ON THE UP

HOUSE prices in Alicante Province increased over the first three months of the year despite the rise in mortgage rates.

Average prices from January to March in ‐creased by 15 per cent compared to 2022, the fourth highest increase in Spain, and currently sit at around €1,900 per square metre.

Among the towns with the sharpest price hikes are Altea (17.9 per cent), Pedreguer (16.6 per cent), Denia (15.9 per cent), Benissa (15.1 per cent) and El Verger (14.2 per cent).

Experts believed esca ‐lating mortgages would have an effect on proper ‐ty costs, but far from dropping they accelerat ‐ed over the first three months of the year, largely due to dwindling property stocks after years of record sales.

Alicante remained top of the list for property purchases in Spain over the last year despite ris ‐ing inflation and interest rates.

Foreign buyers contin ‐ue to account for a large percentage of operations, as the vast majority of expat residents are said to buy cash ‐ in ‐ hand, ie without taking out mort ‐gages, and are thus not affected by the banking situation.

The Costa Blanca con ‐tinues to attract buyers not just from the north of Europe but several pros ‐perous eastern Euro ‐peans, especially from the Czech Republic are looking to invest in popu‐lar parts of Spain.

With less competition from British buyers due to Brexit there is an influx of EU nationals who don’t have to worry about the 90/180 days rules and find it easy to fly in with ‐out immigration delays.