REAL OLIVA VILLAGE
Real Oliva Village is a new development of just 21 luxury three-bedroom villas, each with private garden and swimming pool, located close to Corralejo, in the north of Fuerteventura.
Fuerteventura, the second largest of the Canary Islands, is also the quietest and least developed, an ideal year-round holiday destination, offering miles of unspoiled, crowd-free, sandy beaches, excellent facilities for fishing and water sports and, at around four hours' flying time, quick and easy access from the UK.
The excellent climate is a major attraction. Situated on the same latitude as Florida and Mexico and just 95km from the coast of Africa, Fuerteventura has negligible rainfall and a warm climate cooled by Atlantic breezes. Temperatures rarely fall below 18 or rise above 28 degrees centigrade. Even in December the island enjoys an average of six hours' sunshine a day.
Corralejo, the largest of Fuerteventura's resorts, originated as a small fishing village but is now a bustling and colourful centre with a good selection of shops, bars and restaurants, a market and several clubs. Nevertheless, it retains much of its charm, providing sun worshippers with the perfect location for a relaxing break. The resort caters for all ages, with a wide variety of things to do, including water sports, tennis, glass-bottomed boat trips and ferry trips to the neighbouring island of Lanzarote. Its new water park is proving popular with younger holidaymakers.
Strong surf, reliable winds, and excellent water conditions make Corralejo a magnet for surfers, windsurfers, and kitesurfers. There is surf to suit all levels, from the novice to the most experienced, and tuition is available. The clear blue waters also provide ideal conditions for sailing and deep-sea fishing, and there is an abundance of wildlife for snorkellers and divers to enjoy. Whales, dolphins, marlin, tuna and turtles are all common sights.
Golfers are well catered for at the resort of Calete de Fuste, to the south of Corralejo, which boasts Fuerteventura's first golf course, opened in April 2002. As well as the championship 18-hole, par 70 course, facilities include a clubhouse, a 50-bay driving range and a large putting green.
The beaches (of which there are more than 150) are among Fuerteventura's greatest attractions. Those to the south of Corralejo, along the east coast, are situated in the Parque Natural de Corralejo. The sand dunes, for which the island is renowned, start at the edge of Corralejo and stretch south for several kilometres.
Real Oliva Village is sited minutes from the beaches and the leisure and cultural centre of Baku, which provides a wide range of activities, including an aquatic park and theme park, bowling, a driving range for golfers and a shopping centre. It consists of 21 exclusive villas designed in a colonial island style, surrounded by tropical vegetation, each with its own private garden and swimming pool.
Each villa is arranged over three floors and has three bedrooms (two en-suite), dining room, kitchen, living room, private parking or garage and a rooftop solarium with spectacular sea views.
The villas are designed to a high specification using typical Canary Islands tiles and stoneware. They are being marketed by respected agents Chesterton International.
Completion is scheduled for June 2006.
Plot sizes/living space
Each villa provides 177.07 m2 of living space. Plot sizes are as follows:
Villa no. Plot size m2
1 301.7 2-5 300.5 6 301.3 7-10, 13, 15, 16 300.4 11 326.2 12 357.4 14 300.3 17 322.4 18 300.1 19 300.3 20 304.4 21 426.7
All the villas have a high-quality specification inside and out, including:
" Main Structure - Foundations with angle blocks in reinforced concrete, structural pillars and unidirectional and reticular forging.
" Brickwork - Finishing of exterior walls in 20 centimetres thick concrete block, vibrated with a double chamber. Interior walls in 9 centimetres thick concrete, vibrated.
" Roughcasting and Plastering - Exterior surfaces are coated with smooth roughcasting, in a fine finish at least 1.5 centimetres thick. Interior surfaces feature a plaster coat executed according to the highest standards
" Flooring - First quality stoneware for all the floors. Exterior floorings of similar quality extruded stoneware ferrogres.
" Tiling - The kitchen and bathroom are to be tiled with first quality ceramics from floor to ceiling.
" Exterior Carpentry - In lacquered aluminium with glazing. Front door with safety lock.
" Interior Carpentry - Interior doors of oak coloured wood.
" Bathroom and Sanitary - coloured vitrified porcelain will be used. First quality single lever taps. Water connection and pipes for the washing-machine and dishwasher.
" Installations - Complete installation of telephone and T.V, in accordance with Spanish building regulations.
" Paintwork - Smooth painting of the ceilings and smooth plastic painting in vertical walls.
Prices start from €419,151 (approximately UK£290,000, subject to exchange rate fluctuations).
The staged payment plan has been designed to offer maximum flexibility and efficiency to purchasers and lending facilities alike. Terms are as follows:
" 6,000 (approximately £4000) on reservation.
" 30 per cent (+ IGIC*), less the reservation fee, on signature of the contract.
" 70 per cent (+ IGIC) on receipt of the mortgage funds.
*The Canary Islands are part of Spain and therefore belong to the European Union, but have their own fiscal system. They levy IGIC (General Canarian Indirect Tax) instead of VAT as in mainland Spain. IGIC is charged at 5 per cent for new properties
Property in the Canary Islands has long been a popular investment with UK purchasers, for the following reasons:
" The island is within easy reach of the UK as it takes a mere four hours to fly there
" They have an exceptional climate with almost 365 days of sunshine per year
" The year-long season offers outstanding opportunities for maximising returns on buy-to-let properties
The Fuerteventura property market offers the following additional attractions:
" It is less developed than the markets of the other Canary Islands which means that prices are generally lower
" Although demand for property on the island has increased substantially in recent years prices still remain among the keenest in Spain
" New developments on Fuerteventura are showing excellent capital appreciation
" Property development there has been controlled to a much larger extent than in other parts of Spain and the Canary Islands with construction limited to two storeys for the average property
The purchase process
In Spain and the Canary Islands, all property transfers are registered and title deeds (escritura) prepared by a notary (notario). Both seller and buyer then sign the deeds in his presence.
The notario is a lawyer with special qualifications authorising him to deal with wills and to authenticate official documents, legal notices and property deeds. He ensures that all paperwork has been correctly drawn up, witnesses the signing of the escritura, and collects fees and taxes. The escritura is then presented to the land registry office where the new owner's details are registered.
Fees and taxes
There are two fees and two or three taxes payable on transfers of property in Spain. The precise sums involved vary, but purchasers should allow in the region of 10 per cent of the property purchase price.
" The notario charges a fee for preparing the transfer and a fee is also charged for the registration of the property in the new owner's name. Both fees are calculated on the value of the property
" Transfer tax (IGIC) is at present 5 per cent on new properties bought from a developer and 7 per cent on resales
" Another tax, AJD, currently 0.5 per cent, is also payable when purchasing from a developer
" A further tax, known as Plus Valia, is levied on the increased value of the land. This is calculated on the annual increase in value since the previous sale (if applicable). Strictly speaking, this tax is levied against the seller, but in practice the purchaser normally pays all fees and taxes involved in the transfer of a property
Annual outgoings are Contribution Urbanas (local rates), which are low in comparison with many other countries, and a wealth tax, which is at present 0.2 per cent of the value of assets held in Spain.
Daily flights to Fuerteventura are available from Gatwick, Stansted, Luton and a number of UK regional airports.
Approximate flight time is four hours. The transfer from Puerto del Rosario International Airport to Corralejo takes approximately 30 minutes.
For more information, call Chesterton International on 020 7201 2070 or go to www.chesterton.co.uk/international