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25-10-2023, 07:17 PM
Noticias:
70% of those registered in Fuerteventura last year are foreigners.
The high purchasing power of foreigners compared to the local population completely distorts the housing market
NEWSROOMFUERTEVENTURA
The housing situation and quality of life in the Canary Islands continues to give negative data, and in Fuerteventura we are no strangers to these circumstances. One of the keys to this fall in the purchasing power of the local population is the general shortage of consumer goods and housing.
The quality of life provided by the archipelago means that millions of tourists visit us and more and more foreigners are arriving on the island with the aim of continuing their lives here and this has developed into an increase in the cost of living.
According to the National Institute of Statistics (INE), as of July 1, 2023, the archipelago has a population of 2,223,951 people. Of this figure, 14.3% are foreign nationals. However, if we look at foreign-born people, the percentage rises to 21.7% – 483,171 people. The INE justifies this difference in the Spanish nationalization process.
So far this year, the Canary Islands have gained a total of 25,995 inhabitants, of which 19,109 are foreign nationals and 6,885 are Spanish. This represents 73.6% of foreigners arriving in the archipelago in 2023.
If we distinguish between islands, Fuerteventura takes the gold medal in terms of the largest foreign population: 30.37%. Focusing on the new inhabitants who have arrived this year, the percentage increases considerably. 70% of the people registered on this island this last year are of foreign nationality -2,260-, in contrast to the 967 residents of Spanish nationality.
The rising cost of living in the Canary Islands
Inflation and rising prices have been notorious throughout Spain. However, among all the autonomous communities, the Canary Islands is one of the most outstanding. According to Fotocasa's Real Estate Index, it was the community where house prices increased the most, with 4.1% over the previous month and 23.5% compared to the same month last year.
With these, the Canary Islands are positioned as the autonomous community with the highest year-on-year increase in the sale price of housing – followed by the Balearic Islands (18.7%) and Navarre (13.4%).
In this way, according to the study by Fotocasa Canarias, it reaches its highest house price since the real estate bubble of 2007. It doesn't change with rents. The islands lead the ranking in terms of rent increases with 22.1%, followed by the Balearic Islands with 18.9% (nationally, rents rose by 7.6% year-on-year).
Housing is not the only aspect in which life in the Canary Islands has become more expensive. A study by the Organisation of Consumers and Users (OCU) revealed that, together with the Balearic Islands, the Canary Islands is the autonomous community where it is most expensive to make purchases. The rise in food prices has meant an economic difficulty for many families and that has been reflected in the hospitality industry.
According to the president of the Association of Bars, Cafeterias, Restaurants and Leisure of Las Palmas (AEBCRYO), Fermín Sánchez, "Hard times are coming. According to the Bank of Spain, a 4% rise in food prices is coming for 2024." Faced with the increase, the president commented that they have had to raise the prices of their menus "approximately 10%, far from the 25-30%" that food prices have risen.
Lower labour costs after Extremadura
The high cost of living, however, does not translate into the cost of labor. The latest quarterly labour cost survey published by the INE ranked the Canary Islands as the second lowest figure, only surpassed by Extremadura. The labour cost per worker per month in the archipelago reached €2,584.31 in the second quarter, remaining €453.21 below the national average of €3,037.52.
The islands are also positioned on the podium of the autonomous communities with the most people at risk of social exclusion. In child and youth poverty, it presides over the ranking with 376,570 people under 18 years of age at risk of social exclusion.
The latest study of 'The State of Poverty. Monitoring of the European indicator (AROPE) of poverty and social exclusion in Spain 2008-2022' revealed that the Canary Islands were the second community with the highest levels of poverty and risk of social exclusion - 287,000 people with a monthly income of less than 560 euros per family unit in 2022.
70% of those registered in Fuerteventura last year are foreigners.
The high purchasing power of foreigners compared to the local population completely distorts the housing market
NEWSROOMFUERTEVENTURA
The housing situation and quality of life in the Canary Islands continues to give negative data, and in Fuerteventura we are no strangers to these circumstances. One of the keys to this fall in the purchasing power of the local population is the general shortage of consumer goods and housing.
The quality of life provided by the archipelago means that millions of tourists visit us and more and more foreigners are arriving on the island with the aim of continuing their lives here and this has developed into an increase in the cost of living.
According to the National Institute of Statistics (INE), as of July 1, 2023, the archipelago has a population of 2,223,951 people. Of this figure, 14.3% are foreign nationals. However, if we look at foreign-born people, the percentage rises to 21.7% – 483,171 people. The INE justifies this difference in the Spanish nationalization process.
So far this year, the Canary Islands have gained a total of 25,995 inhabitants, of which 19,109 are foreign nationals and 6,885 are Spanish. This represents 73.6% of foreigners arriving in the archipelago in 2023.
If we distinguish between islands, Fuerteventura takes the gold medal in terms of the largest foreign population: 30.37%. Focusing on the new inhabitants who have arrived this year, the percentage increases considerably. 70% of the people registered on this island this last year are of foreign nationality -2,260-, in contrast to the 967 residents of Spanish nationality.
The rising cost of living in the Canary Islands
Inflation and rising prices have been notorious throughout Spain. However, among all the autonomous communities, the Canary Islands is one of the most outstanding. According to Fotocasa's Real Estate Index, it was the community where house prices increased the most, with 4.1% over the previous month and 23.5% compared to the same month last year.
With these, the Canary Islands are positioned as the autonomous community with the highest year-on-year increase in the sale price of housing – followed by the Balearic Islands (18.7%) and Navarre (13.4%).
In this way, according to the study by Fotocasa Canarias, it reaches its highest house price since the real estate bubble of 2007. It doesn't change with rents. The islands lead the ranking in terms of rent increases with 22.1%, followed by the Balearic Islands with 18.9% (nationally, rents rose by 7.6% year-on-year).
Housing is not the only aspect in which life in the Canary Islands has become more expensive. A study by the Organisation of Consumers and Users (OCU) revealed that, together with the Balearic Islands, the Canary Islands is the autonomous community where it is most expensive to make purchases. The rise in food prices has meant an economic difficulty for many families and that has been reflected in the hospitality industry.
According to the president of the Association of Bars, Cafeterias, Restaurants and Leisure of Las Palmas (AEBCRYO), Fermín Sánchez, "Hard times are coming. According to the Bank of Spain, a 4% rise in food prices is coming for 2024." Faced with the increase, the president commented that they have had to raise the prices of their menus "approximately 10%, far from the 25-30%" that food prices have risen.
Lower labour costs after Extremadura
The high cost of living, however, does not translate into the cost of labor. The latest quarterly labour cost survey published by the INE ranked the Canary Islands as the second lowest figure, only surpassed by Extremadura. The labour cost per worker per month in the archipelago reached €2,584.31 in the second quarter, remaining €453.21 below the national average of €3,037.52.
The islands are also positioned on the podium of the autonomous communities with the most people at risk of social exclusion. In child and youth poverty, it presides over the ranking with 376,570 people under 18 years of age at risk of social exclusion.
The latest study of 'The State of Poverty. Monitoring of the European indicator (AROPE) of poverty and social exclusion in Spain 2008-2022' revealed that the Canary Islands were the second community with the highest levels of poverty and risk of social exclusion - 287,000 people with a monthly income of less than 560 euros per family unit in 2022.