Costa Blanca: The New Centre Stage for Luxury Residential Market
The Mediterranean coast of Spain has always been a popular destination for the luxury residential market, with Costa del Sol being the prime location. However, post the covid pandemic, Costa Blanca is emerging as the new hotspot. The region is attracting an increasing number of foreign investors, particularly in Alicante. The luxury housing here is more affordable compared to other established areas like the Balearic Islands or Malaga.
Alicante: A Rising Star in Luxury Home Market
Alicante ranks fifth among the 10 provinces that attract the most interest from luxury home buyers, as per data from idealista. It accounts for 8% of luxury property searches in Spain by foreigners. The Dutch are the most active (15%), followed by Germans (14%), British (11%), French (10%) and Swedes (6%).
Top 10 Provinces: The Hub of International Interest
International interest in luxury housing is primarily concentrated in 10 provinces, which account for 93% of visits to properties worth more than one million euros in Spain. The Balearic Islands are the favourite area for non-Spanish high net-worth individuals, as 29% of luxury home searches by foreigners are concentrated on the islands.
Post-Pandemic Property Market: Rising Prices
The impact of the coronavirus pandemic on property sales seems to be fading, and prices are starting to rise again. According to data from idealista, among the 10 neighbourhoods where the price of housing has risen the most is Juan XXIII, a neighbourhood in Alicante where property prices have risen by 30.4% between September 2019 and September of this year.
Long-Term Potential of Luxury Housing Market in Alicante
Javier Fur, CEO of the Alicante developer Somium, highlights the long-term potential of the luxury housing market in Alicante. He points out that there is increasing interest from foreigners to live in this region, right by the Mediterranean, thanks to the good gastronomy, cultural activity, year-round services and good travel connections with their countries of origin, thanks to the international airport of Alicante, which has connections with 120 European cities.
Costa Blanca: The New Trend in Luxury Real Estate
Alejandra Vanoli, the managing director of the VIVA Sotheby’s International Realty franchise, emphasizes the growing popularity of the Costa Blanca. She mentions that very nice developments are being built, which is what the foreign client demands, and the price level is much lower than the Balearic Islands or Marbella.
Property Prices: A Comparative Analysis
On idealista, the average price per m2 of property in Marbella is 4,036 euros, while in Mallorca it is 3,816 euros. In contrast, in Alicante it is 1,696 euros, practically 60% lower.
Changing Profile of Luxury Property Buyer in Alicante
After the covid pandemic, the profile of the luxury property buyer in Alicante has changed in age: before, the buyer was over 50 years old and was looking for a house to retire to in Spain. Now the typical client is younger, between 40 and 50 years old and is usually an entrepreneur with the possibility of teleworking.
Exclusive Properties in Alicante
Javier Fur’s developer is building homes in a very exclusive area of Alicante, in Las Colinas Golf & Country Club, a residential community with a low density of homes around a golf course. Somium, which is part of the Marjal Group, has a portfolio of high-end homes for sale in Las Colinas Golf & Country Club.
Morning Breeze: Alicante’s Most Exclusive Villa
The ‘Morning Breeze’ mansion is receiving a lot of interest. It is on sale for 4.85 million euros and has almost 1,000 m2 of floor space. It has three bedrooms, five bathrooms, a kitchen, a living room, a gym, a spa with jacuzzi and a sauna. The villa has an air renewal system with heat recovery, the SATE system (Exterior Thermal Insulation System) and cross ventilation.
Las Colinas Golf & Country Resort: A Premier Destination
The Las Colinas Golf & Country resort, where the Morning Breeze is located, has been named “Europe’s Leading Villa Resort” at the World Travel Awards 2020, as well as “Spain’s Leading Villa Resort” at the World Travel Awards and as the Best Golf Course in Spain. Alicante city is about 45 minutes away, although there are international schools, nature parks, beach clubs and shopping centres in the surrounding area.
