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José Vicente Pérez Pardo
Alicante
Miércoles, 8 de enero 2025, 12:15
The real estate market in the province of Alicante seems to have no ceiling. Due to the lack of sufficient new construction to meet the demand for apartments, the second-hand market in the province is experiencing unprecedented growth according to statistics. The latest, provided by the real estate portal Fotocasa, indicates that Alicante is the province in Spain where the price of second-hand housing has increased the most in 2024.
More than in Madrid, Barcelona, Valencia, or Malaga. The prices of used housing in Alicante at the end of 2024 are 21.3% higher than the previous year, making it the province with the highest growth. The province surpasses Illes Balears, Guadalajara (due to its proximity to Madrid), Malaga, and Lugo, among others.
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At the regional level, with the most thriving provinces, the Valencian Community is the region where second-hand housing prices have increased the most during 2024, ahead of the Balearic Islands and Madrid.
On average, the price of second-hand housing ends the year 2024 with an annual growth of 8.4%, with an average price of 2,389 euros per square metre. This represents "the highest increase since the real estate portal Fotocasa began collecting this data," according to the portal.
The causes of this "heating" of the real estate market include the "tension" between supply and demand, according to Fotocasa spokesperson María Matos. And, beware, because, according to the expert, there is still room for further increases: "Average prices have not yet reached the historical highs experienced during the real estate bubble," warns Fotocasa.
This "tension" between demand and supply is explained by two factors. First, the drop in interest rates has facilitated mortgage credit. However, this demand is not matched by sufficient supply to absorb it, and therefore, property values continue to rise. For this reason, Matos warns that "measures to promote a balance between supply and demand" are needed to ensure it is "sustainable in the long and medium term." These would be on the supply side, that is, new construction.
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