making money or not.

The alternative is to do it the “dodgy” way but sooner or later expats going down this route will get caught, fined, kicked out of the country or locked up.

If you don’t think you’ll be able to cover your day-to-day costs (like mortgage payments, food, living expenses and running costs) plus at least EUR 250 for essential taxes each month on top then seriously reconsider how you expect to survive.

4. Don’t Assume You’ll Make Money Out of “Wealthy” Expats

Think about it - if you’ve scraped together your life savings to leave your old life behind and you’re struggling to make ends meet then you’re probably not alone. Many expats are just about surviving financially in Spain.

So if you’re hoping they’ll have plenty left over for your pampering, coaching or personal shopping services you’d do well to make sure first.

Businesses that can become part of the stable local community or that cater to tourists who expect to pay for recreational businesses are a safer bet than relying on other expats for your income.

Don’t Assume You’ll Make Money Out of “Wealthy” Expats


[LANZAROTE SECTION]

Puerto del Carmen

Detached villa, roof terrace with sea views, terrace, swimming pool, beautiful barbeque area, jacuzzi and games room. Located in “Risco Prieto” on the cliff tops above the old town.


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Playa Blanca

Spacious 3 bedroom semi-datched villa located not far from the Playa Flamingo. Large basement, Air conditioned, fully furnished and ready to move in.


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Tabayesco

A luxury property in the picturesque village of Tabayesco. The house is approximately 250square metres on a plot of 5,000 square metres.


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250

La Asomada

Spacious three bedroom villa with separate 2 bedroom apartment. The villa, terraces and pool area are south facing enabling you to enjoy the sun all day long.


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Puerto Calero

Beautifully renovated 4 bedroom 3 bathroom villa with private pool and perfect uninterrupted sea views and views towards the marina in Puerto Calero


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Playa Blanca

A superb holiday villa on a large plot with a private heated pool, gardens, large terraced area for al fresco living. Furnished and equipped to a high standard can be sold with forward bookings.


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[LANZAROTE SECTION]

Playa Blanca Ref: 229932

BANK REPOSSESSION: Extremely good value. Three bedroom duplex in a popular area of Playa Blanca. The property has fantastic sea and mountain views and consists of 3 bedrooms, a bathroom upstairs, a downstairs toilet, kitchen and a large reception. At the front is space for off street parking. Located in a quiet private development in the Las Coloradas area, near local shops and restaurants.

Beds: 3Baths: 1

Price:e87,000


PRICE REDUCTION. A two bedroom bunga-low situated on a complex with communal pool, large mature garden areas and all the amenities close by. The complex is situated just 200 meters away from the Flamingo Beach and the promenade, which takes you to the harbour of Playa Blanca. Excellent rental potential!

Beds: 2Baths: 1

Price:e148,000


A superb detached bungalow in one of the most popular locations in Playa Blanca. The villa has been built using top quality materi-als and has been maintained to a very high standard with a large terrace surrounding the superb, heated pool. With two double bedrooms, two bathrooms, a spacious lounge, fully equipped kitchen and al fresco dining area, it makes an ideal family home, holiday home, or holiday rental property.

Beds: 2Baths: 2

Price:e200,000


SENSATIONAL PRICE. High on the mountain, this bungalow has magnificent views across to Fuerteventura. Four double bedrooms and three bathrooms, this villa has tremendous potential as a rental property or family home. Ample car parking. Spacious terraced area on two levels with a heated pool, brick built bbq, solana and access to the house through patio doors to the master bedroom, lounge and well equipped kitchen / dining area. The price includes furniture, fixtures and fittings.

Beds: 4Baths: 3

Price:e260,000

Playa Blanca Ref: 198802t

Located on Puerto Chico a beautiful front line complex. Recently renovated with new aluminium windows and doors throughout. It has two double bedrooms with fitted wardrobes, two bathrooms an open plan kitchen and lounge with patio doors open-ing onto a large south facing terrace. The property has excellent forward bookings for anyone wishing for an investment property. The complex has a touristic licence.

Beds: 2Baths: 2

Price:e275,000

www.grupoestupendo.com

Costa Teguise: Bungalow on the popular Playa Bastian complex. Open plan American style fitted kitchen with light and airy living/dining area , large twin bedded bedroom with fitted wardrobes, and a nicely tiled full bathroom. Secure utility area which could easily be converted to provide a further small bedroom. South facing terrace catching the sun for much of the day with a possibility to increase the size. Price 94,950

Costa Teguise:3 bed, 2 bath duplex with fantastic sea and mountain views. Two double bedrooms and a beautifully presented shower room. Spiral staircase leads to the top floor which opens out to a modern open-plan kitchen-sitting-diner. Further double bedroom (currently in use as a gymnasium), and a cloak room with wc and wash hand basin.Price 190,000 euros

El Mojon: 5 bed, 3 bath spectacular villa with private pool in the village of El Mojon on the outskirts of Teguise. This is a large detached property with fabulous uninterrupted sea views with a large private solar heated pool. 3/4 ground floor bedrooms with two shower rooms, fully fitted modern kitchen, dining room and large living room with wonderful sea views. First floor master bedroom suite with large walk in wardrobes, full bathroom and a sitting room.Price 525,000 euros

Nazaret:6 bed, 3 bath. large rural property located on the outskirts of Nazaret. This house was originally built over 50 years ago and sits on an 1850m2 plot. On the ground floor the property offers a good size entrance hall, fully fitted kitchen / dining room, lounge, 4 ground floor bedrooms with two ensuite shower rooms and a family shower room. Price 285,000 euros

Costa Teguise Office Coronas Playa Hotel, Avenida del Mar 26, 35508

Phone: Tel + 34 928 346 105

Sue: 0034 608 928 550 [email protected]: 0034 608 608 109 [email protected]

Lawyers1 Property Conveyancing

1 Civil, Criminal, Labour Law

1 Express & International Divorces

1 Evictions & Insurance Claims

1 Judicial & Out of Court Cases

1 Legal and Fiscal Advice

1 Tax Consultants

1 Companies & Self Employed

1 All Types of Paperwork

1 Opening Licenses

1 Non Residents Tax

1 Anual Tax Declarations

Business Centre

[email protected]

1 Arrecife - C/ Jose Molina 6,1oC

1 Puerto del Carmen - C/ Teide 22, local 1

1 Playa Blanca - C/ La Lapa 27

1 Fuerteventura - C/ Galicia 20, Corralejo

1 Madrid 1 London

Offices

We speak English,Spanish, German

and Chinese

Legal Services

Specialists in Property Conveyancing

Call Centre1 (0034) 928 80 63 63

1 M : 615 085 036

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Lawyers

Specialists in property conveyancing

We speakEnglishSpanish

GermanChinese

Legal Services• Property conveyancing• Civil, criminal, labour law• Express & International divorces• Evictions & insurance claims• Judicial & out of court cases

Business Centre• Legal and fiscal advice• Tax consultants• Companies & self employed• All types of paperwork• Opening licenses• Non residents tax• Anual tax declarations

Offices• Arrecife: C / Jose Molina 6• Puerto del Carmen:

C / Teide 22, local 1• Playa Blanca: C / La Lapa 27• Fuerteventura:

C / Galicia 20, Corralejo• Madrid • London

Call Centre• (0034) 928 80 63 63• M: 615 085 036• Fax: 928 80 64 28• E: [email protected]• W: www.asginterconsulting.es


[LANZAROTE SECTION]Dissolution of joint property ownership in Spain

Some owners may be unaware there is a special legal procedure that can be followed in Spain to re-arrange holdings which saves buyers a considerable amount in taxes. On buying re-sale property in Spain, a buyer is normally subject to 7% Transfer Tax (ITP) on the proceeds. However, on following what is known as a “Dissolution of Joint Property Ownership” (DJPO, for short) a buyer will only attract 1% tax.

