Foreign Buyers Drive Boom in Alicante Luxury Property Market

Luxury property market in Alicante province sees a surge in foreign interest

The Alicante province in Spain is currently experiencing a boom in its luxury property market, with a notable increase in foreign interest. Data from the Institute of Economic Studies of Alicante (INECA) and real estate agency Engel & Völkers reveal a significant rise in purchases of properties priced over €1 million by foreign buyers.

Foreign buyers, primarily from Belgium, the Netherlands, Switzerland, and Germany, are driving this trend, accounting for up to 80 per cent of transactions in the luxury property market. Cash transactions are also prevalent, with 80-90 per cent of transactions in areas like Moraira and Altea being conducted in cash.

Coastal tourist areas like Orihuela and Torrevieja are also experiencing high demand from foreign buyers, especially those from Belgium and the Netherlands. In Alicante city and surrounding areas, Belgians and Dutch buyers lead the market, making up three out of every ten luxury homes priced over €2 million.

This influx of foreign buyers has had a significant impact on the Alicante real estate market, leading to rising prices across the board. In 2023, more than 60 per cent of properties sold exceeded €1 million, with 31 per cent surpassing the €2 million mark.

Belgians and Dutch buyers, along with Swiss, Germans, Scandinavians, and Ukrainians, are among the majority of international clients investing in the luxury property market in Alicante. This surge in foreign interest is reshaping the real estate landscape in the region, highlighting the attractiveness of Alicante province to high-end property buyers.

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