Alicante Province Registers an Increase in Property Sales to Foreign Buyers Despite Slight Reduction in British Purchases

Anyone working in the property sector in the Alicante province must have noticed an increase in house purchases in general, and are silently breathing a sigh of relief, especially after the uncertainty of what would happen because of Brexit.

And to corroborate this, according to figures published by the region’s College of Notaries, it seems that property sales in the Alicante area, and particularly on the Costa Blanca, are actually even picking up speed.

While sales figures took a slight hit at the end of 2016, data now shows that property purchases by foreign buyers went up by 14,55% during the first quarter of this year. This has mainly been attributed, however, to the rise in purchases carried out by Belgian, Swedish, French and German buyers.

Regarding purchases made by British buyers, there was a reduction of 30% during the last quarter of 2016 in comparison to the same period from the year before.

However, while British buyers were also hesitant during the first three months of this year, house purchases by this nationality only fell a further 11.3% in the Alicante province.

Despite this, the Brits still occupy first place in the number of house purchases by one nationality. During the first quarter of this year, they bought a total of 996 homes within the Costa Blanca area.

In second place are the Belgians with 648 purchases, which is an increase of just under 50% from last year. Following them are the Swedes (+11%), French (+22%), Norwegians (+6%), Germans (+42%) and Dutch (+40%), who are all buying Spanish property in this area in greater numbers. Estate agents and developers are happy with their efforts to attract buyers from other foreign markets rather than solely depending on one (the British).

Between January and March this year, a total of 4,910 properties were sold to foreign buyers – just over 600 more than for the same period of 2016.

And the good news doesn’t stop there, either, as house purchases made by national buyers, whether from the same region or from other areas, has also increased by 20%.

Various experts within the sector have commented that the success of property sales around the Costa Blanca is down to extremely inexpensive prices – approximately 20% less than the national average and much cheaper than other coastal areas such as the Balearic Islands or Malaga – the excellent infrastructure and good access to the local airports.

Now, all eyes are on what’s happening in the UK, with the government and the situation with Brexit. If they somehow manage to halt Brexit proceedings, it is almost certain that estate agents and developers on the Costa Blanca will have an extremely busy period ahead of them.