Corralejo property Case Study - John and Sabi

John and Sabi buy in Fuerteventura

Buyer Profile:



Names: John & Sabi Marshall

Age group: mid forties

Ambition: To expand their portfolio of holiday rental properties in Fuerteventura



Contact:

Island Real Estate International

Dave Healy - Managing Director

C.C. Los Timones No. 2,

Nuestra Señora del Carmen,

Corralejo – 35660,

Fuerteventura,

Canary Islands, Spain

Tel : 0034 928 537 870

Fax : 0034 928 536 175

e-mail : info@ire-international.com

Fuerteventura: an island of investment opportunities as golden as the 20km2 of sand dunes at Corralejo

When John and Sabi Marshall first came to Fuerteventura, the island’s tourist industry was but a toddler testing the waters compared to the fully-fledged force of today. It was a land of opportunities as golden as the twenty square kilometres of sand dunes now known as El Jable National Park. It’s heartening then to discover that in 2008 there are still opportunities to be had and prosperous futures to be carved out… provided of course you do your homework and ensure you’re in the know when it comes to where to go and who to see.

Once dismissed as a barren deserted island and somewhat overlooked by investors and tourists alike, the winds of change are truly ‘blowing strong’ as Fuerteventura’s name implies. For this surfers’ paradise and second largest island in the Canaries is attracting increasing numbers of tourists, investors and homebuyers. Properties offer excellent year round rental potential as well as superb returns on investment through capital appreciation. Fuerteventura’s infrastructure is also under continual review. In a bid to accommodate the needs of the island’s growing number of visitors and residents, this year alone the Canarian government is pumping more than 50 million euros into improvements that include a new highway to link north and south.

“They knew they need look no further than Dave Healy and his reliable team at Island Real Estate.”

With more than twenty years experience of living on the island between them, John and Sabi describe themselves as “long in the tooth” and have learnt the hard way who can be trusted in matters of business. It was without hesitation therefore that when looking to expand their property portfolio on the island they knew they need look no further than Dave Healy and his reliable team at Island Real Estate.

Over the years, the Marshalls have relished the business opportunities the island has had to offer; they have run the gamut of professions from publisher to publican and are now the proud proprietors of a portfolio of quality holiday rental apartments. They are based in the town of Corralejo at the northern tip of the island and this popular resort provides the perfect backdrop to their lucrative letting business. After originally buying their apartments off-plan on the luxurious Oasis Royal complex, John and Sabi have invested plenty of hard work as well as hard cash building up a rental business for their apartment and are now in a position to reap the rewards of their investments and creative advertising strategies as bookings for their 1-bedroomed apartment exceed an 80% level of occupancy all year round.

“Dave at IRE is the genuine article – he looks you straight in the eye and you know you can trust him.”

And so it was that, armed with this first-hand experience of the benefits of buying-to-let, they looked to IRE to come up with their next winning investment. “Dave is the genuine article,” says Sabi of their agent at IRE. “He looks you straight in the eye and you know you can trust him.” Praise indeed when you bear in mind that it hails from investors that boast five properties in Fuerteventura as well as properties back in the UK. Backed by twelve years experience on the intricacies of properties for sale in Fuerteventura, Dave was able to use his intuition and understanding of the market and his clients’ needs to offer the Marshalls the most suitable property at the most competitive price. After showing them a 1-bedroom Fuerteventura apartment in the Oasis Royal complex which was already familiar territory for them both as a residence and place of business, there was no hesitation on their part as they recognised the potential and put a deposit down straight away. John and Sabi were confident that their hard-earned letting know-how would ensure that they could convert the 105,000€ price tag into a profitable business venture provided they could get the right mortgage. They were further spurred on in the knowledge that by comparison similar properties were at least 10,000€ more expensive at other agents! But first to organise said mortgage! - not the minefield it could have been thanks to the team at IRE who were able to help the Marshalls arrange a mortgage best suited to their financial needs and investment strategy. In addition, Dave’s team were able to offer independent legal advice to ensure that all the paperwork on the property was in order before proceeding with the sale. They worked with such speed and efficiency in fact, that the time elapsed between seeing and signing was a mere month.

“Similar properties were at least 10,000€ more expensive at other agents.”

Sabi and John’s faith in IRE and their instincts were not misplaced. Since signing on the dotted line in early February, they can already boast over 30 weeks of bookings this year. They have stamped their personal mark on the apartment and fitted it out with the kind of extras you’d be hard pushed to find in anything but luxury accommodation – 28” widescreen TV, DVD and video player, oven, fridge-freezer, washing machine… if it weren’t for the many and varied attractions of Corralejo you’d probably be tempted never to venture forth, but rather stay and savour the delights of the four swimming pools, the largest landscaped gardens of any hotel or complex in town, together with stunning views of the island of Los Lobos and neighbouring Lanzarote.

“Everything went smoothly; I would definitely go back to Dave.”

Whilst the Marshalls are by now old hands in the property rental business they are comforted to know that at any time they can avail themselves of IRE’s overseeing eye to help guide them through the management and marketing maze. Indeed, sending clients their way is all part of IRE’s unique after-sales service which ensures the welfare of its clients at all stages pre and post completion.

A visit to the Oasis Royal website at

www.fuerteventuraoasis.co.uk provides a thorough, user-friendly overview of the professional operation run by John and Sabi and serves as inspiration to those of us contemplating dipping our toes in the same water. But in truth they’ve only just begun, as the Marshalls are already looking to expand on their property empire and add more apartments to their portfolio. The ultimate recommendation comes from John when he succinctly sums up their dealings with IRE: “Everything went so smoothly, I would definitely go back to Dave.”

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