If you are planning on buying or selling a property here on the Costa Blanca, you will be pleased to hear that things are picking up in the Spanish property market.
Here at Benigest Real Estate we have definitely noticed an uplift in activity in our local property market, with the number of enquiries, viewings, and sales all increasing recently.
With plenty of people looking to buy and sell in Spain, here’s a roundup of the latest news from the Costa Blanca property market…
Strong sales figures in the Alicante region
Figures published by the national government at the start of July show that the Costa Blanca area has reported its highest property sales figures since before the start of the pandemic.
In the month of May, 2,893 homes were sold in the Alicante province – this number is more than double the figure for the same month in 2020, and is a welcome return to pre-pandemic levels.
No drop in Spanish property prices
Despite predictions towards the end of 2020 that all Spanish property would drop considerably in value due to the pandemic, property prices in Spain actually didn’t drop at all. In fact, the average asking prices in Spain increased by 0.5% year-on-year, with a 2.6% increase in property prices here in the Alicante province.
The average price of a new home in Spain so far in 2021 is €223,380, according to Spain’s Property Appraisal Society. This is the highest value new builds in Spain have achieved since 2010.
Need for military permit removed
Another piece of welcome property news on the Costa Blanca is that on 2nd July 2021 the Ministry of Defense removed the obligation for property buyers from outside the EU to request permission for a special permit to buy a house within areas considered to be within strategic defense points.
The law which dates back to the Franco regime, would have added an extra 6 – 8 months onto a property purchase, and since 1st January 2021 (the Brexit deadline) was an unexpected hurdle for British buyers. Locally this affected those looking to purchase a home in Torrevieja, Orihuela Costa, San Miguel de Salinas, Pilar de la Horadada, and much of the Vega Baja area due to their proximity to the naval base in Cartagena.
This is all great news for both sellers and buyers alike!
If you have any questions about the property market on the Costa Blanca, or would like to talk about buying or selling a property, please get in touch with the team here at Benigest Real Estate.
