JAVEA is one of the three municipalities in Spain with the most expensive properties. That’s according to a recent study from leading quantity surveyor’s firm UVE Valoraciones.
The report found that a family would need 15.46 years of income, on average, to purchase a home in the coastal town in Alicante in 2022.
The calculation is made by dividing the average market value of properties by the average household income. In the case of Javea, the former is €308,014 and the latter €19,924, resulting in the figure of 15.46 years.
According to the survey, Javea is the most expensive municipality in mainland Spain. On the top of the list is the Santa Eulalia del Rio municipality in Ibiza. There, the average household income is €25,330 and the average house price €437,942. This means a financial effort of 17.29 years to purchase a home.
Third on the list is Marbella, with €24,196 of average income and an average house price of €367,186. The financial effort here is 15.18 years.
For Spain as a whole, the survey found that the average property price was €195,452 in 2022, and the average income €30,923. This gives a financial effort of 6.32 years to buy a property.
The study from UVE Valoraciones pointed out that, with the exception of Madrid, Barcelona and San Sebastian in the Basque Country, all of the municipalities on the list have one thing in common: ‘tourist activity is dominant’.
This, the report continues, ‘suggests that property prices in tourist areas could be related to household income of residents in a different way from the rest’.