FAMED for its stunning beaches, lively nightlife, and rich cultural heritage, it’s no wonder Alicante is a leading province for property buyers.
In the second quarter of 2023, Alicante was the third most popular city in the property market within Spain, only surpassed by Madrid and Barcelona.
Interestingly, foreigners have snapped up almost half of all sales.
Throughout April, May, and June, over 12,000 properties were bought and sold, with foreigners accounting for 44.67% of them.
With these figures, Alicante leads in foreign interest.
Santa Cruz de Tenerife and Malaga follow, with 38.01% and 32.02% of sales being non-nationals, respectively.
However, the interest in Alicante comes with its own issues.
In the past year alone, total property sales in the province have surged by a substantial 16%.
The price per square metre has seen a staggering increase of 100 euros in just the last quarter, driven by the demand in the market.
Jesualdo Ros, the General Secretary of the Association of Real Estate Developers for Alicante, describes the increase in price as normal.
“We come from two spectacular years, to the point that we find there is no stock due to excess demand. It is normal and positive for the market to redirect itself; it did not make sense for it to continue like this”.
Curiously, British buyers are opting for second-hand homes, but other nationalities, such as German, Dutch, and Belgian, are showing a preference for new builds.
Alicante ranks as the priciest area for new builds, with the current average standing at €2,181.
This is an increase of 6.1% in the first quarter of 2023.
Second-hand homes, on the other hand, have risen by just 1.5% to €1,541.
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