The segment of luxury property in Spain is taking an increasingly large share of the real estate market in Alicante province: listings asking more than 1 million euros for a home are no longer rare here.
This is happening both because prices have risen to extremely high levels in the most central urban areas and because of the numerous development projects launched in recent years and aimed at clients with high purchasing power.
Alicante has almost caught up with Barcelona in luxury housing supply
If we look at the supply currently available on the market, Alicante already has almost as many luxury properties for sale as Barcelona.
This is shown by the latest data presented by idealista: the province currently has 5,466 residential properties of this type listed across its territory, representing 12% of the national total.
This figure is very close to Barcelona, where, according to the same sources, 5,492 properties priced above 1 million euros are for sale.
This fact clearly illustrates the change that has taken place in Alicante’s real estate sector after the previous bubble burst, when foreign buyers became the main driving force of the market in this region.
These buyers, with much greater financial capacity, demanded higher-quality housing, which encouraged many developers in the region to specialise in the luxury segment, moving away from the construction of affordable apartments for the local population.
Costa Blanca has expanded the geography of the premium market
This model, which already had a certain history in the northern part of Alicante in towns such as Dénia, Jávea, Benissa and Teulada, has spread across the entire Costa Blanca coast, as well as to numerous inland municipalities located around golf courses.
In this regard, it is worth noting that almost 10% of this luxury housing supply in the province is priced above 3 million euros; the total number of active listings with these characteristics is 506.
This dynamic has helped reduce the gap with Spain’s traditional luxury property sales destinations – a market still led by Malaga, Madrid and the Balearic Islands, where wealthy buyers have held a significant share for many years.
Malaga, Madrid and the Balearic Islands remain in the lead
In particular, the highest concentration of luxury property for sale is found on the Costa del Sol: a total of 9,472 properties priced above 1 million euros are offered there, representing 20% of the national total.
Next comes Spain’s capital with 9,276 properties, followed by the Balearic Islands, where buyers can choose from 8,060 available listings.
In Valencia province, only 942 properties are for sale above this price threshold, one fifth of the Costa Blanca figure, and only 47 of them are priced above 3 million euros.
In neighbouring Murcia, there are only 242 listings meeting these criteria, while in Castellón there are just 124.
The most expensive properties in Alicante province
As for the most expensive properties currently for sale in Alicante, first place in the ranking is occupied by a private estate with an artificial lake and its own golf course in the Santa Pola area, valued at around 15 million euros.
Its current owners advertise the estate not only for the exclusivity of living there, but also for the potential income opportunities from using it for events or developing a tourism business.
In second place is a 1,500 m² estate in Altea, in the heart of the mountain range, with an asking price of 11 million euros.
Slightly more affordable is another villa in the same municipality, measuring 1,800 m² and featuring 11 bedrooms and 9 bathrooms, with an asking price of 9.9 million euros.
Fourth on the list is the most unique property of all those listed on the portal: a 1,500 m² house located in the heart of Elche’s historic palm grove.
The sellers themselves describe it as unrepeatable and are asking 9 million euros for it.
Finally, fifth place goes to a modern villa in Moraira – a new-build property described in the listing as hanging over the Mediterranean Sea.
This luxury property, with 831 m² and four bedrooms, is listed for 8.8 million euros.
