Alicante College of Realtors, The increase in interest rates in recent months does not affect the good course of the real estate market in the province of Alicante.. , something to which high foreign demand has decisively contributed. In fact, key statistical indicators show that sales remain high in 2023 after an exceptional 2022, and prices remain stable.
Marifé Esteso, president of the Alicante Association of Realtors, explains that this is due to a combination of several factors. On the one hand, housing remains highly attractive as an investment product There is a significant demand for houses on the coast as first and second residences, especially by foreign citizens. Alicante has the distinction of being the Spanish province with the highest number of sales to foreign citizens from countries with greater purchasing power than Spain, such as France, Belgium, Sweden, Germany or the United Kingdom, or to foreign citizens with higher incomes. .
“Moreover, in many operations we have closed, Euribor is not such a decisive factor. According to data corresponding to the fourth quarter of 2022, approximately 65% of new mortgage loans issued are flat rateAdded to this is the tendency to increase the average duration for mortgage contracts as a means to offset the rise in interest rates. To all this, we must add 30% of real estate transactions without the need for mortgages”, says Marifé Esteso.
President of the Alicante College of Realtors, The outlook has improved in recent days after the significant fall in interest rates due to the Silicon Valley Bank crisis.. The new situation has slowed interest rate increases, which will lead to a resurgence of paralyzed operations and discourage some buyers who may be reluctant to develop interest rates.