Fuerteventura is one of the most popular destinations in the Canary Islands, attracting millions of tourists every year with its stunning beaches, volcanic landscapes, and pleasant climate. But Fuerteventura is not only a great place to visit, it is also a great place to live or invest in real estate. In this article, we will explore the current state of the Real Estate Fuerteventura market, the trends and prices for different types of properties, and some tips for buyers and sellers in 2024.
Real Estate Fuerteventura market 2024
The current state of the Real Estate Fuerteventura market is characterized by high demand, low supply, and stable prices. A leading real estate portal in Spain, there are 1,766 houses and flats for sale in Fuerteventura, ranging from 44,000 euros to 1,000,000 euros. The average price per square meter is 1,720 euros, which is slightly lower than the national average of 1,830 euros. However, prices vary depending on the location, size, and condition of the property.
Fuerteventura is one of the most popular destinations in the Canary Islands, attracting millions of tourists every year with its stunning beaches, volcanic landscapes, and pleasant climate. This makes it an attractive place for both domestic and foreign buyers, who are looking for a second home, a holiday rental, or a permanent residence. The island also offers a range of activities and services, such as golf, water sports, nature reserves, shopping centers, and health facilities.
However, the supply of new homes in Fuerteventura is limited, as the island has strict regulations on urban development and environmental protection. This means that most of the properties for sale are either resale or refurbished, and there are few opportunities for new construction. The lack of supply creates a competitive market, where buyers have to act fast and negotiate well to secure their desired property.
The outlook for the Real Estate Fuerteventura market in 2024 is generally positive, as the island is expected to maintain its appeal among tourists and investors. However, the market will also depend on the evolution of the interest rates, the economic recovery, and the covid-19 situation in Spain and abroad. The Spanish property market as a whole may experience a slight correction of 2% to 3% in prices next year, due to the tightening of the mortgage conditions and the uncertainty of the demand. However, this may not affect Fuerteventura as much as other regions, as the island has a strong and diversified demand, and a limited and stable supply.
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Real Estate Fuerteventura prices by type
The trends and prices for different types of properties in Fuerteventura are as follows:
- Apartment or flat:Â
The average price of apartments and flats in Fuerteventura is around 1,720 euros per square meter, which is slightly lower than the national average of 1,830 euros1. However, prices vary depending on the location, size, and condition of the property. For example, a 40 m² apartment in Caleta de Fuste costs 139,900 euros, while a 100 m² apartment in El Cotillo costs 360,000 euros. The trend for apartments and flats is stable, as they are the most demanded type of property by both domestic and foreign buyers, who are looking for a second home, a holiday rental, or a permanent residence.
- Duplex:Â
A duplex is a type of property that consists of two floors connected by an internal staircase. The average price of duplexes in Fuerteventura is around 1,950 euros per square meter, which is higher than the average price of apartments and flats. However, prices also vary depending on the location, size, and condition of the property. For example, a 86 m² duplex in Puerto del Rosario costs 120,000 euros, while a 145 m² duplex in Costa Calma costs 239,950 euros. The trend for duplexes is slightly increasing, as they offer more space and comfort than apartments and flats, and are suitable for families or groups of friends.
- Villa or house:
A villa or house is a type of property that is detached from other buildings and has its own plot of land. The average price of villas and houses in Fuerteventura is around 2,100 euros per square meter, which is the highest among the types of properties. However, prices also vary depending on the location, size, and condition of the property. For example, a 63 m² villa in La Oliva costs 189,000 euros, while a 320 m² villa in La Matilla costs 725,000 euros. The trend for villas and houses is slightly decreasing, as they are the least demanded type of property by buyers, who prefer more affordable and convenient options, such as apartments and flats.
- Luxury villa:Â
A luxury villa is a type of property that is distinguished by its high quality, design, and amenities, such as swimming pool, garden, terrace, sea view, etc. The average price of luxury villas in Fuerteventura is around 3,000 euros per square meter, which is the highest among the types of properties. However, prices also vary depending on the location, size, and condition of the property. For example, a 120 m² luxury villa in Corralejo costs 385,000 euros, while a 180 m² luxury villa in Corralejo costs 595,000 euros. The trend for luxury villas is stable, as they are the most exclusive and attractive type of property for investors, who are looking for a high return on their investment.
Tips for buyers and sellers in 2024
If you are interested in buying or selling property in Fuerteventura, you should follow some tips to make the best deal possible. You should do some research and compare different options before making a decision. You should also contact the owners or agents directly and arrange a visit to the property. You should also hire a lawyer and a notary to help you with the legal paperwork and the registration of the property. You should also be aware of the taxes and fees that you have to pay as a buyer or a seller. You should also negotiate the price and the terms of the contract with the other party. You should also apply for a mortgage if you need financing.Some tips for buyers and sellers in 2024 are:
- For buyers:
Do some research and compare different options before making a decision. You can use online platforms, such as Idealista, to find properties for sale by owner or by agents in Fuerteventura. You can also use filters, such as price, location, size, and type, to narrow down your search.
Contact the owners or agents directly and arrange a visit to the property. You should inspect the property carefully and ask questions about its legal status, condition, and history. You should also check the energy certificate, the property tax, and the community fees of the property.
Hire a lawyer and a notary to help you with the legal paperwork and the registration of the property. You should also check the title deed, the land registry, and the cadastral certificate of the property. You should also be aware of the taxes and fees that you have to pay as a buyer, such as the transfer tax, the stamp duty, the notary fee, and the land registry fee.
