Globalization has brought about a series of phenomena that, while beneficial in many aspects, can also create imbalances and difficulties for local populations in certain regions. One of the most notable effects is observed in tourist destinations like Fuerteventura, where the rising cost of living and income inequality are reaching alarming levels.
Average long-term rental prices in Fuerteventura vs Madrid
In recent years, Fuerteventura, one of the most beautiful islands in the Canary archipelago, has experienced a significant increase in the cost of living, particularly regarding long-term rentals. This phenomenon has led to the price per square meter on the island being 26% higher than in the bustling capital of Spain, Madrid. This disparity in prices, in a paradise-like location such as Fuerteventura, is an alarming indicator of the growing gap of globalization.
Long-term rental prices are 26% more expensive in Fuerteventura compared to Madrid.
Source: Idealista
Average salaries in Fuerteventura vs Madrid
To better understand the magnitude of this situation, it is crucial to analyze the average income of local residents. According to revealing data, an average resident of Fuerteventura, known as a Majorero, earns around €9,446 per year, which equates to approximately €780 per month. This figure is astonishingly 63% lower than the average income in Madrid.
The average salary of a Majorero: is €780 per month.
Source: Instituto nacional de estadistica 2023
The disparity between high housing prices and low wages in Fuerteventura is concerning and highlights the difficult reality that many of its inhabitants face. Although the island is a popular tourist destination, attracting visitors ranging from conventional tourists to digital nomads and nature lovers, the economic burden disproportionately falls on the locals.
Globalization has transformed Fuerteventura into a magnet for those seeking unique experiences and breathtaking landscapes. However, this influx of visitors has not always been beneficial for the local community. The increasing demand for accommodation, driven by tourism and internal migration of remote workers, has triggered a spiral of rising housing prices, leaving many residents in precarious situations.
Housing accessibility is a basic right that all citizens should be able to exercise, regardless of their place of residence. The growing economic gap and marginalization of locals in their own environment raise questions about the equity and sustainability of globalization-driven economic models.
It is essential to recognize the importance of protecting the interests and well-being of local communities in tourist destinations like Fuerteventura. As the island continues to face economic and social pressures, it is everyone’s responsibility to work towards solutions that promote equity and inclusion.
Fair globalization not only involves economic growth and global integration but also respect for local communities and their ability to thrive in a changing environment. It is time to reassess our priorities and work together to build a future where everyone can enjoy a dignified and accessible quality of life.
We cannot accept exorbitant prices that exclude local residents from their own homes. It is imperative that governments and relevant authorities intervene with concrete policies and measures to address this growing housing crisis and economic inequality.
The call to action is clear: we cannot accept exorbitant prices that exclude local residents from their own homes. It is imperative that governments and relevant authorities intervene with concrete policies and measures to address this growing housing crisis and economic inequality.
In conclusion, the situation in Fuerteventura is a stark reminder of the challenges faced by many communities in an increasingly globalized world. The disparity between high living costs and low wage incomes is not only unfair but also threatens to undermine the social and economic fabric of the island. It is time to act with determination and solidarity to ensure that everyone can enjoy a dignified and prosperous life, regardless of where they are.
Let’s take care of the locals and advocate for economic justice for all!
