According to real estate portals, such as Idealista, the Canary Islands is the Spanish community where the price of housing has risen the most during 2023, by 13%.
For Fuerteventura property owners, this information is just one of many pieces of information that must be analyzed to calculate the value of their property in the local real estate market.
We show the various sources of real estate data available and how to use them to establish a real market price for selling a property in Fuerteventura
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Public data on housing on Fuerteventura
Official sources
The Appraisers, the Association of Registrars, Notaries, Fomento, the INE and the Canary Islands Institute of Statistics, offer periodic data on the state of housing prices in each area.
- the Housing Price Index (HPI) of the INE, is intended to measure the evolution of the level of housing prices.
sale and purchase of new and second-hand free-price housing (excluding subsidized housing), over time (quarterly). - the General Council of Notaries, through the Notarial Certification Agency (ANCERT), provides monthly data on real estate transfers in Spain.
- The Real Estate Valuation Methodology (MVI) of the Association of Registrars is a tool capable of performing real estate valuations with real data; on the other hand, the Real Estate Registry Statistics (ERI) is a systematic compilation of real estate and mortgage data on a quarterly and annual basis,
- real estate appraisers use different methods, such as Comparison Method (with 6 witnesses of similar characteristics), Cost Method, Residual Appraisal Method. Income restatement method.
- The Canary Islands Institute of Statistics analyzes the total number of existing dwellings, broken down by degree of occupancy (principal and non-principal dwellings). The housing stock is estimated using indirect methods based on information provided by administrative sources.
- Fomento, within the Ministry of Transport, Mobility and Urban Agenda, provides data on real estate transactions (sales and purchases) that take place every quarter, as well as the declared value and the average declared value of free housing transactions:
Real estate transactions. Source: Fomento 2019-2022
Other organizations that prepare market analysis and reports include real estate departments of banks and financial institutions, real estate consultants and statistical analysis companies.
Each department obtains, manages and publishes data differently and with a different methodology, so we cannot assume that each of the data, taken independently, is 100% true.
The geographic scope also differs, as some show data by municipality, while others show data only down to the province level.
A joint analysis of the information is the one that gives us a more accurate view of reality.
Destiny Home, a real estate agency specializing in Fuerteventura, has analyzed these data and summarized them in a Fuerteventura Real Estate Market Report, available for people who are analyzing a possible sale or purchase of real estate on the island.
Real estate websites and portals
Real estate portals have various data on any neighborhood, district, municipality, on a weekly basis, namely:
- offer prices (public market price),
- counteroffer data (what a user proposes as a buyer),
- trading margins (price differences since market release),
- period of publication, from publication to cancellation (by sale or other reasons),
- price increases and decreases.
Used home prices – August 2023. Source: Idealista
On real estate portals, both properties uploaded directly by owners and those managed by real estate professionals on behalf of their selling clients are published.
In other words, properties that have been valued subjectively are mixed with those that have passed through the filter of the real estate agency in the area.
In fact, the same property may appear repeatedly, with different prices, depending on who is advertising it.
The average price is distorted because private owners tend to set a starting price above the market in their area for the characteristics of their property.
The real estate agencies’ websites, publish properties that have been analyzed by real estate experts in the area, which have been priced through a comparative market analysis and are shown with a starting price adjusted to the reality of what the homebuyer in the area is willing to pay.
Factors that do and do not determine the value of housing on Fuerteventura
Factors on which the value of the home is based:
- The current market.
- The offer similar to yours.
- Current financing.
- The condition of the dwelling.
- Buyer perception.
- The location and the area.
Factors on which the value of your home is not based:
- The owner’s financial need
- What has been invested (repairs, renovations, decoration and improvements) in it.
- What the selling party wants to achieve.
- What the new home to be purchased by the homeowner is worth.
- What the neighbor or brother-in-law thinks.
- Personal feelings towards her.
This information is contained in the Fuerteventura Home Seller’s Guide, which we offer to those homeowners who are interested in selling their home, with advice on pricing and how to increase the value of the property before putting it up for sale; get your Guide:
The real market price of housing in each municipality and neighborhood of Fuerteventura.
What the owner wants to know is what his home is really worth in the local real estate market at the present time.
He has no use for macro statistical data on housing in Europe, Spain, not even in the province of Las Palmas. You want to know the market price at which real estate investors are currently willing to buy your home.
Those who know the prices of homes that are sold daily in the municipalities of Fuerteventura, are the real estate and real estate professionals who manage these sales transactions.
Destiny Home, with real estate offices in Corralejo and Puerto del Rosario, analyzes the closing prices of sales in La Oliva, Puerto del Rosario, Antigua, Betancuria, Tuineje and Pájara:
Housing transactions up to 1st quarter 2023
Moreover, it identifies towns in each municipality, neighborhoods in each town, tourist areas and urbanizations, in order to determine price trends and estimate the appropriate value of each home, according to its condition and predict the value that can be achieved, making improvements, reforms and implementing home staging actions.
If you want to know the price at which you can sell your property in Fuerteventura, we offer you the Real Estate Market Report and our consultancy to analyze your property and make a personalized study, to propose a market price, along with a marketing plan for the sale
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