Torrevieja, the city with the most property sales that isn’t a province capital

torreviejaTorrevieja is and has been a popular destination for the tourist residential market for some time.

At the height of the property boom hundreds of properties were sold on a weekly basis, and prices were probably around three times the amount they are now.

After the market crashed, the city of salt was left with a gaping hole with regards to property purchases, with many businesses going under and prices crashing.

Now, however, things have taken a massive turn for the better and the market is once again in full swing.

Today, Torrevieja is the city that isn’t a province capital with the greatest amount of property sales in the whole of Spain.

With a total of 1,416 operations between January and March this year, it exceeds cities like Malaga, Alicante or Zaragoza in the number of property sales for this period.

In fact, only Madrid, Barcelona, Valencia and Seville have registered more property sales than Torrevieja for the first quarter of the year. And figures of property purchases are expected to rise over the next few months, fuelled by the reactivation of demand by foreign buyers.

The number of property sales that took place during the first quarter of 2015 registered at 848. One year later, that figure rose to 1,416, which is a massive increase of 66%. The average for the whole of Spain is 20%.

In the Alicante province, where Torrevieja is located, only the city of Orihuela comes close, with 1,026 property sales registered for the first three months of the year.

In actual fact, between the cities of Torrevieja and Orihuela, the total 2,442 property sales make up 65% of the total for the whole of the province.

Alicante registered a total of 1,059 property sales; Benidorm only 336; Elche 483 and Santa Pola 220.

Throughout the whole of the Alicante province, 7,660 of the properties were bought by Spaniards and 3,746 by foreigners – a figure that hasn’t been reached since 2007 for that period. This is the highest number of property transactions carried out by foreign buyers in the whole of Spain.

In comparison, foreigners purchased 2,333 properties in Malaga, 1,501 in Barcelona, 1,233 in Madrid and 1,225 in Tenerife.

Published onthepulse.es 17 June 2016

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