El Cotillo sees house prices soar amid a wave of foreign buyers

El Cotillo, a former fishing village in the north of La Oliva, is undergoing a rapid transformation of its property market. What until a decade ago was a quiet, more affordable alternative to Corralejo has become one of the most in-demand spots in Fuerteventura among foreign buyers, drawn by its surf beaches, laid-back atmosphere and proximity to Lajares.

Surfers and digital nomads dominate property sales

According to local estate agents, more than half of the property sales completed in El Cotillo in recent years have gone to German, French, Italian and British buyers, many of them connected to the surfing world or to remote work. The combination of good internet connectivity, a growing number of cafes and informal coworking spaces, and an airport less than half an hour away has made the area a regular destination for those looking to combine remote work with an outdoor lifestyle.

European retirees stretch demand across the whole year

Alongside this younger crowd, a growing number of Central European retirees are buying homes to spend long stretches of the year or to live there permanently, which property portals say has reduced the seasonality of demand: enquiries and viewings are no longer concentrated in winter alone, but remain steady for much of the year.

Prices catching up with established tourist areas

Figures from property portals put the average price per square metre in El Cotillo at levels that now rival those of much more established tourist areas in the north of the island, with double-digit year-on-year increases in some segments of the market. Homes with sea views or close to the Faro de El Tostón lighthouse are seeing the sharpest rises.

A very limited housing stock

The main obstacle, sector sources point out, is the scarcity of supply: El Cotillo has a small urban footprint with little room to expand, which is adding to the pressure on prices and making it harder for local residents to find housing in their own village.