The real estate market on the island of Fuerteventura, in these first months of the year, reflects a reality marked by rising prices and growing demand, especially in the north of the island.
This trend underscores the flourishing of the sector in this geographic area. If we talk about the Canary Islands as a whole, we are faced with the second largest increase in the average price of housing during the last decade. With an increase of 78% between 2014 and 2024, it significantly exceeds the Spanish average, behind only the Balearic Islands.
According to data published by the real estate portal Fotocasa, the value per square meter has experienced a significant increase, going from 1,391 euros in February 2014 2,470 in the same period in 2024, reflecting the accelerated rise of the real estate market in the Canary Islands.
Corralejo as an epicenter of sales and purchases
Corralejo is one of the most expensive areas in the Canary Islands in terms of price per square meter, reaching the remarkable figure of 2,968 euros. This figure is similar to the prices observed in the neighborhood of La Isleta, in Las Palmas de Gran Canaria, with a year-on-year increase of more than 26 percent.
These figures, from sources such as Idealista and the Fotocasa real estate index, place the average value per square meter in Fuerteventura at 2,606 euros, well above the national average, which reached 2,215 euros per square meter in January, according to data from the Fotocasa real estate index.
Factors driving the real estate market on Fuerteventura
Demand in tourist areas is one of the main drivers behind this growth, with a notable influx of foreign buyers. The availability of cash capital and the ability to avoid mortgage paperwork make these buyers prominent players in the market.
On the other hand, local residents face financial difficulties to compete in this environment, with salaries hardly exceeding €1,500 and the need to meet 20 percent of the property price out of their own pocket.
Obstacles and solutions
To address this disparity, the Official Credit Institute (ICO) has implemented a subsidy that covers 20 percent of the mortgage loan required for the purchase of a first home, aimed especially at young people and families with dependent minors.
However, this aid is not a non-repayable grant, but a loan that must be repaid with interest. This measure seeks to alleviate the financial difficulties of those who aspire to become homeowners in an increasingly competitive market.
Revaluation of peripheral areas
At the same time, there is a trend towards the revaluation of areas that historically lacked real estate interest. Places such as Nuevo Horizonte and Parque Holandés have experienced a significant increase in demand, reflecting the search for alternatives outside the consolidated urban centers.
Challenges for the construction sector
Despite the booming real estate market, the construction sector faces significant challenges. The scarcity of available housing, the difficulties in obtaining licenses, the high cost of materials and the limited economic capacity of the local population hinder the development of new projects.
In addition, the entry of foreign capital contributes to increasing the price of residential land, creating additional barriers for local developers.
Opportunities and challenges for buyers in the Fuerteventura real estate market
The search for housing in Fuerteventura presents a wide range of options, from apartments in tourist areas to family homes in residential areas.
However, prices can be prohibitive for many local residents, especially in areas such as Corralejo and Puerto del Rosario. Even so, the diversification of supply and the availability of subsidies may open up new opportunities for those aspiring to become homeowners.
If you are thinking about sell your home and you don’t know where to start, it is best to rely on a real estate agency with solid experience in the local real estate market, as you have seen in this analysis is not an easy task as is the real estate market in Fuerteventura.
Help with the management of real estate sales and purchases in Fuerteventura
