It’s the beginning of a new year and therefore the perfect opportunity to review last year’s Spanish house price data and work out what it all really means for house buyers in the Alicante region of Spain.
The average house price. From the latest figures published by Kyero.com, the average house price in the Alicante region in 2016 was 135,589€ which translates roughly as £115,400*. This is compared to the Land Registry’s last update that the average house price in the UK is as much as £216,674.
The number of property transactions. The total number of property sales made in the Alicante region has increased by 14.65% in a year. (Data source: Kyero.com).
Foreign buyers. 53.15% of the property sales in 2016 were made by foreigners. (Data source: Kyero.com).
The average price per square metre. If we consider all property types, the average price per square metre in the Alicante region as a whole was 1,320€ which is a 3.6% rise from last year’s figure. (Data source: fotocasa.es).
Variations in price per square metre. However, price per square metre varied considerably from town to town within the region. As this table shows.
Of course, anyone who has ever tried to find a property with sea views, in a sought after area, with swimming pool or within 800m of the beach, will know that these average house prices do not apply to them!
The average doesn’t always apply. For example, whilst the average house price per square metre in El Campello is £1,444* (compared to the average house price per square metre of £2,216 ** in the UK!) this is not the case for properties found in certain sought after areas of El Campello such as Coveta Fuma, Pueblo Acantilado, Cala Lanuza and Pueblo Espagnol.
The coastal areas fetch higher prices. As a general rule, you have to add a further £200-350 per square metre if you want to be in the best locations, close to the coast and with a swimming pool. Just as you would pay a lot more than £2,216 per square metre in the most desirable locations within a given town in the UK.
*at an example exchange rate of 1.175.
**as quoted in the UK press – click here for the whole article.