East European buyers

HOUSE sales in Alicante Province are spiralling among buyers from Eastern Europe as a result of the war in Ukraine.

The explanation is reportedly that increasing numbers of nationals from the countries surrounding the site of the Russian invasion are desperate to escape the area due to fears about possible future developments in the war.

Eastern European buyers were said to be one of the main reasons for the exceptional year for property sales in Alicante in 2022, with 31,700 foreign nationals buying housing and setting a new record with an increase of nearly 50 per cent compared to 2021.

More than 6,200 transactions took place among nationals from the 10 countries in the area surrounding Ukraine, more than double the number for 2021.

In other words, Eastern European buyers accounted for nearly 20 per cent of all property sales in Alicante last year. And more specifically, sales to Ukrainian nationals nearly tripled from 376 in 2021 to 1,036 in 2022.

As a result, Eastern Europe is currently the fifth main market for foreign property in Alicante.