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News: ​Real estate activity increasing along the Costa Blanca

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​Real estate activity increasing along the Costa Blanca

In the last few months, real estate activity on the coast of Alicante has increased to the point of becoming sustainable. The prolonging price adjustment has caused two things to happen: the property stock has been reduced significantly and the construction of new housing developments has started to take place.

Building activity has surged in some areas of the Costa Blanca, such as Orihuela Costa, Torrevieja, Santa Pola, Guardamar or Pilar de la Horadada. These towns are massively visited by tourists and increasingly by foreign investors too, mostly Britons, Scandinavians and Russians in search of a holiday home or permanent dwellings.

These international investors were the first to turn to Spain since the crisis, attracted by the low prices, as Spanish property prices have decreased by between 30% and 40% since their peaks.

After that, there was a rise in the number of transactions, driven by improvements in the labour market and expectations of an economic recovery. The increase in sales brought along the moderation in the price decreases and, finally, the cranes returned to the landscape of the cities.

The key macroeconomic figures are starting to show real signs of the real estate recovery, with employment growing by more than 3% and the flow of financing on the rise. Mortgage lending has also continued to increase at rates exceeding 25% last month, which means that it has now been recording increases for 30 consecutive months.

Therefore, now is the moment to return to property development on the Costa Blanca.

1 Dec 2015

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