Costa Blanca Property Prices Boosted by Declining Stock
Despite predictions of a dip in Spanish property prices in 2023, Costa Blanca’s local real estate market continues its robust growth, with average prices increasing by more than 10%.
A reduction in the supply of newly built and resale homes throughout Spain’s coastal regions continues to support a nationwide property price surge. The trend, as indicated by real estate giant, Idealista, is driven by a marked drop in home availability in most Spanish coastal zones, increasing property prices amid a cost-of-living crisis and rising borrowing expenses in the last year.
Escalating costs of construction materials and fittings have led to fewer completed properties, project delays, and higher costs for foreign property buyers. This situation has resulted in more expensive properties and longer waiting times for new homes in desirable areas, putting additional strain on the resale market.
With limited new homes on the Costa Blanca market, many buyers and investors are turning to the resale market as many new properties are priced beyond the reach of most potential holiday homeowners.
Resale properties are becoming increasingly attractive due to their affordability compared to equivalent new builds, and their appeal is expected to grow given the foreseeable lack of improvements in residential housing stock.
Alenda Golf Properties offers a comprehensive service for individuals looking to sell or purchase a property on this beautiful golf course. Contact us today to make your selling or buying experience seamless, quick, and economical.