Read further to find out in what cases this applies and just how this can be achieved legally.

Deed of Dissolution of Joint Property Ownership

Signing a deed of Dissolution of Joint Ownership follows the same legal procedure as if you were buying or selling a property. Therefore a DJPO has associated identical expenses as a standard conveyance except with the added boon that the tax borne by the buyer is significantly less, as in 86% less. The reason being is because the buyer instead of being subject to Transfer Tax, on following a DJPO, is now subject to Stamp Duty which is significantly lower. This procedure may however not be applicable in all cases.

A deed of DJPO is signed before a Spanish Notary Public who witnesses it, allowing joint-owners to re-arrange their share on any property in a tax-efficient manner as it enables the outgoing joint-owner to transfer his share to an existing co-owner legally waving the extreme 7% Transfer Tax and paying in lieu 1% Stamp Duty on the full property value. Please note Stamp Duty is paid on the full value of the property, not only on the outgoing share that is actually being transferred.

If the property is mortgaged, consent from the lender is required to approve a deed of dissolution.

DJPO Requirements

Foremost, both buyer and vendor need to be pre-existing owners of the property i.e. a married couple

who owns a property in joint names. One of them wishes to terminate the situation and sell his share.

The buyer must also be an existing joint-owner i.e. in the above example the husband would buy out the outgoing 50% belonging to his spouse. He would now own 100% of the property.

Applicable Cases

A DJPO is most suitable in a number of cases involving joint property ownership:

1.- In a divorce or separation. Couples owning property jointly may decide to split-up. Taking for granted they own a property in equal shares, one of them decides to sell their 50% to his ex-partner. The ex-partner will pay him/her his quota and this transaction will only attract 1% Stamp Duty on the full declared value instead of the usual 7% Transfer Tax on the 50% in addition to Land Registry, Notary and Lawyer’s fees.

2.- Beneficiaries of an inheritance transferring their quota on a property to a fellow heir.

3.- Stakeholders such as family, friends or investors co-owning a property deciding to re-arrange their holdings.

Associated Taxes

Both buyer and vendor are subject to pay taxes on transferring ownership of the asset.

i) Buyer: will pay 1% Stamp Duty on the full property value.

E.g. following the above example, on a property worth €300,000, jointly owned by the couple, the husband would only pay 1% on the full property value or €3,000.

ii) Vendor: pays Capital Gains Tax on the outgoing share.

If the vendor is non-resident, 3% retention is practiced on the outgoing share. The CGT payable would amount to 19%.

E.g. continuing with the above example, if the wife is non-resident, 3% retention would be practiced on her 50% (€150,000). So the Notary Public would withhold in her case €4,500 which will be paid into the Tax Office on selling her share. The vendor, depending on whether she makes a profit or a loss, may be due a tax rebate on the withheld amount.

Other Expenses Incurred

As additional expenses, common to any sale or purchase, you will have to budget Notary’s fees (who witnesses the signing of the Public deed), Land Registry’s fees (to legally lodge the now re-arranged share in ownership of the property) and finally the Lawyer’s fee who negotiates with a lender if a mortgage is attached on the property, drafts the deed and organizes the signing of the deed at a Notary.

Forced Dissolution of Joint Property Ownership

What happens if one of the co-owners refuses to sell? This is when a contentious DJPO comes into play.

There may be cases in which one of the joint-owners may wish to terminate the joint ownership for good and sell the property. Fellow co-owners, for whatever reason, may turn down the proposal to sell the property as a whole and likewise may refuse to buy him out. This will result in a bitter gridlock that will erode personal relations. Refusal may be narrowed down to either lacking the necessary funds to buy the outgoing share outright or else due to the fact they reject altogether the idea of a sale.

To bypass the deadlock, any joint-owner is entitled to force a DJPO through a competent law court (Arts 406 and 1062 of the Spanish Civil Code). The court’s ruling will overrule any dissent and the asset will be disposed of regardless of opposition from fellow co-owners. The property will then be auctioned off publicly to the highest bidder. However, easy as it

Properties in Spain can be jointly owned for a number of reasons i.e. spouses, friends, family, investors. A practical problem may arise when one of the joint-owners wishes to terminate the

community by either buying out the remaining quota or else selling up their outgoing quota to a fellow joint-owner.


[LANZAROTE SECTION]

may sound, following a forced DJPO is far from it and there are three main downsides that ought to be pondered upon prior to taking this route.

The main drawback is that the asset will be sold in a Public auction which will fetch a value considerably below the current market value. It is unsurprising if the property is auctioned-off for 50% of its true market value. Another problem, given today’s grim financial environment, is actually finding a genuinely interested bidder; which in today’s market simply cannot be taken for granted. The reason being is that in a Public auction it is mandatory for a potential bidder to previously lodge before a law court 30% of the appraisal value (which is refundable if not won); not everyone has this kind of money nowadays. The credit crunch has made a dent in Spanish lenders, who are no longer lenient with their lending criteria and have in fact raised the bar considerably for the average borrower requesting collateral. This has resulted in a shortage of bidders to the point that in 9 out of 10 auctions no one is bidding. And last but not least are the associated expenses to a contentious DJPO which are those of a litigation procedure which happen to be considerably higher than if it were just a standard conveyance procedure.

For the above three reasons, a forced dissolution through a law court is advisable only as last resort wherein the disagreement is serious resulting in a protracted stalemate; as all joint-owners stand to lose significantly on following it. Sadly, at times, this may be the only legal solution to bring an end to an ongoing co-ownership problem.

In conclusion

A Dissolution of Joint Property Ownership is optimal to mitigate a buyer’s tax burden. However, it may not be applicable in all cases. Seek legal advice on the matter.

A non-contentious DJPO is very straightforward and can be arranged within a few days without any need for you to fly over to Spain by way of granting your appointed Spanish lawyer a specific Power of Attorney. The new re-arranged ownership will then be lodged at the Land Registry after the associated taxes are settled.

