Property prices in the Marina Alta and Marina Baixa rose to record levels in 2024. According to an analysis by Fotocasa, used properties in the province of Alicante increased in price by an average of 21.3%, while the national average was only 8.4%. The region thus recorded the strongest price increase in Spain. The price per square metre climbed to 2,456 euros, which means that a typical 80 m² flat costs almost 200,000 euros.
Front runner in terms of prices in August 2024
Some cities stand out in particular:
- Calp: 4,190 €/m²
- Alfàs del Pi: € 4,043/m²
- Benijófar: 4,027 €/m²
Eight other municipalities, including Moraira (€3,500/m²), Benidorm (€3,458/m²) and Dénia (€3,363/m²), are also above the €3,000 mark. In La Nucia and El Verger, prices have even risen by 82.6 % and 81.2 % respectively - a huge jump.
Why are prices rising?
Experts see a mixture of factors:
Scarce supply: Hardly affordable plots of land and high construction costs are slowing down new construction, especially for social housing.
International demand: Buyers from abroad in particular are driving the market, often in search of second homes.
Rental shortage: There is a lack of affordable rental flats - with rents starting at 750 euros, many people are left with no option but to buy, which increases the pressure on prices.
Consequences for locals
Many locals have to switch to cheaper locations such as Castalla or Xixona in order to find affordable housing. At the same time, investors are pushing into the market, which is driving prices up further.
The property sector is talking about a „perfect storm“. For many families and young buyers, living in the Marina Alta and Marina Baixa is barely affordable. Solutions that could ease the housing market are not yet in sight.
