Property prices in Alicante
Average property prices in Alicante City increased by 4.6% in the year to October 2019, ending the month on €1,507 per square metre (Idealista). However, this is still 15% below the peak of September 2007.
Alicante – a modern Mediterranean city with stunning beaches and a rich and varied cultural scene
Named “the City of Light” by the Romans, Alicante is a beautiful Spanish port city and capital of the province by the same name. The city has a mountainous backdrop and is watched over by an impressive medieval castle, the Castillo de Santa Bárbara, perched atop Mount Benacantil. The province also boasts some of Europe’s best Blue Flag beaches and a marvellous sunny climate. Steeped in history and tradition, Alicante offers a year-round calendar of events and festivities that the famously warm, in which the welcoming locals take great pride.
Alicante’s location, beaches and warm climate
Situated in south east Spain within the region of Valencia and on the Costa Blanca, Alicante has nearly 250 kilometres of beautiful coastline with clean, sandy beaches, rocky coves and endless opportunities to practise water sports. Among Alicante’s most famous beaches are Playa Postiguet, Playa San Juan, Cabo de las Huertas and Playa de la Almadraba. Being awarded the European Blue Flag year after year, these beaches attract tourists from all over the world and the mild climate means that they can be enjoyed year-round. Rainfall is scarce and winters are particularly mild in this privileged corner of Europe.
Gastronomy and culture
Given its proximity to the sea and the bountiful surrounding agricultural land, it is not surprising that Alicante boasts delicious Mediterranean cuisine of outstanding quality. Rich in fresh, locally produced fruit, vegetables, seafood, rice and olive oil, local gastronomy combines simple Mediterranean classics with exotic twists that remind us of its Muslim influences.
Alicante’s vibrant cultural scene is complimented by a range of colourful local festivities, with fireworks, music, dancing and street parades that take place all year round and, many of which, have been awarded the status of events of ‘International Tourist Interest’. The most important celebration is that of San Juan, a festival that marks the summer solstice with bonfires and fireworks – an authentic Alicante experience not to be missed.
Tourism and Foreign Buyers – Alicante
11.8 million tourists arrived at Alicante airport in the first nine months of 2019, an annual increase of 8% over passenger arrivals in the same period in 2018. Just over 7.6 million international tourists visited the Valencian Community in the first nine months of 2019, increasing by almost 4% compared to the same period in 2018.
Alicante has the highest proportion of foreign buyers in all of Spain’s provinces. accounting for 41% of the total sales in the third quarter of 2019.
Average Property Prices – €1,507 per square metre
Average property prices in Alicante City increased by 4.6% in the year to October 2019, ending the month on €1,507 per square metre. Compared to September 2014 when prices averaged €1,255 per square metre, property prices in Alicante City have risen by 19% with a Compound Annual Growth Rate (CAGR) of 3.5%.
However, real estate prices are still 15% below those of September 2007 (€1,754 per square metre), around the time of the peak.
Property prices in Alicante at €1,507 per square metre
Average Rental Prices – €7.6 per square metre
Rental prices in Alicante City registered an average increase of 5.2% in the year to October 2019, ending the month on €7.6 per square metre. Rental prices in Alicante City are 13% higher than they were in September 2008 when they were €6.7 per square metre and almost 41% higher than in September 2014 when they averaged just €5.4 per square metre.
Sales Transactions – Alicante Province
Looking at Alicante Province (which incorporates the Costa del Sol) the number of sales increased by nearly 15% from the first to the second quarter of 2019, although annually the region registered a decrease of 4%. Compared to the second quarter of 2014, sales transactions in Alicante Province have gone up by nearly 51% from 7,782 to 11,736 sales. The number of sales is still 32% below what it was in the second quarter of 2007, around the time of the peak, however.
Sales of new homes in Alicante Province currently account for 14% of the total number of sales, significantly less than in 2007 when the proportion was 47%.
Willing to buy or sell a home in Alicante or in the Costa Blanca region? Contact our property advisors