Update on Property Prices in the Costa Blanca.
The median asking price in Spain has now reached €230,000. The rise represents year on year growth of 3.3%. While that rate has slowed since last month, we remain confident that prices will continue to grow steadily over the months ahead.
Despite British buyers showing their post-Brexit vote nerves, Spain’s property market outlook remains healthy whilst buyers from elsewhere in Europe are picking up the slack from the UK. In the background, Spain’s economy continues to improve steadily, with no obvious headwinds looking likely to change things.
As ever, Spain continues to show wide regional variations when it comes to shifts in asking prices. As buyers’ attention moves away from high end homes towards more affordable alternatives.
A key factor in the overall slowdown in asking price growth has been the unfolding tale in Alicante. As home to the Costa Blanca, Alicante has long been considered the epicentre for international investors. While prices there have continued to grow over the past year, the rate of growth fell to just 1.6% in June. Given the considerable amount of international interest in Alicante property, this has had a significant impact on the overall rate of price growth during the month.
Despite the slowing growth rate, confidence in the Spanish property market remains strong.
The outlook remains promising.