Please note the information provided in this article is of general interest only and is not to be construed or intended as substitute for professional legal advice.

Freedom for Sale 18 www.freedom4sale.com/fuerteventura

[FUERTEVENTURA SECTION]

Largest Selection of Property Re-sales, Bank Repossessions & Long Term Lets in Fuerteventura & Gran Canaria

Calle Guirre 1, CC Oasis Tamarindo Local 17, Corralejo 35660, Fuerteventura

El Cotillo

Very nice duplex in town centre. It is of 2 bedrooms with fitted guardrobes, 1 bathroom, living-room and fitted kitchen, good materials, laundry room and private roof terrace

Web ref: 229806Estate Agent: Aurytur Price: 74,800e

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Corralejo

Flats in first floor in Complex with communal gardens and pools; each flat is about 1 bedroom, 1 bathroom, living-room with american kitchen and terrace; for sale totally fitted and equipped.


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Corralejo

3 Bedrooms, 2 Bathrooms, large apartment in the Bristol area of Corralejo. First floor. Communal roof terrace

Web ref: 198861 Estate Agent: Aurytur Price: 90,000e

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Costa Calma

Charming one bedroom apartment on an established complex which boasts a fabulous communal pool area and sun terraces. Located just a short walk from the stunning beaches.

Web ref: 232576Estate Agent: Goldacre Estates Price: 45,000e

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Costa Calma

Well appointed 1st floor apartment with stunning views to Sotavento beach and the Atlantic ocean. Set in a quiet, elevated position in walking distance to the beach.

Web ref: 235571 Estate Agent: Goldacre Estates Price: 65,000e

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Corralejo

A great top floor two bedroom apartment, located in the centre of Corralejo, very convenient for the local bars , restaurants and shops. The beach is just a short walk away.


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Corralejo

Outstanding Opportunity at Pre-Launch Prices!! 3 Bedroom Duplex Villas with large gardens and on-site swimming pools, tennis & paddle courts plus ocean and country views.


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Corralejo

UNBEATABLE PRICEThis spacious furnished two bedroom top floor apartment has a large private roof terrace with beautiful panoramic views


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Corralejo

Fabulous one bedroom villa located outside the main centre of Corralejo. Close to all local amenities. Furnished, with own hot tub, plus security alarms


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Nuevo Horizonte

Great opportunity to purchase a 1 bedroom furnished bungalow on a popular residential complex also conveniently situated close to the large communal swimming pool

Web ref: 229869Estate Agent: Fuerteventura Residences Price: 49,950e

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Jandia

GOLF PROPERTY- UNBELIEVABLE PRICENew first floor duplex on a fabulous developement in the beautiful resort of Jandia. Minutes from stunning beaches and town


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Costa Antigua

This 2 bedroom duplex is located near the main resort of Caleta de Fuste.To be sold fully furnished, the complex boast a communal pool and private parking space.


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Quality Service & Total Security

[email protected] Largest Selection of Property Re-sales, Bank Repossessions & Long Term Lets in Fuerteventura & Gran Canaria

Calle Guirre 1, CC Oasis Tamarindo Local 17, Corralejo 35660, Fuerteventura

www.goldacreestates.com

0034 928 53 50 44Facebook: goldacreestates Twitter: goldacreestates

Just ReleasedMARINA VILLAGE

From only 79,500 euros !!!! 3 Bedroom,2 Bathrooms ( One Ensuite ) with separate W.C. Large Lounge, Independent Kitchen, Front

and Rear Gardens plus Roof Terreaces. Location: Corralejo Fuerteventura

Marina Village The Best Opportunity In Fuerteventura Today !! Call Us to Reserve Yours

Repossession Apartment for sale in Cotillo, Fuerteventura. ID.: ES.FU.CO.RS.AP.1072Beds : 2 Baths: 1 Built : 63 m2 Plot : 81 m2 Located in the charming coastal town of El Cotillo, close to the centre of town and within walking distance of the stunning harbours and beautiful lagoons. Finished to a high standard. Great location.Price: 73,000 €

Plot for sale in Villaverde, Fuerteventura

ID.: FV.P.1077t

Plot : 1,000 m2

A level plot with easy access, water and electric. close

to centre of the village. A fantastic plot in one of the best

canarian villages in Fuerteventura.

Price: 55,000 €

Good Location Apartment for sale in Corralejo, Fuerteventura ID.: ES.FU.CO.RS.AP.1105Beds : 1 Baths: 1 Built : 39 m2 Plot : 79 m2Fabulous ground floor apartment with direct access out to sun terraces from the lounge surrounding the shared swimming pool, completely renovated.Price: 99,950 €

Good Location Apartment for sale in Corralejo, Fuerteventura. ID.: ES.FU.CO.RS.AP.1065Beds : 1 Baths: 1 Built : 50 m2 Plot : 50 m2 A great ground floor apartment in a beautiful complex known as Tamarindo in the popular resort of Corralejo.Boast two large communal swimming pools, sun terraces and extensive tropical gardens. Fully furnished. Makes and ideal holiday home or holiday rental. Price: 75,000 €

Great Opportunity Apartment for sale in Parque Holandes, Fuerteventura. ID.: ES.FU.PH.RS.AP.1006Beds : 1 Baths: 1 Built : 50 m2 Plot : 50 m2 Located in the tranquil village in Parque Holandes, is this spacious one bedroom fully furnished apartment. The complex boasts a large communal pool. And onlty minutes from the stunning Golden Beaches and Dunes of Corralejo. Price: 45,000 €

Great Opportunity Villa for sale in Corralejo, Fuerteventura. ID.: ES.FU.CO.RS.VI.1025Beds : 3 Baths: 2 Built : 103 m2 Detached single storey villa with private pool surrounded by sun terraces and patio courtyard leading to the roof terrace with panoramic views of Corralejo. Fully furnished holiday home walking distance to local amenities and sits in a quiet residential neighborhood. Price: 249,000 €



Caleta de Fuste

This stunning golf course bungalow is being sold fully furnished to a very high standard.Bright & spacious rooms with tiled terraces & planted private gardens.

Web ref: 229756Estate Agent: Carmen Villazan Price: 147,000e

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Caleta de Fuste

Great opportunity to buy a fully furnished 3 bedroom town house in the popular golf resort, and an exceptional price. Several sun terraces, private driveway, communal pool

Web ref: 199402Estate Agent: Fuerteventura Residences Price: 149,950e

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Caleta de Fuste

A well maintained villa enjoying fantastic views over Caleta to the sea from the lounge and the large private terrace. To be sold fully furnished.


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Corralejo

New duplex in Parque Natural, 3 bedrooms, 2 bathrooms, 1 toilet, independent kitchen, 3 terraces, solarium, garden with private pool and parking zone. 100% Finance


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Parque Holandes

This charming detached villa is located on a big plot and offer 2 good sized bedrooms and 2 bathrooms. It is fully furnished and comes with a lovelly al-fresco dining area and a large garden.


