Earlier in the article “Alicante Infrastructure” we already told you that this city is a popular investment destination. Its warm climate, beach, sea, developed transportation system and attractive prices for life and real estate in this city compared to metropolitan areas. You can read more about the prices and offers on our page.
Housing prices can depend on various factors. District, floor, availability of elevator, apartment layout, etc. But conventionally we can distinguish two price categories and types of housing: elite areas of new construction and cheap housing in different parts of the city.
Elite neighborhoods
Elite neighborhoods are most often “urbanizations”, which are usually a group of high-rise buildings in a closed area. Outsiders have no access there. On the territory of such a complex usually has a garden, a common pool, playground, sports ground and gyms, courts for tennis and padel, entertainment room for holidays, saunas, garage or parking spaces. These urbanizations are located in the areas of Babel, San Gabriel, Benalua, Vista Hermosa, Gran Via, Garbinet, Pau, San Pablo and Albufereta, Playa de San Juan, Cabo de las Huertas. The trip by car to the center will take about 5-10 minutes.
Prices for apartments in such urbanizations start from € 50 thousand and can reach up to € 1.5 million, depending on the year of construction and the presence of all the above amenities. Most of these houses are newly built (maximum 30 years). These options are more preferred by families with children who plan to move to Spain for permanent residence.
Cheap housing
Cheap housing is secondary real estate in areas with buildings older than 40 years, 3-5 story buildings without elevators. Some buildings in areas far from the center resemble “Khrushchevki” in Russia. What are these neighborhoods good for? Proximity to the historical, cultural and tourist part of the city, schools, institutes, hospitals, stores, subway, etc. And also the prices, which start from €25-30 thousand. Proximity to the sea is also an obvious plus.
Profitability of the object
First of all, you need to decide what purpose you are buying housing. The purchase of housing in the elite urbanization for rent does not make sense.
Let’s take an example. If you buy an apartment in an urbanization for at least 150kys. rent will be 700-800 € per month. Plus you pay an annual property tax (IBI) 400-500 € per year and housing and utilities (comunidad) from 60 to 150 € per month. Buying an apartment in cheap neighborhoods for € 45 thousand depending on the condition you can rent it for 400-500 € per month. IBI will be from 150 to 250 € per year and comunidad from 15 to 25 € per month. The difference and benefit can be seen with the naked eye. Cheap apartments are characteristic of the following neighborhoods: Carolinas Altas y Bajas, Altozano, Campoamor, Padre Espla, Los Angeles, Florida, Princesa Mercedes, Virgen del Remedio, Colonia Requena, Juan XXIII.
If you are planning to rent an apartment for a long-term lease or immigrate to Spain, we would advise you to get your own place with the help of a mortgage. A mortgage will be cheaper than a monthly rent. In the next article we will detail how a foreigner can get a mortgage in Spain.
If you have already decided what you want to buy an apartment for, we will find you a home that takes into account all your wishes and budget.
Contact us at Broadway Consulting.
Broadway Consulting.