Property Values Around Parks Increase by 20 Percent

Although homeowners in the centre of Torrevieja may be disappointed by the destruction of parks to build more properties, those in La Siesta where the new park was inaugurated last week might have cause for celebration, as residential homes surrounding parks have been reassessed in some places and their value increased by up to 20 percent.

Promoting green areas in cities is rewarded with health, mobility, fresh air, recreation and leisure and, in addition, they have a reflection, specifically, with the revaluation of homes. Thus, the Global Real Estate Valuers, CBRE’s, Valuations and Appraisals area has analysed, through its Location Intelligence service, the price of housing within a radius of 500 metres in parks in several Spanish cities, including Alicante, and in this case, they have verified that homes near parks appreciate in value by 20% in the city of Alicante.

Specifically, in Alicante, the surroundings of El Tossal have been taken as a reference. Thus, in this area, the average sales price is 2,024 euro per square metre, while in the San Blas district it is 1,666 euro per square metre, a variation of 21.5%. In the case of rental, the rent grows up to 11%. A year ago, the sale prices were 1,574 euro per square metre, almost 4% more expensive than the rest of the San Blas district, which was 1,517 euro per square metre.

According to the CBRE, in general, “the city of Alicante has few green areas and the urban planning model has been hard for its inhabitants.” In cases like PAU 1 it has been urbanised with a central park and housing around it and that PAU 5 has the beach in front of it “which oxygenates the area, but normally the city lacks gardens.”

If you live in La Siesta, it’s worth noting before you dash off and put 20 percent on the asking price that the new park is not an abundance of green areas yet, and there is a distinct lack of trees, so the environmental and fiscal benefits may be less than the assessed area of Alicante.

The CBRE report also explains that the study carried out “proves that what common sense would dictate is real. People are willing to pay more to live in environments with unobstructed views or gardens and Alicante has a lot to do with green areas.” In this sense, the Director Valuation Advisory Services in Valencia and the Balearic Islands of CBRE, Pedro Félix Vicente, advises that “to take off as an environment and as a city, greening is encouraged, and it becomes more friendly in gardens and facilities” taking advantage of medians and other spaces in a city open to the sea ​​and with a very international component with many buyers of foreign origin.

“The rise in prices, although it is not the same as on the coast, increases due to the clear views with nature in front. The gardens play that role. Alicante has a lot to do creating green spaces” and focuses on the need to that public initiatives go towards that path.

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