A report by Place in the Sun has revealed the Alicante property market is rebounding in style and Brits are playing a large part in the revival that is also being seen in other coastal resorts of Spain.
From January to March 2018, property sales in Alicante rose roughly 40% for each month year-on-year. This is the highest jump since 2008, and 2011 when the Spanish real estate market started to bounce back after the crash of 2008.
The real estate portfolio heavily features off plan and new home sales with more than 6000 home constructions taking place at the end of 2017.
Buyers are attracted to the new builds over resale properties simply because of better building standards as well as the chance to personalise the interior design and décor.
This makes Alicante one of Spain’s key property development destinations. Meanwhile, Property Wire says property prices in the region rose by roughly 10 to 13% during 2017.
Brits have always loved Spain, and the abundance of cheap flights and short distance from the UK plays a significant part in their decision to buy there. The report went on to say Brits were the top nationality of foreign buyers and can be credited with a strong presence in the property revival of the Valencia region.
According to Kyero data which get their stats from government and market data sources, in Quarter 4 of 2017, international buyers accounted for nearly 50% of all property sales.
Stats also say 204,000 foreign residents live in Alicante, of which Brits total nearly 70,000 people. Generally British buyers want a holiday home, but many also have long term plans to retire in Spain, despite the consequences of Brexit.
Favourite places for Brits buying in Alicante are Torrevieja, Alicante centre, and the age-old favourite Javea.
Overall, the future is bright for the Spanish property market. Long may it continue.
You might also like to read our area guide on what to do, where to go, dining out and beaches in the area.