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Corralejo

Bottomline price! - This corner townhouse for sale is located in a quiet residential development.A spacious private roof terrace overlooking the garden, tennis court and community pools.

Web ref: 174487Estate Agent: Fuerteventura Property World Price: 102,950e

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Caleta de Fuste

Ground floor apartment located on the frontline of the Fuerteventura golf course.This property benefits from magnificant views and a communal swimming pool.


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110

Caleta de Fuste

Three bedroom townhouse ideally located in the centre of the resort of Caleta de Fuste. Well maintained complex with an attractive communal pool area & garage parking.


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Villaverde

Price reduced! - This spacious and furnished detached villa is on a quiet rural location that is approx. 10-15 minute drive to the centre of Corralejo.

Web ref: 229856Estate Agent: Fuerteventura Property World Price: 199,950e

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Corralejo

Beautiful house on the Tamaragua development located just outside the resort of Corralejo.Private terrace & garden with a private swimming pool.


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Corralejo

The complex has 68 semi-detached Villas. The Villas Chemas Duplex have 3 bedrooms, private fresh water pool and can accommodate up to 6 people


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Parque Holandes

3 Bedrooms, 2 Bathrooms (one in suite), large Living-room w/ dining area and a fully fitted kitchen. Well maintained grounds with plenty of parking space, barbecue area


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• Sales • Rentals • Apartments • Villas • Land •

Avda. Juan Ramón Soto Morales Nº 9, Residencial Esmeralda, Local Nº 2, 35610 Caleta de Fuste. Antigua. Fuerteventura.

Telephone number: 0034 928 16 01 75 website: www.carmenvillazan.com e.mail: [email protected]

We are specialists in finding the right property for your budget.

Let us know WHAT you want & HOW MUCH you want to spend and we’ll find the right property

for you as we have the best contacts.

Costa Antigua - Villas, 3 bedrooms, 2 bathrooms, terrace, garage & private pool.Prices from: 93.100 euros.

Caleta de Fuste - Brand New, 3 bedrooms, 3 bathrooms, terraces, communal pool.Price: 109.500 euros.

Caleta de Fuste - Furnished, 2 bedrooms, 2 bathrooms, balcony, communal pool.Price: 73.000 euros.

Corralejo - Furnished, 2 bedrooms, 1 bathroom, terraces, communal pool.Price: 95.000 euros.

Fuerteventura Property World Calle Almirante Nelson 5,

35660 Corralejo, Fuerteventura

Tel: + 34 928 867 989 Mobile: + 34 696 079 572

[email protected] www.fuerteventurapropertyworld.com

Oasis Dunas furnished top floor apartment in the centre of Corralejo

Price: 65,000e

Well-appointed three-bedroom semi-detached property on the

Golf Resort Price: 175,000e

Corralejo corner semi-detached house in a prime location that

boasts amazing sea viewsPrice: 254,950e

Four-bedroom high-quality detached villa, including an additional 1000m2

adjacent plotPrice: 349,950e

Don´t miss out on these & other fabulous offers, now including bank repossessions. Contact us today

Triquivijate 3 bedroom, 2 bathroom villa, private pool

1.500 M2 plot215.000e

Caleta de Fuste - Golf CourseFurnished 2 bed apartment

First line Golf Course 147.000e

Caleta de FusteCentral location. 1 bedroom duplex

Communal swimming pool 65.000e

Caleta de Fuste - Center 4 bed, 3 bath duplex.

Private garage.158.500e

Live your dreamin the Canary Islands• Property magazine• Web site - freedom4sale.com• Free advice

We have over 12 years first hand experience in the Canary Island property market. There is no better single source for Canary Island property and related information.


Ten things to do before moving out of your apartment in SpainHere are some practical tips for moving out of your apartment in Spain, from terminating your lease to forwarding your post.

1. Give notice

Long term rental contracts are generally for at least one year and renewable annually by mutual consent. This can be unspoken and in fact the lease will be automatically renewed unless the tenant gives the landlord 30 days’ notice before the end of the year. Therefore, if you are leaving you must give your landlord formal notice of your intentions. Doing so by registered letter is usually the easiest way.

If you have a fixed term contract you may not be able to leave before the end of your term, without having to pay the outstanding rent.

2. Inform the authorities

You will need to advise the local authorities at the town hall of your leaving date and also the tax authorities. If you are lucky you may even be entitled to a tax refund!

3. Cancel utilities

Formally give notice and terminate any contracts with utility providers, television, Internet and phone companies. Do this at least 3-4 weeks in advance, as some providers require several weeks’ notice. Also cancel any insurance contracts that will no longer be required. You may be entitled to a refund for any outstanding periods but you can also get an accident record showing whether you were responsible for any accidents. If you have had a good record this can help when taking out a new policy.

4. Fix any damage

Check the condition of the property against the inventory and repair any damage or make good any loss to avoid deductions to your security deposit. Allowance is made for normal wear and tear, existing faults or forces beyond the tenant’s control (force majeure).

If you do not have an inventory you may lose out in the event of a dispute over the condition of the property. The law is often on the side of the landlord, so if no inventory exists then the tenant is presumed to have received the property in good condition and

the landlord is likely to receive the benefit of the doubt in the event of a dispute. However, if you have evidence of the property’s poor condition, such as in photographs, this will be taken into consideration.

5. Inventory

Hopefully you will have conducted an inventory (inventario) with the landlord. When you are leaving rented accommodation you are required to pay for a professional clean, unless you can do a thorough enough job yourself.

6. Show tenants around

Your landlord may ask you to show prospective tenants around. It is usually better to facilitate reasonable requests to ensure you maintain the relationship with your landlord, which in turn can help to smooth the path towards getting your deposit back.

7. Keep your bank account open

This will allow you your landlord to forward your deposit (fianza)(less any deductions for damages). Additionally, keeping your account open will enable any subsequent transactions to be processed, such as refunds from utility providers or tax authorities. Remember though to cancel any standing orders or direct debits.

8. Re-direct your Post

It can be useful to have your mail forwarded (reexpedir) to your new address. You can do this by paying a visit to your local post office and advising them of both your old and new addresses.

9. Get your deposit returned

This will usually be one month’s rent and ideally should be held by an independent agency. The deposit will not be released unless both parties agree. Usefully, if there is an unreasonable delay in the landlord returning the deposit then the legal rate of interest can be applied as a penalty.

10. Return the keys

Don’t forget to give these back, either directly to the landlord or rental agency. You’re done!

Lease will be automatically renewed unless the tenant notice

Freedom for Sale 24 www.freedom4sale.com/tenerife

[TENERIFE SECTION]

Golf del Sur

An immaculate garden apartment that offers a generous spread of square metres and is situated in a stunning development that consists of 3 swimming pools, one of which is heated in the cooler months.

