Property Prices in Torrevieja
Average property prices in Torrevieja have increased by 0.3% ending on €1,352 per square metre in October 2019. Compared to 2014 when prices averaged €1,050 per square metre, they have risen by 30%. However real estate prices are still 10.7% below what they were in 2007 (around the time of the peak) when they averaged €1,531 per square metre.
Torrevieja – a Mediterranean beach destination located between beautiful salt lagoons
Torrevieja is situated within the province of Alicante on the Costa Blanca, just 30 minutes’ drive from Alicante City, and within easy reach of both Alicante and Murcia Airports. Tourists are drawn to the area thanks to its stunning coastline with fine golden sand and crystal clear waters, the famous salt lagoons as well as the town’s vibrant restaurants and bars. Torrevieja is a pleasure to discover on foot, along with the harbour area, dotted with quaint bars, fish restaurants and a range of shops, and the various parks and green spaces provide beautiful shady places to rest.
Torrevieja’s location, beaches and enviable climate
The town of Torrevieja is found on a large plain, almost equidistant from Alicante and Murcia. It sits between two large lagoons and boasts a fabulous Mediterranean climate with long hot summers and very little rainfall even in winter, making it an ideal holiday destination.
Many flock to Torrevieja for the beautiful Blue Flag beaches such as La Mata, El Cura, Cabo Cervera, Cala Piteras, Los Naufragos and Los Locos. The clean, warm, shallow waters and stunning backdrop create an idyllic beach experience and the adventurous will find many hidden coves to discover a little further off the beaten track.
Gastronomy and activities
Excellent gastronomy and quality of life are synonymous with Torrevieja. The location next to the sea has resulted in a culinary tradition based on fresh fish and shellfish, with one of the most famous local dishes being the caldero, rice cooked with fish broth.
Apart from fine dining, Torrevieja has an exciting nightlife scene, a pleasant town centre for a spot of shopping and endless opportunities to enjoy water sports. All year round diving, sailing and windsurfing courses are offered as well as boat trips and fishing opportunities. The focus here is very much on enjoying Spain’s great lifestyle and the wonderful mild climate means that the area lends itself to outdoor living and healthy pursuits.
Average Property Prices – €1,352 per square metre
Year-on-year property prices in Torrevieja have increased by 0.3% ending on €1,352 per square metre at the end of October 2019. Compared to September 2014 when prices averaged €1,050 per square metre, they have risen by 30%, giving a Compound Annual Growth Rate (CAGR) of 5.4%. Prices are still 10.7% below what they were in September 2007 (around the time of the peak) when they averaged €1,531 per square metre.
Property prices in Torrevieja at €1,352 per square metre
Average Rental Prices – €6.9 per square metre
Average rental prices in Torrevieja have increased by 2.7% year-on-year from €6.7 per square metre to €6.9 per square metre. Rental prices have already surpassed what they were in September 2008 by just over 9% and are nearly 31% higher than rental prices in September 2014 when they were just €5.5 per square metre.
Sales Transactions – Torrevieja
The number of sales transactions increased by 5.8% year-on-year from 1,424 sales to 1,506 sales. Since 2014 sales have gone up by nearly 30% when there were 1,162 sales and are now only 2.5% less than in 2007 when there were 1,470 sales. Sales of new homes in Torrevieja have increased by 26% from 141 transactions to 178 transactions year-on-year and currently represent 11.8% of total sales, a third of what they represented in 2007, around the time of the peak.
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