 Costa Blanca - Altea Property
2007 report
This report was prepared by Engel & Völkers, a real estate agency with offices in many of Spain’s most popular destinations. It is reproduced here with permission. More information on Englel & Völkers
Altea Costa Blanca Property
This lovely fishing village is located 40 kms
north of Alicante, between Calpe and Benidorm.
Here the local town hall restricts the building of
any high rise building and this has meant fewer
hotels and less mass tourism. Furthermore, Altea
has developed into one of the most important
cultural centres in the Valencia region, with the
Gadea Mansion, the UNESCO music school and
the main exhibition centre is used for fairs, theatre,
ballet and opera featuring international names.
The old town square is situated at the highest point
of the town where you can enjoy sea views and
eat and drink in a variety of bars and restaurants or
explore the many art galleries. The Campomanes
Marina also features a good selection of bars
and restaurants. From the town along the coast
you can walk along the seaside promenade to
Altea la Vieja where you will find some excellent
“chiringuitos” (simple restaurants on the beach).
The area known as Altea Hills, is dominated by
mansions and luxury apartments around the 5 star
deluxe hotel Melia Altea Hills. The surrounding
areas of Altea Sierra and Altea La Vella also offer
wonderful views across to the town and the sea.
Down to the banks of the Algar River you come
across the towns of La Nucia, Albir and Alfaz del
Pi where you can find picturesque old town houses
where there are still opportunities to renovate old
mills and fincas.
The Buyer
The market here is split almost equally between
German, British, Dutch/Belgian and Russian. They
have an average spend of approximately €300,000
and are buying apartments, particularly penthouses
for sea views and villas. The most popular areas
are Altea, Altea Hills and Benidorm.
Property Values
In the past five years prices have been increasing by
30-40%. In 2006 prices for villas and apartments
generally increased by 10% with a range of
€400,000 – 600,000 for a villa and €100,000-
200,000 for an apartment.
Rental Market
As these Engel & Völkers shops do not operate
a rental operation, no information is currently
available.
Insider Tip for 2007
Property values continue to perform well in
this highly popular, established tourist area,
particularly for holiday or retirement second
homes. The Engel & Völkers shop believes that
the Altea la Vella, located just outside the town,
is still good for potential growth and investment. |
