Alicante, a charming city full of history, is located on Spain's picturesque Mediterranean coast. With origins dating back to the Bronze Age, the city is dotted with historical monuments such as the Castle of Santa Bárbara and the Co-cathedral of San Nicolás de Bari. Located in the homonymous province of Alicante, this jewel of the Valencian Community is in a privileged geographical location, with access to the stunning beaches of the Costa Blanca and beautiful mountains.
Luxury Real Estate Market in Alicante
The market for exclusive properties in Alicante is currently stable, with healthy demand matching a wide selection of luxury houses and apartments available. In this sense, buyers can expect a reasonably levelled balance of power when making a transaction.
Politics and Economy in Alicante
The political and economic situation in Alicante is currently stable. This stability fosters a favourable environment for real estate investment and enhances the quality of life of its residents.
Costs Associated with Buying Property in Alicante
Buyers of luxury homes in Alicante will need to consider several additional costs. The average real estate commission that a buyer and seller pay when purchasing a house varies between 5-10% of the selling price. This does not include the transfer tax, which in Alicante is 10% of the sale price, as well as notary fees and potential building inspection or legal costs.
Taxes in Alicante
The wealth tax on private home ownership in Alicante may vary but is generally between 0.2% and 2.5% of the property value. When selling a privately-owned house or apartment, if used as a primary residence or a second home, it will also be subject to capital gains taxes which vary between 19-23%.
The corporate gains tax for companies registered in Alicante is 25%. On the other hand, income tax for registered residents of Alicante varies from 19% to 47% depending on the income bracket.
Mortgage Requirements and Places of Interest in Alicante
In Alicante, the general mortgage requirements include a loan-to-value ratio of up to 80% for residents and 70% for non-residents. Lenders will also take into account the loan repayment capacity.
The most expensive and sought-after residential areas in Alicante include the Ensanche-Diputación district, the city centre and beach areas such as Albufereta and Cabo de las Huertas. Alicante has a good road network and is connected to the AVE high-speed national train network, facilitating access to other parts of Spain.
Life and Culture in Alicante
Alicante offers a wealth of activities and amenities. From luxury shops, to numerous high-quality and famous restaurants, nightlife and exclusive entertainment opportunities. Alicante is famous for its vibrant nightlife and has numerous exclusive casinos and clubs.
Annual cultural and sporting events, such as Las Hogueras de San Juan and the Ocean Race Regatta, attract visitors from around the world. The city also has renowned museums and art galleries such as the MACA (Museum of Contemporary Art of Alicante) and the Museo de Belenes.
In addition, Alicante is home to several top-class hospitals and clinics, and excellent public infrastructure and services. With a population of around 330,000 inhabitants, an impressive Mediterranean climate and a wide variety of outdoor sports and recreational options, it's easy to see why Alicante is such a sought-after destination for those seeking luxury living.
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