Web ref: 229153Estate Agent: Tenerife Property Shop Price: 114,280e

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Golf del Sur

Absolutely pole position, fantastic views over the sea, very nice ground floor apartment with large balcony, very private, on popular well maintained complex, 2 swimming pools, walking distance to all amenities


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Amarilla Golf

Picture yourself with your sangria outside on the lovely terrace of this ground floor 1 bedroom apartment adjacent to a golf course & a minute’s walk to the sea. Easy access & on a complex with bar & pool


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Los Cristianos

Apartments at this price do not usually come to the market on Royal Palm! This two bedroom two bathroom ground floor property is very accessible (so no steps!). Sought after complex.


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Torviscas Alto

Located on perhaps the most well maintained residential complex in Torviscas Alto, this spacious & bright 1 bedroom apartment is ideally situated for those who find steps difficult


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San Eugenio Alto

This spacious 1 bedroom apartment is based on a popular complex in the San Eugenio area of Playa de las Americas.With a reception,supermarket, on site bar and an excellent pool area. Ideal rental.


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El Rosario

Fantastic villa on two floors, on a plot of 600m2, great views of the coast and Candelaria. Few minutes from the German school and the Radazul port/marina.10/15 minutes to Santa Cruz and 30 minutes to Las Americas.

Web ref: 229746Estate Agent: The Property Gallery Price: 590,000e

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Adeje

Kings Ridge is situated on the hillside of Torviscas Alto in a very residential area. This is a settlement of large private detached houses. These Spanish style homes are designed for privacy and modern comfort.


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San Miguel

El Roque. Unique two storey detached villa of 615m2 construction on a plot of 2800m2 with fantastic views of the coast and the mountains. Designed to provide spacious living areas with plenty of light.


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Adeje

This very nice 2 bedroom penthouse offers 75 m2 interior area divided into 2 spacious bedrooms and one bathroom, open plan kitchen and lounge which leads out to a terrace of 16 m2 offering panoramic views.


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Fanabe

Fanabe is a very popular area, close to all the best beaches and amenities of Playa de Las Americas, with easy access to the motorway. Lagos de Fanabe is a first line complex with direct access to the beach


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Adeje

Roque del Conde - This very attractive modern villa is located in Roque del Conde, Torviscas Alto, at the top of the hill with stunning views out to sea and La Gomera.

Web ref: 228480Estate Agent: The Property Gallery Price: 1,245,000e

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[TENERIFE SECTION]

Further information call 0034 928 177 538 Freedom for Sale 25Further information call 0034 928 177 538 Freedom for Sale 25

TENERIFE PROPERTY SHOP

www.TenerifePropertyShop.com

PARQUE ALBATROS – GOLF DEL SURGOLF01223

A one bedroom apt in a beautiful development. Fabulous holiday home whether you are young or old. In a quiet location with stunning views for a ground floor location. The complex has an on-site bar/restaurant, heated pool, childrens play area, WIFI zone, hot tubs and huge chess set. There are plenty of amenities nearby, sea front restaurants, marina, golf courses, bowls club and much more. Priced to sell. Price e 79.750

SANTA MARIA, TORVISCAS BAJOLA01434

If you want an investment with good rental income in the heart of Las Américas, look no further. This poolside studio apartment is based on a very popular complex with poolside bar / restaurant, 24hr reception, kids club and so close to beaches it is very popular for tourists. Good price, well worth a viewing. PRICE: £62.500

PEBBLE BEACH, AMARILLA GOLFAMG00331

Bargain hunters alert!! Absolutely superb value for money! This 1 bedroom apartment boasts a good sized living area and two good sized terraces. Views over the golf course to the mountains and ocean. There is a communal pool & all amenities are within an easy walk. With the costal path leading to the new marina close by - a real gem, but hurry, at this price it won´t be on the market for long!!!! Price e 82.500

LOS DIAMANTES, LOS CRISTIANOSLC00486

Relax on your terrace and watch the sun slowly setting every evening...sounds good? then don´t look any further than this immaculately presented 1 bedroom apartment.Tastefully decorated and refurbished, this would make an ideal home in the sun.Based on a popular complex in Los Cristianos, this is a fine example.... Price e 99.000

OCEAN RIDGE, AMARILLA GOLFAMG00334

Probably the best presented and refurbished property you will see on the market today and in a location dreams are made of. With unobstructed views of the ocean and mountain, a truly magnificent location! This 2 bedroom, 2 bathroom (one en-suite) bungalow is set in an oasis of peace and tranquility. Watch the sun set from the ample private terrace or take a stroll along the coastal path just meters from your door. This property must be viewed to be truly appreciated!! Price e 232.000

SUEÑO AZUL, CALLAO SALVAJECS00134

This charming bungalow is perfect to escape to your own peaceful haven yet is still within walking distance of amenities including a brand new beach! Located in the popular Sueño Azul area, this spacious property has comfortable living areas & a wonderful secluded garden...it even has a small roof terrace with some of the best sea views! There is also the possibility to change it back to its original 3 bedroom design if you need the extra room! Price e 298.000

LOS SILOSOUT00995

A unique opportunity to purchase a beautiful 4 bedroom villa which is full of Canarian culture and charm. Set in 800 square metres of flora and fruit trees this property is spread over 3 floors consisting of double garage, bodega, fully fitted independent kitchen with breakfast area, dining room, two full bathrooms, roof and various sun terraces and stunning sea and mountain views and more. Price e 299.950

LA QUINTA, AMARILLA GOLFAMG00310

Immaculately presented property that is in the best position amongst this nice little collection of Spanish style Vil-las. 4 bedrooms, 3 bathrooms and spacious living areas, the finest quality of kitchen money can buy, a garage big enough for a Bentley and a Rolls Royce that also has the potential to become a separate apartment, a private pool and various outdoor seating areas. The plot is a generous 426 sqm2 and the build size is a comfortable 200 sqm2, the Villa faces South giving sun all day. Price £495.000

VALLE SAN LORENZOOUT01012

JUST REDUCED... ORIGINALLY from 535.000 euros!!! This charming detached villa is located in a quiet cul de sac. The property consists of 4 large bedrooms and 2 bathrooms. There is a conservatory leading off one of the rooms. The lounge area is extremely spacious, doors leading out to a terrace and mature gardens. The kitchen is fully fitted, has a view to the back garden and accessible via both sides of the house, and your own private pool! HAS TO BE SEEN! Price e 339.000

PLAYA PARAISOOUT01006

Luxury, prestigious, high quality, just some of the words you could use to describe this property. It has been designed and built to a high specification, from the marble floors to the fitted kitchen with its high end appliances, to the hand picked furnishings. There is a large private garden and pool area and when you have had enough of the sun you can still enjoy the outside with 69mtr2 of covered terrace. If you are looking for a dream home you have found it!!! Price e 1.300.000

Tel: + 34 922 714 700 + 34 922 715 064

Local 117 Puerto Colon, Playa de las Americas

[email protected] a selection from our HUGE portfolio of properties

Downsize Your Home To Downsize ExpensesDownsizing your home is most commonly associated with empty-nesters and retirees looking for smaller spaces after the kids have moved out, but in this climate, it’s also becoming a more popular move for a growing number of hard-working, money smart property owners. It’s also a move that makes a lot of financial sense.

