Torrevieja is a city in the province of Alicante in the Valencia region. It is located on the southern coast of Spain and has a pleasant Mediterranean climate. There are more than 320 days of sunshine a year, mild winters, and warm summers, which consistently attracts tourists and makes the city a great place for a long holiday and buying property in Spain. Torrevieja has many beautiful sandy beaches and developed infrastructure that includes international schools, modern clinics, and a variety of restaurants and shops. Other advantages of the city are its rich history and cultural heritage. In addition, Torrevieja is located near the most popular tourist destinations in Spain, such as Alicante, Cartagena, and Murcia.
CONTENT:
- Property prices in Torrevieja
- Benefits of investing in Torrevieja property
- Buy a house or flat in Torrevieja
Property prices in Torrevieja
There is a wide choice of properties in the city. On the secondary market, there are interesting offers for under €50,000. What’s more, many of the available properties are located in good neighbourhoods near the beaches. If your budget allows you to consider more options, you can consider buying apartments in development projects in Spain or beachfront houses, which offer good opportunities for renting or selling.
Those interested in luxury property will also find great deals. You can consider modern flats in Spain in gated communities for €300,000, stunning villas for €500,000, and exclusive mansions with premium amenities priced at over €1 million.
The cost of property in Torrevieja varies between €1,720 and 2,750 per square metre. At the beginning of the second half of 2023, the average price of a square metre of housing was €2,165, which is 12.36% more than in August 2022 (1,925 €/m²). This is the highest figure over the last two years. The highest asking price was recorded in the Los Balcones area (Punta Prima), €2,750 per square metre.
The list of neighbourhoods with the most expensive properties also includes:
- La Mata – 2,260 €/m2;
- Playa de los Locos, Los Frutales, & Cabo Cervera – 2,590/m2;
- Aguas Nuevas, Torreblanca, & Sector 25 – 2,210 €/m2;
- La Siesta, El Salado, Torreta, & El Chaparral – 1,965 €/m2;
- Acequion & Los Naufragos – 1,950 €/m2.
The average cost of housing at the moment is €269,500. The most inexpensive areas are Centro and Playa del Cura with an average property price of €177,000 and €181,000, respectively.
Benefits of investing in Torrevieja property
The province of Alicante, where Torrevieja is located, is a popular place for tourism and moving for permanent residence. Every year, more and more people are interested in buying houses in Alicante, followed by a steady rise in property prices. According to the data for 2023, house prices here rose by 13.3–17.8% over the year, which is a very high indicator. At the same time, the city is popular among foreign investors who buy luxury property. By the beginning of 2023, there were 40,295 luxury properties worth more than €1 million for sale in Spain, and 10.6% of them were located in Alicante.
Torrevieja is located 50 kilometres from Alicante. Today, it is a popular place for short- and long-term property rentals. The most profitable properties are two-bedroom flats. Their average cost is €96,000, and the annual income for short-term rentals through popular platforms is €15,000 with a yield of 15.58%. However, there are even more favourable options on the market.
We can highlight the following advantages of investing in housing in Torrevieja:
- Attractive prices. The cost of living and property in Torrevieja is more affordable compared to major metropolises. This makes buying a home a favourable investment decision. Regardless of whether you buy commercial property, apartments in a new residential complex, or a villa in Spain, you can expect prices to rise over the next few years.
- Good transport links. You can get to Alicante in an hour by bus and then freely get to any part of Spain.
- Variety of entertainment. In Torrevieja, you can play golf or tennis, do water sports, or take a boat ride. There are parks, cinemas, and music and film festivals.
The combination of a mild climate, magnificent beaches, and developed infrastructure for life, sports, and recreation makes the city attractive for property investment.
Buy a house or flat in Torrevieja
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