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Housing prices in Alicante rise more than double the national average
2 Apr 2024

Housing prices in Alicante rise more than double the national average

Housing prices continue to rise in the province of Alicante much faster than the national average despite declining sales since the second half of last year.

This is indicated by the latest assessment from Tinsa, which ranks Alicante as the fourth province where prices have risen the most in the past year. The company estimates the cost per square meter in the province at the end of the first quarter to be 1,453 euros, which is 7.8% more than the same period in 2023. Only Malaga, with an increase of 9.9%, and the Balearic Islands and Guadalajara, with increases of 8.3%, surpass this growth rate. The figure is also more than double the national average increase of 3.3%, according to data held by the company.

In coastal areas, international interest is clearly reflected in demand. International buyers are less susceptible to interest rate hikes and inflationary pressures compared to local buyers seeking primary residences. In areas where demand depends on local buyers, the impact of rising mortgage rates and inflation is more pronounced.

In terms of municipalities, Orihuela is the city in the province of Alicante, where the price per square meter has increased the most in the past year, by 11.3%, to 1,559 euros. Torrevieja also exceeds the average increase, with 9.2%, reaching 1,494 euros. In Elche, the annual growth is 7.8%, totalling 1,262 euros per square meter, while in the city of Alicante, properties are 7% more expensive than in March 2023, at 1,609 euros; and in Benidorm, 5.6% higher at 1,773 euros.

Source: Información Newspaper