Chasing the SavingsProperty prices, increased taxes, soaring energy prices and high food and petrol prices all add to the cost of living. As a result, the financial benefits of moving to a smaller place are numerous, and well worth exploring. Reducing the Mortgage PaymentsThe monthly mortgage payment is generally the largest single expense consumers face. It routinely accounts for 30% or more of their gross income - often accounting for 50% of net income. Downsizing your house can have a dramatic and direct effect on mortgage expenses. At the very least, it can result in a significant reduction in your monthly expenditures, a significant increase in your free cash flow and massive savings in interest over the term of your mortgage. Calculating Taxes and Mill RatesReal estate taxes are generally the next largest expense for homeowners and, unlike the mortgage payment, they never go away. Downsizing your home is an easy way to minimize real estate taxes. Simply moving from a villa on a 1,000m plot to a townhouse with 200m2 garden can cut your taxes by half. Finding the Right LocationDownsizing your house is great way to lower your real estate taxes due to the lower assessments on a smaller home, but it’s also an excellent opportunity to move yourself right into a new area - preferably one with lower local taxes. Better still, it may be a chance to move to place that has a lower overall cost of living.The site of your primary residence can have a big impact on the cost of groceries, gasoline, commuting and more. A new location can result in a shorter trip to work and may, if you move from the country to a tourist resort, enable you to get rid of your car altogether.Lowering the Cost of UtilitiesThe cost of utilities is another big bill that’s easy to decrease if you move to a smaller place. If you’ve got less space to heat or cool, you should end up with more money in your pocket at the end of the month.Cutting the MaintenanceOver the long term, less space to maintain translates into less money spent. If you move

to a smaller place, you can cancel the gardener and the pool cleaner, paint fewer rooms and resurface a smaller driveway. When things get old, dirty or need to be redone or replaced, you’ll save money by fixing the smaller roof, buying one wood burner instead of two and laying 100m square metres of new tiles instead of 175 square metres. Sometimes in Spain, if you live on a complex that has a pool community fees can be between 1 and 2,000 euros a year. Move to a residential complex and use the beach can save you just that.

Downsizing Presents Opportunities When you move to smaller place, reducing your expenses is just one of the opportunities that will become available to you. The other part depends on what you do with the money that you save. Just saving 500 euros per month for the next 10 years turns in to 6,000 per year. That’s 60,000 over the course of a decade, even if you just tuck the money under your pillow.

Over the course of 15 years, investing in the stock market could turn that cash into 150,000 with ease, if the stock market is kind to you. Of course, you can also take some of that cash and use it celebrate your freedom. A shopping trip, a new car or a chance to travel could add some fun to your personal agenda.

Looking Beyond the MoneyIn addition to substantial cost savings, moving to a smaller place has other benefits. For example, you’re likely to have substantially less work to do around the house. With your newfound time, you can start a hobby, visit friends, travel or simply relax instead of spending hours cleaning, improving, or fixing your too-big house. You can even move to an apartment and delegate most of the chores to a maintenance man.

Stopping to Think FirstBefore you trade your palace for a townhouse or an apartment, consider all of the angles. Think about your current home: How many rooms do you have? How many of those rooms do you actually use? How much time do you spend in that basement that you have to pay to heat and cool? But before you call the removal company, remember think through your reasons for moving. Is a new lifestyle right for you? Can you live in a place where the neighbors are close? If the apartment doesn’t allow pets, will that bother you?

Like any major lifestyle decision, planning is the key to success. Plan first, then move! It just takes a little bit of strategy to make sure that you are doing the right thing and that you won’t be sorry about it after the fact.

less space to maintain translates into less money spent


[TENERIFE SECTION]

Further information call 0034 928 177 538 Freedom for Sale 27w w w . t h e p r o p e r t y g a l l e r y . c o m

C.C. Centro Playa, Local No 9, Puerto Colon, San Eugenio Bajo,Playa de las Americas, 38660 Adeje, Tenerife, Canary Islands.Tel: (00 34) 922 719 925 / 922 719 889Fax: (00 34) 922 719 616 UK tel: 0871 222 8720 Skype: tenerife.propertye-mail: [email protected]

GARAJONAY, LOS CRISTIANOS.

4th floor apt with lift access, partly furnished, 75m2 in total.

1 full bathroom, full kitchen, lounge, community swimming

pool. Community fees per month 75 euros.

PRICE: 99.750 EUROS

BED X2, BATH X1. REF: C1421

TERRAZAS DEL GALEON, ADEJE.

Semi-detached bungalow with front and back terrace. Lovely

property with sun all day on the front terrace. Very central

for the beach, shops, harbour, etc.

PRICE : 179.950 EUROS


LAGUNA PARK II, TORVISCAS ALTO.

Popular holiday complex within walking distance to the

beach & water park. Communal pool, supermarket, etc.

PRICE: 64.000 EUROS

BED X1, BATH X1. REF: B1421

ALCALA. Penthouse apt; 2 good sized bedroom and a small third bed-room, bathroom, fully fitted kitchen including dishwasher, lounge, and a very large roof terrace. The property also comes with an underground parking space & store room.

PRICE: 114.450 EUROS

BED X3, BATH X1. REF: D1112

URB. ROQUE DEL CONDE.

Detached villa with private swimming pool, garage and

spacious living areas, on a 700 m2 plot.

PRICE: 464.000 EUROS.


CHAYOFA.

Large one bed apartment with 1 bathroom, lounge, kitchen,

and a large terrace that faces South West. The paintwork is in

good order. The complex offers a communal swimming pool

PRICE: 91.100 EUROS


AUGUSTA PARK, AMARILLA GOLF.Ground floor apt with 2 terraces - views to the mountains + the golf course. The kitchen has been refurbished to a good standard. On site facilities include a swimming pool & a supermarket. This apartment is to be sold furnished.

PRICE: 160.000 EUROS


BED X0, BATH X1. REF: A338

GREEN PARK, GOLF DEL SUR.

Spacious studio with a separate kitchen, terrace and

L-shaped lounge-dining-sleeping area. Communal

swimming pools.

PRICE 32.300 EUROS

GRANADILLA.

3 bed, 1 bath property with store room in the

village of Granadilla. 104 m2.

PRICE FROM 29.100 EUROS


LAS CHAFIRAS.

Ground floor apartment sold with garage

parking and store room. 72 m2.

PRICE FROM 38.400 EUROS


SAN ISIDRO.

3 bedroom, 2 bathroom apartment in relative new building.

