Spain’s Most Expensive Properties Found in Javea
In a recent study conducted by UVE Valoraciones, a leading quantity surveyor’s firm, it was revealed that Javea is one of the three municipalities in Spain with the most expensive properties. The coastal town in Alicante requires an average of 15.46 years of income for a family to purchase a home in 2022.
How the Property Affordability is Calculated
The affordability of properties is calculated by dividing the average market value of properties by the average household income. In Javea, the average market value of properties is €308,014 and the average household income is €19,924. This results in a figure of 15.46 years, making it the most expensive municipality in mainland Spain.
Other Expensive Municipalities in Spain
Topping the list is the Santa Eulalia del Rio municipality in Ibiza. Here, the average household income is €25,330 and the average house price is €437,942. This translates to a financial effort of 17.29 years to purchase a home. Marbella ranks third with an average income of €24,196 and an average house price of €367,186, requiring a financial effort of 15.18 years.
Property Prices and Income in Spain
For Spain as a whole, the average property price in 2022 was €195,452, and the average income was €30,923. This means that it would take an average of 6.32 years of income to buy a property.
The Impact of Tourism on Property Prices
The UVE Valoraciones study noted that except for Madrid, Barcelona, and San Sebastian in the Basque Country, all the municipalities on the list have one thing in common: dominant tourist activity. This suggests that property prices in tourist areas could be related to the household income of residents differently from the rest.
Related News on Spain’s Property Market
In related news, home sales have reached levels not seen since 2007 in the Costa Blanca and Valencia areas of Spain. The property market in Spain is also experiencing a boom, thanks to foreign buyers. Furthermore, Malaga is the city in Spain where house prices are rising the fastest.
