Growth and luxury: Thriving real estate scene on the Costa Blanca
Growth and luxury: Thriving real estate scene on the Costa Blanca
In the dynamic Spanish real estate market, the Costa Blanca shines as a region experiencing continuous growth.
Taylor Wimpey España, a British developer, reports a remarkable 40 per cent increase in housing reservations in the area compared to 2023.
This surge is fuelled by clients from 17 different nationalities, underscoring the rising popularity of the Costa Blanca for both residency and investment purposes.
The Costa Blanca’s upward trajectory mirrors the positive trends seen in the national real estate market.
According to data from the General Council of Notaries, February 2024 witnessed 53,142 home purchase and sale transactions, marking a 9.7 per cent year-on-year increase.
Specifically, new home transactions surged by 20.83 per cent, accompanied by a 4.24 per cent rise in median home prices compared to the previous year.
These statistics align with Taylor Wimpey Spain’s findings, as the company continues its expansion in its primary areas of influence: Costa del Sol, Costa Blanca, and Mallorca.
On the Costa Blanca, Spanish buyers now account for 15 per cent of reservations, signalling a notable uptick in domestic demand within the region.
Fifth Spot
Alicante holds the fifth position in Spain’s luxury real estate market, showcasing significant growth alongside the sector’s nationwide momentum, which boasts approximately 41,000 properties.
Notably, Alicante experiences particularly robust growth compared to other provinces.
In terms of market share, the Balearic Islands lead the ranking with 24 per cent, followed by Málaga (22.5 per cent), Madrid (12 per cent), and Barcelona (11 per cent).
Alicante secures 10 per cent of the total market share, indicating a notable influx of real estate investment into regions that previously held marginal market shares.
The luxury real estate market in Alicante attracts substantial capital from abroad, although Spanish buyers remain prominent.
European citizens, particularly from Germany, Great Britain, Sweden, Russia, and Switzerland, contribute significantly to this market.
Additionally, there’s a growing trend of purchases by US citizens and, to a lesser extent, Mexican buyers.
Single-family homes, situated on beachfront or in mountainous areas, are the most sought-after luxury properties.
Buyers typically fall within the 40 to 50-year-old demographic, often holding executive positions in large corporations, seeking either a secondary residence or a holiday home.