The Unyielding Real Estate Bubble of Fuerteventura
Fuerteventura, one of Spain’s stunning Canary Islands, has long been at the center of a real estate bubble that seems to have no end in sight. Recently, a property development company from Tenerife, Promociones COTUCASA, has set its sights on acquiring a massive 325,000 square meters of land between El Roque and El Cotillo. This plan aims to push for a reclassification of the land under the new Insular Planning (PIOF) to create a large tourism-centric urbanization.
El Cotillo: A Jewel for Developers
The picturesque village of El Cotillo is highly coveted by property speculators. COTUCASA already owns around 560,205 square meters of what is considered pristine land. However, their ambitions extend beyond this existing property as they aim to annex an additional 324,800 square meters that currently have no recorded ownership in the property registry.
The Acquisition Strategy
COTUCASA has initiated a procedure to “update” the dimensions of its land holdings. This involves seeking to increase their property size and modify the boundaries to incorporate the aforementioned land, ultimately amassing a staggering 885,006 square meters. The method they are using involves a legal process known as “rectification of description, area, or boundaries,” as stipulated in Article 201 of the Mortgage Law.
Concern Among Local Property Owners
Notifications have been sent from the Notary of Corralejo to local landowners whose properties are adjacent to the developer’s holdings. These notifications allow affected residents to raise objections or present arguments to defend their rights. Alarm bells have rung among property owners in the area, prompting some to formally contest COTUCASA’s claims as they scramble to secure their property documents and inheritance details.
A History of Property Disputes
Within the local community, there is a general apprehension fueled by past experiences of property disputes, where lands were claimed by developers without the rightful owners even knowing. Rumors circulate about the potential for domain files, leading to further disquiet among residents.
COTUCASA’s Ambitions
The intentions behind COTUCASA’s land acquisition are straightforward. When the Territorial Planning Department, managed by Blas Acosta, opened the proposal submission window for the new PIOF, COTUCASA was quick to push forward with their vision of a mega urbanization that would include nearly 3,000 hotel units, along with sports facilities and a senior living complex linked to tourism activities.
Previous Claims and Strategic Proposals
Interestingly, when submitting their proposal to the Insular Plan, COTUCASA claimed to already own 834,738 square meters. This assertion seemed strategically aimed at capitalizing on the fact that the ongoing Insular plan permitted the allocation of up to 1,000 beds in hotels associated with “sports facilities” or “health, spa, and similar facilities.”
Additionally, the project outlines ambitious infrastructure changes, proposing a new ring road and a connecting road from El Roque to the lighthouse and southwards.
Financial Implications
The urbanization project expresses intentions to develop almost half a million square meters of land, with an estimated cost of 263 million euros, 179 million of which would be earmarked for the hotel infrastructure itself.
The Current Status of the PIOF
Presently, the PIOF remains in limbo, delayed as stakeholders await the outcome of upcoming elections. The draft specifications include various “strategic tourist zones,” which highlight El Cotillo as a significant area, covering over 1.8 million square meters.
The PIOF acknowledged its proximity to environmentally protected areas, including a Special Protection Zone for Birds. However, it suggested that this location would serve as an ideal candidate for a strategic tourist zone capable of revitalizing existing tourism spaces along Fuerteventura’s northwest coast.
The Town Hall’s Stance
In response to local unrest, the mayor of La Oliva, Isaí Blanco, has sought to reassure residents, asserting that there are no plans to extend urban or tourist land in El Cotillo. He emphasizes the importance of maintaining the area as rustic land in future urban planning efforts. Blanco aims to preserve El Cotillo’s identity as a fishing village, promoting a model focused on quality rather than quantity, and improving existing infrastructure rather than expanding it.
The Team Behind the PIOF
The drafting of the new PIOF was presented last January in Antigua’s casino, orchestrated by Blas Acosta. The author behind this plan, Francisco González Jaraba, has a controversial history of involvement in previous urban operations that ended in legal troubles. He’s also currently responsible for the General Plan of La Oliva.
Joining the team is environmental biologist Rosendo López, who has a history of participation in urban schemes in El Cotillo, including the previously annulled SAU 8 project. López is reportedly involved in an environmental study for a hotel complex on the coast of El Cotillo which faced significant local opposition due to concerns surrounding infrastructure changes that would affect the community.
As Fuerteventura continues to grapple with developmental pressures, the community remains at a crossroads, balancing the allure of economic development with the imperative to protect its natural and cultural heritage.
