Neither inflation, nor the Russian-Ukrainian conflict, nor rising interest rates, the pandemic and Brexit could greatly affect the real estate market in Alicante. Quarter by quarter, this sector demonstrates its sustainability and a key role in the economic development of the region. This is one of the main, if not the main, engine of the development of the local economy.
Official data from the National Institute of Statistics of Spain (INE) confirm the above, because despite the decline in the market in the fourth quarter of 2022, Alicante will be able to finish the year with record sales figures. According to available data, a slightly unexpected, but extremely active sales growth in the third quarter of the year played a big role.
Last year allowed Alicante to sell the largest number of residential real estate objects on the market since 2007 — 49,858 units. For comparison, 99,869 housing units were sold on the market in the entire autonomous community of Valencia over the past year. Thus, the province of Alicante took more than 50% share in the total sales of the community. Fortunately, unlike the crisis period of 2007-09, there is no bubble and excess of toxic mortgage loans on the local market.
INE also points out that the results of Alicante for 2022, in annual terms, show an increase in sales volumes by 36.76%. At the end of 2021, 36,456 residential properties were sold, that is, almost 13,500 fewer housing units. If we take away the results of the year in Ceuta, which recorded only 511 transactions, but showed a relative increase in sales by 65% over the year, then it is Alicante that becomes the most actively growing region of Spain in 2022. The closest competitors are the provinces of Las Palmas and Santa Cruz de Tenerife with an increase of more than 30%.
Thus, the Alicante real estate market is already growing at a multiple rate, which is especially impressive when compared with the national average sales growth of 14.65% (according to INE). In comparison with the average of Valencia, sales volumes also turned out to be extremely significant — more by about 50%. The annual sales growth in the community was 23.89%, in 2021 80,269 housing units were sold here.
Alicante also significantly outperformed its main competitors: Malaga (42,041 sales with an increase of 26.86%) and the Balearic Islands (17,796 sales with an increase of 25.61%. Only the provinces of Madrid and Barcelona are more successful than Alicante in absolute terms. 83,103 objects were sold in the capital of the country, and 66,220 objects were sold in the capital of Catalonia.