Sold with garage parking space. 90 m2.

PRICES FROM 46.900 EUROS


Bank RepossessionsSpecial Offers

MALIBU PARK, SAN EUGENIO Fully refurbished one bedroom apartment. It has been tiled

throughout and has had a new kitchen and bathroom fitted.

Sold furnished with views to the sea, this is a very nice

property.

PRICE: 85.000 EUROS



Costs of buying property in Spain

As a buyer of property in Spain there are a number of costs and taxes over and above the property price that you will have to pay. Depending upon whether you are buying a new property from a developer, or a resale property from a private individual, you will either have to pay VAT & Stamp Duty, or a transfer tax. The different cases are explained below, along with the other costs and taxes that are common to both cases.

New build from a developerVAT & Stamp Duty (IGIC & Actos Jurídicos Documentados – AJD)

These taxes apply for residential properties being sold for the first time (never previously occupied)

At present VAT (known as IGIC in the Canaries) is 7% on the purchase price of residential properties (villa, apartment, etc)

VAT on newly-built residential properties rose from 5% to 7% on 01/01/2012.

The Stamp duty (known as AJD) is 1% of the price of the purchase, but might go up in some regions, so be sure to check on the latest rate. Both VAT and Stamp Duty are paid by the buyer, and if any deposit is paid before completion of the sale, such deposit will be subject to IGIC at the moment of payment of this deposit. In this scenario there is no transfer tax to pay.

Resale from a private individualTransfer Tax (Impuesto sobre Transmisiones Patrimoniales – ITP)

This tax applies if the property is deemed to be a second or posterior transfer (i.e. not the first time a newly built home is bought), and is paid by the buyer. If any deposit is paid before completion of the sale it is not subject to ITP pro rata. However the full amount of ITP still has to be paid upon completion. In this scenario there is no VAT to pay, and stamp duty is already included in this tax.

The Transfer Tax rate varies by autonomous region and property value, and there have been lots of rate changes recently (2011), as different regions raises taxes to plug their deficits. However in the Canary Islands it is charged at 6.5% and there has been no change, other areas of mainland Spain this has risen to between 8 to 10%

Income Tax Provision When Buying From Non-residentsIf the seller is not a Spanish resident, the buyer has to withhold 3% of the purchase price and pay it to the tax authorities (application form 211). If this is not done the property will be considered by the tax authorities as the asset backing the capital gains tax liability of the seller. This condition is very unlikely to apply when purchasing from a developer.

Costs that affect both new build and resale property purchasesAgency FeesEstate agency fees or commissions are paid by the seller, unless otherwise agreed. If the buyer uses a search agency then search fees are paid by the buyer.

Despite the ability of the internet to bring together buyers and sellers without the need for an agent most people still use agents to find property in Spain. However you should be aware that agents charge between on average 5% of the sale price. Unless the buyer has specifically agreed to pay the agent’s fee this cost will be built into the sale price.

Legal FeesYou are strongly advised to hire a lawyer to help you during the buying process. Your lawyer drafts and reviews contracts on your behalf and can explain all the legal and administrative issues you face. Your lawyer should also carry out any necessary due diligence (checking ownership claim of the seller, charges on the property, permits, etc.) and arrange all the required documents to complete the process (property registration, tax payments, etc.).

A lawyer – Abogado in Spanish – will charge you according to the service you require. This will vary according to the complexity of the purchase. Many charge around 1% of the purchase price in legal fees. Be warned that some lawyers charge 1.5% or more of the sale price, which is above average. Even 1% can be unreasonably high given the work that is involved in a straightforward purchase of an expensive property with no legal complications. Your best option is to try and find a good lawyer who is prepared to charge on an hourly basis. Legal fees for a purchase without any complications and charged on an hourly basis should be in the region of 1.000 to 2.500 Euros.

Mortgage costsIf you choose to buy with a mortgage then this will incur several additional costs. First there will be the property valuation that the mortgage provider will require before granting the mortgage. This is paid for by the buyer and can cost around 500 Euros. Then there will be the costs of the mortgage itself. This varies according to the provider, and even according to the particular branch. However, there is usually some kind of opening fee of around 1% of the value of the mortgage. Finally a mortgage will increase the Notary expenses.

Notary ExpensesNotary expenses are nearly always paid by the buyer and are calculated in relation to the purchase price declared in the deeds of sale. To be on the safe side you should calculate Notary fees as being 1% of the purchase price declared in the deeds of sale. In many cases however Notary fees are more like 0.5% (or less) of the price declared in the deeds. Approx 400 to 500 euros

Property Registry Inscription FeesExpenses related to inscribing the sale with the land registry are also nearly always paid by the buyer, and are calculated in relation to the purchase price declared in the deeds of sale. To be on the safe side you should calculate 1% of the purchase price declared in the deeds, though once again it depends upon the property and the area, and the fee could be considerably lower.

Other CostsBear in mind that it may be prudent to carry out a survey of the property and that this will have a cost.

In Summary, allow for up to 10% of the purchase price in taxes and other costs.

If the buyer takes out a mortgage these costs can be somewhat higher due to an additional public deed for the mortgage and the inevitable bank charges involved. In this case transaction costs might reach between 10% and 12% of the value of the property purchased.

Banking CostsTo pay for the property, you will more than likely need to write a banker’s draft. In order to do that, you will need to open an account in a Spanish bank and transfer money from the bank in your country. The cost of transferring the money can go up to 0,4% of the amount transferred unless you use a currency broker such as Global Reach which will help reduce this costa other than doing a straightforward transfer from bank to bank ( see article on page 8). The banker’s cheque will most likely cost 0,5% of its amount.

Costs of owning property in SpainThere will of course be costs associated with owning a property in Spain. Some of these will be maintenance costs, such as cleaning, repairing, reforming, utility bills, rubbish collection, and so on. These will be determined by the size and type of the property you buy. Obviously a large villa with a garden and pool will require much more effort and cost to maintain than a small apartment. For cleaning a figure of 10 Euros an hour is fairly typical throughout Spain.

Apart from the general maintenance costs referred to above, there are a number of costs in the form of taxes and fees that property owners in Spain face.

Property Ownership Tax (Impuesto Sobre Bienes Inmuebles – IBI)A local tax on the ownership of property in Spain, irrespective of whether the owner is a resident or not. Calculated on the basis of the valor catastral (an administrative value that is usually lower than the market value, sometimes considerably so) set by the town hall the tax rate goes from 0.4% – 1.1% of the valor catastral depending on the Spanish region.

It is important to have clear from the outset the real costs you will face when you buy property in Spain. It is equally important to be clear about the ongoing costs you will face as a property owner in Spain.


Personal Income Tax (Impuesto sobre la Renta de No Residentes – IRNR)Non-residents who own property in Spain have to pay an annual income tax that varies according to whether the property is rented out or not.

