As Fuerteventura continues to attract investors, the island faces a dual reality in its housing market – a challenge with empty and unfinished properties amid soaring prices.
Fuerteventura’s real estate landscape is marked by a stark contrast. Many residents struggle to find suitable housing while tourist centers are dotted with vacant homes and incomplete buildings. A recent inventory conducted by the Majorero Cabildo, utilizing data from the six municipal authorities, reveals around thirty derelict or half-finished structures scattered across the island, which officials aim to revitalize.
Since taking office in mid-2023, President Lola García of the Cabildo has prioritized addressing two critical issues: inconsistent water supply and housing shortages, particularly in light of rapidly rising prices. For instance, the price per square meter in La Oliva surged from €2,069 in 2019 to €3,531 today, while Puerto del Rosario, previously more affordable, now has prices that increased from €1,254 to €2,112 per square meter, according to real estate portal Idealista.
Under García’s leadership, a comprehensive housing strategy was developed, which has garnered support from Decree 1/2024, amending the Canary Islands’ Housing Law. This legislation empowers local councils to spearhead the construction and management of protected housing on the islands.
One key aspect of this strategy focuses on repurposing unfinished constructions left abandoned by previous economic downturns. In 2025, the Cabildo requested detailed reports on these properties from all municipalities to understand their legal statuses. The findings not only identified approximately thirty problematic buildings but also hinted at hundreds more due to undivided structures.
Some notable examples include three homes under the management of Sareb (the Spanish company responsible for liquidating real estate owned by banks) in Betancuria, four unfinished buildings in Antigua, eight in La Oliva, and several in Puerto del Rosario, Tuineje, and Pájara.
This initiative aims to meet the rising demand for housing while also committing to environmental sustainability. García emphasized the importance of assessing the legal situations of these properties to see if they can be acquired and transformed into livable spaces, thereby avoiding further land consumption for new developments.
The Cabildo also anticipates collaborating with the Canary Islands Government to acquire these properties, following a model used successfully in other islands. García mentioned the potential allocation of €40-50 million out of its existing €150 million fund for renovations, emphasizing this strategic approach would help minimize land use for new constructions.
The housing strategy includes additional lines of action, comprising both new builds and rehabilitation projects. Fuerteventura is set to add 224 new homes, with funding of approximately €26.7 million from various governmental sources, while rehabilitation projects will target a total of 768 homes, funded by about €19 million.
Upcoming construction includes 77 homes in La Oliva, 99 in Puerto del Rosario, and 48 in Pájara. Plans stipulate a total of 992 homes, combining new and rehabilitated structures, with a projected overall funding of €45.7 million.
Reflecting on the previous housing plan (2020-2025), García noted that while it promised the construction of 298 homes, none were actually completed. Her administration aims for the 2026-2030 Plan to meet genuine housing needs, as evidenced by an applicant pool of over 1,100 for protected housing by the end of 2025.
In addition to infrastructural improvements, García advocates for enhanced legal security for landlords, emphasizing the need for modifications in state laws to protect homeowners’ rental rights. She argues that stabilizing housing prices is crucial for families to secure their financial well-being.
As Fuerteventura navigates these challenges, the island’s future in real estate hinges on balancing the rejuvenation of existing properties with the need for new housing solutions.
Image credit: www.diariodefuerteventura.com
Source: www.diariodefuerteventura.com.
Curated by Fuerteventura Times Real Estate Desk.
