Along the coast, the Altea area is considered to be one of the most exclusive in the region where the average price of property tends to be higher with apartments at around €350,000 to over €1 million for a villa. Top end luxury villas of over €1.5 million euros are still holding their prices in spite of the current market difficulties.
Apartments, particularly penthouses and villas are the most requested properties and the most requested areas are Altea Hills, where the five star Melia Hotel is located, and the surrounding areas of Altea la Sierra and Altea la Vella.
This is also a highly popular area with retired buyers who account for 70% of the market and this is reflected by the fact that they visit their property 4-5 times per year staying up to six months in total escaping from the winter in their homeland.
The main buyers are British (20%), Scandinavian (15%) and Spanish (10%). Recently, there has been a great deal of interest from Russian clients who are buying up the top quality properties. They now account for 50% of the market spending an average of almost €2 million euros.
Altea Costa Blanca Property Prices
|TYPE||AV. PRICE €||PRICE INCREASE 2006 VS. 2007||AV SALE PERIOD IN MONTHS|
|Villa with views, 4 bed, 350m2||1.400.000 €||No change||18 months|
|Villa no views, 4 bed, 350m2||1.200.000 €||– 10 %||24 months|
|Apartment with views, 2 bed, 100m2||350.000 €||– 10 %||12 months|
|Apartment no views, 2 bed, 100m2||300.000 €||– 10 %||24 months|
|Country house, 3 bed, 350m2||600.000 €||– 10 %||18 months|
|Townhouse, 3 bed, 180m2||300.000 €||– 10 %||18 months|
|Plot m2||180 – 250 €||– 10 %||9 months|