Not rented outNon-resident property owners who do not rent out their property and who do not have any other source of income in Spain pay income tax based on the value of their property. The tax rate is fixed as 25% of 2% of the valor catastral of the property.

The tax on a property with a valor catastral of 700,000 Euros would be as follows:

Property value for tax purposes = 700,000 Euros

Taxable base (2%) = 14,000 Euros

Tax (25%) = 3,500 Euros

Rented outIf non-residents rent out their property and receive an income in exchange, they are obliged by law to declare this income and pay taxes on it. The taxable base and the tax rate will be determined by the laws as they apply to each person’s particular circumstances (taking into account the double taxation treaty – if any – between Spain and the country of origin of the non-resident). In many cases non-residents simply pay a flat rate of 25% of the gross income they earn from their property in Spain.

Residents in Spain will have to pay the income tax based on their income earned during the year. The tax rate depends on the level of income.

Community FeesOwners of property that is part of any development, building, or complex in which common zones are shared with other owners are by law obliged to be members of the community of owners, know as the Comunidad de Propietarios. This will entail paying community fees for the upkeep of the common areas, and any other services that the community vote for. The fees will vary according to the magnitude of the common areas, the costs of maintaining them, and the services that the community vote for. A budget for annual community expenses is approved by majority vote of all owners (or representatives) who are present at the annual general meeting of the Comunidad de Propietarios.

InsuranceHousehold insurance will vary according to the circumstances of the owner and the type of property. However it should be born in mind as a cost that all property owners will face.

NOTE: Costs to bear in mind when selling a property in Spain.

PlusvaliaA special reference should be made to the local capital gains tax – known as Plusvalía. This is a local / municipal tax that only applies to the increase in value of the land upon which urban properties are built, and that is levied at the time of transfer of such properties. It is calculated on the basis of the valor catastral (an administrative value that is usually lower than the market value, sometimes considerably so) of the property. The amount to be paid will depend on how long the seller has owned the property: the longer the period of time during which the seller has owned the property, the higher the amount of tax.

This tax should be paid by the seller, though it is possible for sellers of resale property to try to shift the burden of this tax to the buyer. This practise is unheard of in the Canaries but quite common in the Costa Del Sol for example.

Capital gains taxIf the vendor is a non-resident, there is also a Spanish withholding tax retention, which the buyer pays directly to the tax authorities, to cover the vendor’s capital gains liability

Freedom for Sale 30 www.freedom4sale.com/grancanaria

[GRAN CANARIA SECTION]

Maspalomas

Nice bungalow for sale in Maspalomas area. The property consists of 2 bedrooms, 1 bathroom, living / dining room, kitchen, patio and terrace. Located in a well maintained complex with communal pool.

Web ref: 229700Estate Agent: Real Estate My Home Price: e245,000

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Playa del Ingles

Nice bungalow, two terraces. Well maintained complex with communal pool. Located in the middle of the resort and has direct views of the pool. Near the Yumbo Shopping Centre and amenities


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Maspalomas

Nice corner bungalow for sale in Campo International of Maspalomas. Balcony and terrace. Located in a well maintained complex with communal pool.


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Maspalomas

Beautiful fully refurbished bungalow in well maintained complex with pool. Consists of 2 bedrooms, 1 bathroom, living / dining room, kitchen and two terraces, one front and one back.


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Playa de Ingles

Beautiful apartment for sale. Consists of 1 bedroom, 1 bathroom, living / dining room and kitchen. Well maintained complex with communal pool. Close to the beach, Yumbo Shopping Center and bus stops.


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Maspalomas

Nice bungalow fully refurbished. Large terrace. The property has a private entrance and is brand new. Located in a well maintained complex with communal pool. 50m from Golf Course


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Paya del Ingles

Beautiful refurbished bungalow Large terrace. Located in a well maintained complex with communal pool. Close to shopping and the beach.


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Playa del Ingles

Excellent top floor corner apartment. Located on a superb complex with heated swimming pool, 24 hour reception service and parking place. Just been renovated. Three minutes walk to beach


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Playa del Ingles

Three bedroom flat for sale in a great location in the heart of Playa del Ingles. Very bright home close to all amenities with communal pool and tennis courts

Web ref: 235527Estate Agent: Dream Homes Price: e226,500

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Mogan Pueblo

Beautiful two bedroom apartment in the village of Pueblo Mogan, between the famous windmill and the Red Cross. On the ground floor (street level), facing the barranco with beautiful views


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Playa del Ingles

Fantastic refurbished bungalow for sale in a quiet complex with 2 communal swimming pools. Fancy kitchen and bathroom with modern shower. A beautiful standard and offers a large terrace


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Playa del Ingles

Beautifully refurbished duplex with two bedrooms, full bathroom, large kitchen, living room and WC. Very homely feel and large garden at the side of the house. The property is sold fully furnished.


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Tlf: +34 928.774.309 Fax: +34 928.765.780Avda.España 7 CC.Prisma, Local 19 y 20, Playa del Inglés 35100, Las Palmas de GCEmail: [email protected]

www.realestatemyhome.com

Maspalomas

Ref 229701

Beautiful fully refurbished bungalow for sale in Maspalomas. The property consists of 2 bedrooms, 1 bathroom, living / dining room, kitchen and two terraces, one front and one back. Located in a well maintained complex with communal pool. Near the Shopping Centre Faro 2.

Price 134,999 euros

Playa del Ingles

Ref 235546

Beautiful refurbished apartment for sale in central street of Playa del Ingles. The property consists of 3 bedrooms, 2 bathrooms, living/dining, kitchen and balcony. The property is fully furnished, with air conditioning and electric blinds on the balcony. The price includes a parking garage. Located in a well main-tained complex with communal pool.

Price 367,500 euros

Playa del Ingles

Ref 235545

Beautiful apartment for sale in one of

the main streets of Playa del Ingles. The

property consists of 1 bedroom, 1 bath-

room, living/ dining room, kitchen and

balcony. Located in a well maintained

complex with communal pool. Close to

supermarkets, banks and bus stops.

Price 109,000 euros

Playa del Ingles

Ref 229866

Beautiful brand newly refurbished apartment for rent in Playa del Ingles. The property consists of 1 bedroom, 1 bathroom, living/dining, fully equipped kitchen and large balcony. Located in a well maintained complex with commu-nal pool. Close to the beach, supermar-kets, restaurants and public transport.

Long term rental 900 euros per month

E-mail: [email protected]: (00 34) 928 141 202, (00 34)676 406 679

Office: Yumbo Shopping Centre, Playa del Inglés

www.dreamhomesgrancanaria.com

Canary Island property magazine and web site

Arrive prepared

Freedom for Sale 32 www.freedom4sale.com/grancanaria


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Issue 79 - freedom4sale.comFabulous recently built 4 bedroom, 3 bathroom detached villa situated just a stone’s throw from the exclusive Marina Rubicon in Playa Blanca, Lanzarote