Torrevieja Costa Blanca property market report 2007

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 Buyer

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.

Property Values

Average prices range from €240,000 for an apartment to €900,000 for a luxury villa with sea views.

Investor Tips

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%
Country house 3 350 450,000 35% 12%
Townhouse 3 180
Plot price €/m2 240 40% 9%

About Mark Stücklin

Mark Stücklin is a Barcelona-based Spanish property market analyst, and author of the 'Spanish Property Doctor' column in the Sunday Times (2005 - 2008). He can be reached by email on ms@spanishpropertyinsight.com. All articles published in good faith as a general guide but no substitute for professional advice. Please read the SPI disclaimer

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