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ARCHIVED - Costa Blanca property market slow to recover after first year of pandemic
Market value rose in 4 coastal municipalities but sales figures in Alicante have been hit drastically by international travel restrictions
Leading Spanish property valuation firm Tinsa has published its review of the market in coastal regions of Spain during the first quarter of 2021, reaching the conclusion that in general terms the market for holiday homes and second residences resisted the effects of the Covid pandemic better than the first residence market during the first year of the coronavirus crisis.
The Tinsa reports compares sales figures and the market value of property in the first three months of 2021 with the same period last year, which mostly preceded the first coronavirus lockdown in Spain on 14th March 2020. As a result it is feasible to expect a drop in the 2021 figures due to the tightening of pandemic restrictions in the New Year, but it seems that in coastal areas this is far less marked than further inland and in major cities.
In most of the province of Alicante, though, the recovery of the market has been slower, possibly due to the area having the highest proportion of non-Spanish buyers in the whole of Spain and the consequences of international travel restrictions over the last 12 months. According to Tinsa, the market value of residential property in the province as a whole has dropped by 6.1 per cent, and among coastal municipalities the only exceptions are increases of 4.6 per cent in the city of Alicante, 8.5 per cent in Orihuela Costa, 1.3 per cent in Jávea and 0.2 per cent in Guardamar del Segura.
Minimal downward trends are reported in Alfás del Pí, Altea and Pilar de la Horadada, but the decreases reach double figures in Calpe (-10.4 per cent), Sqanta Pola (-11.5 per cent) and Villajoyosa (-12.6 per cent).
The major tourist destinations of Benidorm and Torrevieja report decreases of 7.8 per cent and 6.4 per cent respectively.
In terms of sales figures for the whole of 2020, all 15 coastal municipalities included in the report show decreases in double digits, ranging from -13.1 per cent in Denia and -16.4 per cent in Elche to -33.6 per cent in Altea and -35.1 per cent in Torrevieja. This lack of buoyancy in the Costa Blanca market is attributed to the travel bans over the last year and a sharp upturn is expected now that airlines are operational again, but in the meantime the Alicante market is slower to bounce back than other areas of the Spanish coastline.
Of the 63 areas analysed by Tinsa on all of Spain’s coasts, 29 are reported to have seen a similar level activity in 2020 to that of the year before, while in the remainder there were marked decreases. However, improvement is expected almost across the board in 2021 and a “moderate” recovery is reported to be under way in 42 of the areas identified.
Despite the international travel restrictions sales last year were higher than in 2019 in only 19 coastal municipalities, none of them in Alicante, but the highest sales figures are reported in Torrevieja (3,428) and Orihuela (2,841) in the southern Costa Blanca.