Continuous growth in prime real estate on the Costa Blanca

Continuous growth in prime real estate on the Costa Blanca.

Continuous growth in prime real estate on the Costa Blanca. Image: GaudiLab / Shutterstock.com.

Prime Real Estate

Alicante’s prime real estate market continues its upward trajectory following a busy 2023.

According to a report from Lucas Fox International Properties, this segment is experiencing remarkable dynamism, with luxury properties fetching prices exceeding €4 million.

The surge in international demand is a key driver, leading to faster transactions and heightened interest in new construction projects.

Lucas Fox’s study reveals that the Valencian Community led home sales per population in 2023, boasting a rate of 18.08 per thousand inhabitants, surpassing regions like Murcia.

Alicante and its renowned tourist destination, Costa Blanca, emerge as leaders in relative real estate activity, with 24.35 sales transactions per thousand inhabitants.

This solidifies its position as one of Spain’s most attractive destinations for real estate investment.

The report highlights that international buyers are primarily seeking renovated traditional properties with ample space and views of the sea or mountains.

There’s also demand for spacious modern villas, Provençal-style houses, and beachfront apartments, particularly in sought-after areas like Playa San Juan, Cabo de las Huertas, Alicante Golf, and other select locations in Alicante.

Outshining Competitors

The luxury real estate market in Spain outshines its neighbouring competitors, showcasing steady growth across all 50 provinces of the country.

While the Balearic Islands, Madrid, Barcelona, and Malaga collectively represent 70 per cent of prime properties, Alicante’s luxury real estate sector has seen remarkable growth, averaging a 25 per cent annual increase over the past three years.

Consequently, Costa Blanca has emerged as a preferred destination for million-dollar investments.

Property prices in Alicante are relatively lower compared to Madrid or Barcelona, with the average luxury home costing above €2 million.

In terms of market values, property prices vary based on segment and location.

Premium homes typically range between €1.5 and €3 million, while luxury homes command prices between €3 and €10 million, with super-luxury properties exceeding this range.

The average cost per square metre stands at €3,900, with Alicante boasting the highest market value at approximately €5,085 per square metre.

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Written by

Anna Ellis

Originally from Derbyshire, Anna has lived in the middle of nowhere on the Costa Blanca for 19 years. She is passionate about her animal family including four dogs and four horses, musicals and cooking.

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