Hot location: This Costa Blanca town has seen property prices rise faster than any other coastal municipality in Spain

ORIHUELA on the southern Costa Blanca has seen the largest rise in house prices per m2 in the last year of any coastal municipality in Spain.

The Tinsa IMIE Local Markets study for the second quarter of 2024 shows a 0.5% quarter-on-quarter rise nationally in coastal areas.

The price index takes in both new and second-hand properties.

Over 12 months, prices in Orihuela, led by the Orihuela Costa, have risen by 12.5%- the highest figure in the country where the national annual average is 3.1%.

The price rise in 12% higher than in Alicante City and 23% above the Alicante province average.

Nationally, Orihuela is followed by Velez-Malaga(10.75%) and Marbella(10.6%).

Next on the survey are parts of Cadiz and Valencia provinces all above 9%, namely San Fernando, La Linea de la Concepcion, Gandia and Chiclana de la Frontera.

Within Alicante province, prices have risen by 7.4% in Benidorm, closely followed by Torrevieja on 7.2%.

House prices and rents have become a major issue for first-time buyers and young people with both Orihuela and Torrevieja well above what can be considered a reasonable level according to price indices.