Torrevieja is and has been a popular destination for the tourist residential market for some time. At the height of the property boom numerous properties were sold on a weekly basis, and prices were probably double the amount as they are now.
After the market crashed in 2008, Torrevieja and other surrounding cities were left with a gaping hole with regards to property purchases, with many businesses forced to close and prices crashing.
Today, things have taken a huge turn for the better and the property market is once again in an upward trend.
Torrevieja is the first city that is not a province capital, with the greatest amount of property sales across Spain.
With a total of 1,416 purchases between January and March this year, it beats large cities like Malaga, Alicante or Zaragoza in the number of property sales for the same period.
Only large cities as Madrid, Barcelona, Valencia and Sevilla have registered more property sales than Torrevieja for the first quarter of the year. And figures of property purchases are expected to rise even more over the next few months, considering the reactivation of demand by foreign buyers.
The number of property sales that took place during the first quarter of last year (2015) was registered at 848. One year later, that figure rose to 1,416, which is an enormous increase of 66%. The average across Spain is 20%.
We think the increase is also due to the construction of modern new built properties along the Costa Blanca.
In the province of Alicante, where Torrevieja is located, only the city of Orihuela comes close to this figure,with 1,026 property sales registered for the first three months of the year.
In fact, between the cities of Torrevieja and Orihuela, the total of 2,442 property sales make up 65% of the total for the entire province.