Alicante’s property market ‘cruising’ back to pre-crisis levels

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HOUSING MARKET CRUISING BACK TO PRE-CRISIS LEVELS
RECOVERING: Housing market up by 13 per cent in Alicante province Photo credit: Twitter

AFTER five years of steady improvement, the housing market in the Alicante province has upped a gear and is now in cruising speed, with volumes of business beginning to return to levels not seen for almost a decade.

Up until the end of September, 29,599 homes were sold which represents a 13 per cent increase on the same nine month period in 2016 and the best housing data since 2008.  The amount of money paid for properties also increased by €437 million during those nine months, taking the overall total to €3,436 million – a rise of 14.5 per cent year-on-year.  The most encouraging figure is that it’s just short of €1,300 million more than in 2012 when the housing sector bottomed out.

At the moment, it’s the second-hand market that accounts for most of the transactions, as newly constructed apartments and houses represent barely 12 per cent of the total despite the more than notable recovery that has taken place in the construction sector.

Whilst the figures are many millions short of the period of the housing boom in Alicante – almost double than they are now – they are nevertheless an important boost to the economy.  The latest figure of €3.4 billion is on par with the amount of exports from Alicante during the same period (€3.9 billion).

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