Negotiate the price and the terms of the contract with the seller. You should also consider the market conditions, the demand and supply, and the interest rates when negotiating. You should also ask for a deposit or a reservation contract to secure the property until the final sale.
Apply for a mortgage if you need financing. You should compare different offers from different banks and choose the one that suits your needs and budget. You should also check the interest rate, the repayment period, the monthly instalments, and the commissions and fees of the mortgage.
- For sellers:
Prepare your property for sale. You should clean, repair, and renovate your property to make it more attractive and valuable. You should also obtain an energy certificate, which is mandatory for selling a property in Spain. You should also gather all the documents related to your property, such as the title deed, the land registry, the cadastral certificate, the property tax, and the community fees.
Set a realistic price for your property. You should do some market research and compare similar properties in your area to determine the fair value of your property. You should also consider the market conditions, the demand and supply, and the interest rates when setting the price. You should also be flexible and willing to negotiate with potential buyers.
Advertise your property. You can use online platforms, such as idealista, to list your property for sale by owner or by agents. You can also use social media, flyers, or word-of-mouth to promote your property. You should also include high-quality photos, videos, and descriptions of your property to attract more attention and interest.
Show your property to potential buyers. You should arrange visits to your property and be punctual, polite, and professional. You should also highlight the features and benefits of your property and answer any questions that the buyers may have. You should also be honest and transparent about the legal status, condition, and history of your property.
Close the deal with the buyer. You should negotiate the price and the terms of the contract with the buyer. You should also ask for a deposit or a reservation contract to secure the property until the final sale. You should also hire a lawyer and a notary to help you with the legal paperwork and the registration of the property. You should also be aware of the taxes and fees that you have to pay as a seller, such as the capital gains tax, the municipal plusvalia tax, the notary fee, and the land registry fee.
Conclusion
In conclusion, Fuerteventura is one of the most popular destinations in the Canary Islands, attracting millions of tourists every year with its stunning beaches, volcanic landscapes, and pleasant climate. It is also a great place to live or invest in real estate, as it offers a range of activities and services, such as golf, water sports, nature reserves, shopping centers, and health facilities. However, the supply of new homes in Fuerteventura is limited, as the island has strict regulations on urban development and environmental protection. This means that most of the properties for sale are either resale or refurbished, and there are few opportunities for new construction.
We hope that this article has given you some useful information and insights about the Real Estate Fuerteventura market. If you have any questions or comments, please feel free to contact us. Thank you for reading and have a great day!
Frequently Asked Questions
Can you buy a property in Fuerteventura?
Yes, you can buy a property in Fuerteventura, a Canary Island in Spain, that is known for its stunning beaches, volcanic landscapes, and pleasant climate. However, there are some things that you should know before buying a property in Fuerteventura, such as the types of properties, the prices, the taxes, and the legal procedures.
Is Fuerteventura a good place to live?
Fuerteventura is a good place to live for some people, but not for everyone. It depends on your personal preferences, lifestyle, and goals. Here are some pros and cons of living in Fuerteventura, based on some web search results:
Pros:
- Fuerteventura has a pleasant climate, with long, hot summers and short, mild winters. The island enjoys the same latitude as Florida and Mexico, and boasts tropical temperatures to match.
- Fuerteventura has stunning beaches, volcanic landscapes, and nature reserves, offering a variety of activities and scenery for nature lovers and sports enthusiasts. You can enjoy surfing, kitesurfing, windsurfing, diving, hiking, cycling, golf, and more.
- Fuerteventura has a laidback and friendly atmosphere, with a mix of locals and expats from different countries. The island has a strong and diversified demand for real estate, and a limited and stable supply, making it an attractive place for investors.
- Fuerteventura has a low cost of living compared to other parts of Spain and Europe. The average price per square meter for properties is around 1,720 euros, which is slightly lower than the national average of 1,830 euros. The island also has a low sales tax (VAT/GST) of 7%, and a low corporate tax rate of 20%.
Cons:
- Fuerteventura has a high unemployment rate, as the island has been hit hard by the Eurozone recession and the covid-19 pandemic. The island depends heavily on tourism, which has been affected by travel restrictions and lockdowns. The island also has strict regulations on urban development and environmental protection, limiting the opportunities for new construction and business.
- Fuerteventura has a lack of cultural and entertainment options, as the island is mainly focused on outdoor activities and nature. The island has a low population density, and a small number of secondary schools, universities, hospitals, and shopping centers. The island also has a poor nightlife, and a low diversity of cuisine.
- Fuerteventura has some challenges for expats, such as the language barrier, the bureaucracy, the legal procedures, and the taxes. The island has a low level of English speaking, and a high level of Spanish speaking, making it difficult for expats who do not speak Spanish to communicate and integrate. The island also has complex and lengthy legal processes for buying and selling property, and high taxes and fees for both buyers and sellers.
In conclusion, Fuerteventura is a good place to live if you are looking for a quiet, sunny, and natural environment, with a low cost of living and a good real estate market. However, Fuerteventura is not a good place to live if you are looking for a dynamic, cultural, and diverse environment, with a high level of employment and education, and a vibrant nightlife and cuisine.
Where do locals live in Fuerteventura?
Fuerteventura is an island in the Canary Islands, Spain, that has a population of about 113,000 people. The locals, also known as Majoreros, live in different villages and towns across the island, depending on their preferences, lifestyle, and goals.
What is the best part of Fuerteventura?
The best part of Fuerteventura depends on your personal preferences, interests, and goals. Fuerteventura is a diverse and beautiful island, with different areas and attractions to suit different tastes and needs.
