How expensive is real estate in Torrevieja? Property prices range from € 1,000 to € 2,000 per square meter.
Buyers look for properties below € 100,000
According to ElConfidencial, most buyers are looking for homes cheaper than €100,000. Indeed, Torrevieja’s property prices are very attractive. On Idealista.com (a leading real estate website in Spain), 50% of the properties advertised in Torrevieja cost less than € 100,000. Indeed, 3,500 properties can be found for this limited budget, out of the 7,300 available on the market.
As a comparison, in Barcelona, only 167 properties out of 18,929 cost less than € 100,000.
Property prices in Torrevieja
So, how cheap are property prices in Torrevieja? According to Housfy, there are 3 real estate prices to keep in mind for Torrevieja:
- 1,130 € / m2 = price of the properties published on Idealista
- 1,170 € / m2 = price for which properties get sold in Torrevieja (official data)
- 1,750€ / m2 = price of property valuations
Other sources back-up these figures: SpainHouses shows that the average property price per square meter is at 1,500 €, for an average property price of 154,800 €. Similarly, aggregating properties visible online, Trovimap calculates an average price per square meter at 1,650 € / m2.
Will house prices go up in Torrevieja?
Property prices should not go up too fast, because Torrevieja is now a hot spot for real estate construction. Indeed, Orihuela, Alicante and Torrevieja are in the top 10 when it comes to new homes sales in Spain. And this should not stop, as Torrevieja is going through a construction boom, with 7,500 properties built in the province in 2018.
Properties for sale in Torrevieja: what should you buy?
With property prices as affordable as they are now in Torrevieja, you can find hundreds of properties around 100,000 euros. And for less than 250,000 euros, or the price of a studio apartment in most capital cities, you will get a villa with a swimming pool.