Torrevieja was created in 1803 when King Carlos IV decreed the transfer of the administration of the Royal Salt Mines from the Bush to The Moors Tower. Its’ name is taken from the marine watchtowers that are located all along the Mediterranean coast when the main activities of the town were fishing and salt mining which still remain today. Today, it is a thriving cosmopolitan and multicultural town with over 180 different nationalities registered there.
Report prepared by local estate agents
The town, which is located further down the coast from Altea, spreads along 160 kilometres of coastline dominated by cliffs, bays and sandy beaches such as Punta Prima, La Zenia, Cabo Roig etc.. To the south there are residential developments, which have been carefully designed to maintain an environmental balance with plenty of green areas, particularly around La Dehesa and de Campoamor where there forests of pine trees. There are plenty of outdoor activities from a variety of watersports, to golf there are many courses nearby and the new La Torre 18 hole golf course and resort.
The market is dominated by the Germans (70%), followed by the British (20%) and then Spanish and other European nationalities. They are buying principally villas, chalets and apartments with an average spend of around €300,000. The main attractions here are the availability of good quality property near the sea/with sea views or a golf course. The most popular areas are: Playa Flamenca, Cabo Roig, La Zenia, Los Balcones and La Mata.
Average prices range from €240,000 for an apartment to €900,000 for a luxury villa with sea views.
There is so much stock on the market that you can find good value all around this area.
Torrevieja Costa Blanca Property Prices
|TYPE||BEDS||M2||AV. PRICE €||PRICE INCREASE 2001 – 2005||PRICE INCREASE 2006||RENTAL YIELD €/M2||AV. MONTHLY RENTAL INCOME €|
|Villa with views||4||350||900,000||45%||11%||–||–|
|Villa no views||4||350||600,000||40%||12%||–||–|
|Apartment with views||2||100||350,000||45%||13%||–||–|
|Apartment no views||2||100||240,000||40%||11%||–||–|
|Plot price €/m2||–||–||240||40%||9%||–||–|