THE cheapest coastal holiday homes in Spain can be found in the Valencia region.
All three provinces have witnessed the sharpest drop in prices in the country, due mainly to a slowing down of the foreign market – which usually accounts for nearly half of all purchase and sale operations in hotspots such as the Costa Blanca (Alicante) – as a result of COVID-related travel restrictions.
According to figures by leading Spanish property evaluators, the cost of seafront villas used as second homes along the Valencian coast has dipped by up to 15% over the last year.
The town of Oliva (La Safor, Valencia) is currently the cheapest place to buy a holiday home, with prices sitting at €607 per square metre, followed by Almassora and Burriana (Castellon) at €695 and €725 respectively.
Dropping prices as a result of falling international demand have also significantly affected house prices in Alicante Province, more specifically between Calpe and Pilar de la Horadada.
Domestic purchases in these areas are led by residents in Madrid and Aragon, although analysts point out that these operations are significantly less profitable than those involving overseas buyers, who usually invest in more expensive plots and locations.
On the other end of the scale, Catalunya and the Balearic Islands hog the top spots for most expensive coastal property, with Sitges (€3,640) and Castelldefels (€3,000) in first and third place and Ibiza city (€3,460) in second.
Property market experts believe international demand will pick up again and return to pre-COVID levels once the pandemic passes.