Xàbia confirmed as most expensive place to buy a property in the Comunidad Valenciana
Property prices rose by 5.8% in the Province of Alicante during 2022.
Tuesday 4th April 2023
Mike Smith
Source: Alicante Plaza
The property market in the Province of Alicante not only experienced a significant increase in activity during 2022, with record sales figures not seen since the financial crisis of 2008. It also experiences a significant increase in prices, 5.8%, not only due to the recovery of the sector but also due to the increase in the cost of raw materials.
Unsurprisingly, it is along the coast where the prices have risen the most, where there is an established model of residential tourism and a strong presence of European residents, and leading the way is Xàbia, which not only offers the most expensive property in the province but also in the entire Comunidad Valenciana, according to the 2022 Report of the College of Registrars of Spain.
According to the report, six of the seven municipalities with more than 25,000 residents in the Comunidad Valenciana which offer the highest prices for property are located in the province of Alicante. In order, from highest price, they are Xàbia, which an average price of 2,519 euro per square metre, Benidorm (2,466 euros), Altea (2,203 euros), Calp (2,168 euros), El Campello (2,121 euros) and Dénia (1,993 euros). Xàbia and Benidorm also lead the way in terms of sales. All are coastal towns with a powerful tourism sector.
In general, the average price of property in the province of Alicante in 2022 was 1,608 euros per square metre, an increase of 5.8% compared to the previous year. With regards to new housing, the average price was 2,091 euros per square metre, an increase of 7.0% whilst existing housing was 1,539 euros per square metre, a growth of 6.9%.
In the Comunidad Valenciana, the average price of property in 2022 was 1,444 euros per square metre (1,841 euros per square metre for new housing), whilst the average price of property across Spain was 1,944 euros per square metre, an increase of 6.7%.
The foreign market drove the demand for housing in the Comunidad Valenciana, doubling the national average of 13.7% to 26.8%, putting the autonomous region third behind the Baleares and Canarias. With regards to provinces, Alicante heads the way with a foreign market share of 41.75%, tripling the national average, whilst Castellón record 13.3% and Valencia 11.3%. British, Belgian, Dutch, German and French buyers led the way.
Yet, whilst the price of new property is among the highest in Spain, the Comunidad Valenciana and the Province of Alicante are especially cheap in the case of commercial premises and industrial buildings, with the average price for the former standing at 860 euros per square metre during 2022, the sixth cheapest in Spain) whilst the latter recorded an average of 360 euros per square metres, the eighth cheapest in the country.
