Alicante: The New Hotspot for Luxury Real Estate in 2024
12.08.2024The province of Alicante, nestled along the stunning Costa Blanca, is positioning itself to become the premier destination for luxury real estate purchases in 2024. With an impressive annual growth rate of 25% in luxury property sales and increasing interest from international buyers, Alicante is set to rival other established luxury markets in Spain, such as the Balearic Islands, Malaga, and Barcelona.
Why Alicante?
Alicante’s appeal as a luxury property destination is due to several key factors. Firstly, prices for exclusive homes here remain relatively low compared to traditional luxury hotspots in Spain. This makes Alicante an attractive option for investors seeking high value for their money. The average price per square meter for luxury homes in the province is €3,913, with the city of Alicante (€5,085 per m²), Calpe (€4,980 per m²), and Teulada (€4,686 per m²) being the most expensive locations.
In addition, Alicante offers ample space for the development of new luxury homes and apartments with breathtaking views of the sea and mountains. These features make the region particularly attractive to international buyers looking for their dream home under the sun.
Growing Popularity Among International Buyers
A notable trend in Alicante is the increasing number of international buyers. According to data from the Spanish statistics office INE, nearly 16% of home buyers in 2022 were from Germany, with Belgians accounting for 15% of foreign purchases. Additionally, buyers from Northern and Eastern Europe, such as Scandinavians, French, and Dutch, are increasingly finding their way to Alicante.
Most international buyers opt for luxury properties along the coast, with popular locations including Moraira, Altea, Calpe, and Jávea. These areas are renowned for their beautiful beaches, luxury marinas, and specific urbanizaciones (residential developments) that cater to expats, such as La Finca Golf and Altos del Reino. These neighborhoods not only offer luxury homes but also provide access to international schools and golf courses, making them particularly appealing to foreign families.
Outlook for 2024
Despite economic uncertainties such as inflation and international conflicts, demand for luxury real estate in Alicante continues to rise. While overall property sales in Spain fell by 12%, the luxury real estate segment in Alicante saw a spectacular 55% increase in the past year. This highlights the resilience and allure of the region in the international real estate market.
With an increasing number of foreign real estate agents setting up in the region, the supply of luxury properties in Alicante is expected to grow further. These agents target buyers directly in countries like Germany, Belgium, and the Netherlands, enhancing Alicante’s international appeal.
Conclusion
Alicante is on track to become the new destination for luxury real estate in 2024. With relatively affordable prices, stunning locations, and a growing international buyer market, the province offers everything one could wish for in an exclusive property on the Spanish coast. Whether you’re looking for a luxury villa by the beach, a stylish apartment with sea views, or an exclusive property in a sought-after urbanización, Alicante has it all.