ALICANTE province has clocked the highest number of new houses built in a year since the property boom of 2007.

The number of new properties built or started in 2023 was 8,783- a 52% rise on 2022 according to figures from the Official College of Technical Architecture of Alicante.

“The figures for 2023 are based first and foremost on an extraordinary second quarter in which 3,001 homes were started,” said College president, Carlos Casas.

“The total exceeds in just a single quarter the total number of homes started in each of the years from 2009 to 2014- a milestone that is difficult to repeat,” he added.

The increase comes despite rising costs for home buyers including increased mortgage rates.

The average housing construction cost per square meter in 2023 stood at €556, with an increase of 5.1% compared to the 2022 figure (€529).

The rise compared to the pre-pandemic level of 2019 (€486) is 14.4%.

Three areas of Alicante province which are strong for tourism dominate the figures, namely the Vega Baja, the Marinas Alta and Baixa, and Alicante City.

The Vega Baja including Torrevieja and Orihuela saw 43.6% of the province’s new construction last year- up from 38.7% of the total in 2022.

The Marinas account for 26.5%, followed by Alicante City which fell from 22.1% to 20.1%.

Carlos Casas said: “These three areas account for 90% of the province’s new housing activity.”

All of those regions are showing their highest new property growth levels since 2008, according to Casas.

Just two municipalities surpassed 1,000 homes started last year: Orihuela in first place with 1,181 homes, followed by Alicante with 1,099.

They are followed by Torrevieja with 898 and Denia with 587.

In fifth place is Pilar de la Horadada with 482, followed by Elche with 407, Benidorm with 400, and San Miguel de Salinas on 392.


Subscribe to the Olive Press

This site uses Akismet to reduce spam. Learn how your comment data is processed.