Costa Blanca’s foreign buyer contingent help to drive recovering Spanish market
After an encouraging 2015, property firms expect the recovery of the Spanish property market to continue at a similar rate throughout 2016, driven by popular international hot spots such as the Costa Blanca.
Figures recently released paint a promising picture. According to the latest Alicante market report from a leading Spanish property portal, sales to international buyers accounted for 51.88 per cent of transactions (as at Q2 2015) while median property prices in the region increased by 19.07 per cent in the year to October 2015. The Alicante region includes the Costa Blanca.
Meanwhile, one leading developer in the Costa Blanca recorded a 53 per cent increase in completions in 2015 compared to 2014 (from 164 homes in 2014 to 251 homes in 2015). And further highlighting the improving market conditions, the same developer confirmed a 26 per cent rise in its average selling prices, namely from €250,000 to €315,000.
Stats from Spain’s Ministry of Development are equally positive: property sales totalled more than €24billion during the first half of 2015, with transactions up by more than 10 per cent when compared with the same period in 2014.
The attractions of the Costa Blanca remain as strong now as they have ever been – 320 days of sunshine a year, a huge selection of beaches, golf courses and other attractions, a fantastic healthy diet recognised by UNESCO, one of the top 10 healthcare services in the world, according to figures from the World Health Organization, excellent flight connections with the UK and a great selection of good value property.