Did you know that Altea was only 10 kilometres away from Benidorm? While bustling Benidorm is world-famous as a beach holiday and party destination, Altea on the other hand is known as a somewhat quieter town, fronted by a palm-lined seafront promenade and featuring charming white-washed houses full of winding streets.
Fantastic weather, beautiful beaches and a charming town centre make Altea an idyllic location for a holiday or daytrip from Benidorm. With over 300 days of sunshine per year and an average temperature of 19ºC, this area has long been a favourite among Northern Europeans.
There are several different beaches in Altea that suit all tastes. Playa de l’Espigó is a popular choice among families as it is easily accessible from the town and has good facilities. A little further along the coast, heading south, is the Blue Flag Playa de la Roda, with excellent water sports opportunities. Another option is Playa de Cap Blanch, which also offers many sports and leisure options as well as gorgeous views. There are many other beaches to choose from in Altea, including Cala de la Barra Grande, Cala del Metge, Cala del Soio and Playa del Cap Negret, among others.
The most famous beach in Benidorm is Playa de Levante and is a favourite among tourists. The slightly quieter Playa de Poniente is a great choice for families and at the end of this beach is Cala de Finestrat which is the preferred beach among locals.
Being a popular spot among international visitors and residents, this area on the eastern coast of Spain offers a wide variety of cuisine and the presence of fertile land and the Mediterranean Sea provides local restaurants with top quality fresh ingredients.
Whether looking to try local specialities, such as a seafood paella and delicious sweet turrón, or longing for a taste of home, Altea and Benidorm can accommodate. The streets of Benidorm and Altea are also full of great artisan ice cream shops, tapas restaurants and wine bars where you can grab a quick bite or enjoy a great night out.
Despite its reputation as a party destination, Benidorm also has plenty to offer in terms of culture, including art galleries, theatres, cinemas and concert venues, offering alternative leisure options to the beaches and nightclubs.
Average property prices in both Altea and Benidorm stand at €2,000 per square metre. However, despite the very small distance between both cities, prices used to be significantly higher in Benidorm than in Altea.
Indeed in September 2008, average house prices in Benidorm peaked at €2,558 per square metre. At this time, Altea’s real estate prices did not surpass €1,941 per square metre.
Year-on-year average property prices in Altea have remained steady, ending 2019 on €2,099 per square metre and surpassing the prices in November 2008, when they averaged €2,023 per square metre. Compared to November 2014, when they averaged €1,718 per square metre, prices have risen by 22.5%, giving a Compound Annual Growth Rate (CAGR) of 4.1% since then.
Year-on-year average property prices in Benidorm have risen by 1.5%, ending 2019 on €2,101 per square metre. However, they are still just over 16% below prices in November 2008, when they averaged €2,517 per square metre. Compared to November 2014, when they averaged €1,847 per square metre, prices have risen by 14.3%, giving a Compound Annual Growth Rate (CAGR) of 2.7% since then.
At the end of 2019 average rental prices in Altea went down by 3.8% when compared to 2018, decreasing from €7.8 per square metre to €7.5 per square metre. However, average prices are almost 32% higher than they were in 2014, when they averaged €5.7 per square metre.
At the end of 2019, average rental prices in Benidorm showed an annual increase of almost 8%, rising from €8.9 per square metre to €9.6 per square metre. Average prices are almost 30% higher than they were in 2014, when they averaged €7.4 per square metre.
The number of sales transactions in Altea in the third quarter of 2019 (133 sales) showed a very slight increase, of almost 1%, when compared to the number of sales in the third quarter of 2018 (132 sales) and an increase of almost 50% when compared to the number of sales in the third quarter of 2014 (89 sales).
The number of sales transactions in Benidorm in the third quarter of 2019 (396 sales) also showed a slight increase of almost 1% when compared to the number of sales in the third quarter of 2018 (393 sales) and an increase of almost 37% when compared to the number of sales in the third quarter of 2014 (290 sales).
Willing to buy or sell a home in Altea, Benidorm or in the Costa Blanca region? Contact our property advisors.