Property News | The steady growth in the Javea property market continues

The steady growth in the Javea property market continues – May 2024 – Quarter 1 Results 2024

We have just received the official government figures for quarter 1 of 2024 and it shows an increase of just under 3% from quarter 4 of 2023. And an overall annual increase from quarter 1 of 2023 of just over 10%. In the last four years there has been an increase in the Javea property market of 35%.

How does Javea compare to other areas of Spain?

Firstly, a comparison with Javea, major cities and other tourist locations. As you will see the increase in prices in Javea compares to other tourist destinations, like Marbella, Tenerife, Palma de Mallorca and Torrevieja. It´s interesting to see that Valencia city has increased in price much sharper than the two major cities of Madrid and Barcelona. Valencia in comparison still has much lower prices than the two big cities and offers great value for city living on the coast.

Where are the most expensive to places to buy in Spain? Beating even the luxury suburbs of Madrid and Barcelona are two exclusive locations on the islands of Ibiza and Mallorca. Recent news has seen protests in the Balearics regarding the impact of foreign buyers increasing the cost of buying property for locals. And the figures below show this to be a fact. With an increase in Calvia on the island of Mallorca increasing by 47% in the last 4 years! It is interesting that the other most expensive areas have not seen as high an increase as the coastal and tourist destinations. I would suggest that it is foreign buyers that are pushing up the market in these locations.

Where are the cheapest places to buy in Spain? In stark contrast to the tourist hotspots and major cities there are areas in Spain that still have very low property prices. As you will see below the growth seen in the hotspots have not translated to these areas. With some even decreasing in value over the last 4 years. I have highlighted 2 of the low-priced areas that have seen growth though. They are in the Alicante province around 100km from Javea and 40km from Alicante airport.

If you have any questions about property prices and statistics in relation to Javea and Spain, please do not hesitate to get in touch. joivory@javeahomefinders.com