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.
Report prepared by local estate agents
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 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.
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.
Insider Tip for 2007
Property values continue to perform well in this highly popular, established tourist area, particularly for holiday or retirement second homes. Some local agents believe that the Altea la Vella, located just outside the town, is still good for potential growth and investment.
Altea Costa Blanca Property Prices
|TYPE||BEDS||M2||AV. PRICE €||PRICE INCREASE 2001 – 2005||PRICE INCREASE 2006||RENTAL YIELD €/M2||AV. MONTHLY RENTAL INCOME €|
|Villa with views||4||350||1,000,000||40%||10%||–||–|
|Villa no views||4||350||800,000||30%||10%||–||–|
|Apartment with views||2||100||200,000||30%||10%||–||–|
|Apartment no views||2||100||100,000||20%||20%||–||–|
|Plot price €/m2||–||–||300||50%||5%||–||–|