Spain is the third most popular EU country for relocation and real estate investment. It is divided into numerous municipalities, each offering its own advantages. One such municipality is Torrevieja, a municipality in Alicante on the Mediterranean coast. Property from developers in Torrevieja is in demand among foreigners.
Features of Purchasing New Developments in Torrevieja
New residential complexes in Torrevieja are distinguished by the fact that approximately 85% of transactions are completed during the construction phase. This is much more convenient, as developers often offer installment plans of up to five years without bank involvement.
Advantages of buying a house in Torrevieja under construction:
- Increase in the cost of delivery. By the time of delivery, purchasing at the excavation site becomes 20–30% more expensive.
- Guarantees from the developer. 10-year insurance and installment plan options.
- Investment return. Daily rentals in Torrevieja are popular and the projects pay for themselves within 10–12 years.
Prices for Property in Torrevieja from the Developer
The average price per square meter in new buildings in Torrevieja is €2,200. Residential complexes primarily offer one- to three-bedroom apartments. Studios are a small percentage, but they are considered the most affordable, with options starting from €35,900.
Average price of new builds in Torrevieja by main districts:
| District |
Average price (€/m²) |
| New Torrevieja | 1550–1800 |
| Los Balcones | 2300–3000 |
| La Mata | 2000–2500 |
| Playa del Cura/Acequión | 2400–2900 |
| Los Altos/Punta Prima | 2600–3400 |
New housing is scarce, accounting for only about 15% of the market. This limited supply pushes prices up, but off-plan properties in Torrevieja are typically 15-20% cheaper, especially in the early stages.
The Best Areas to Buy pProperty under Construction in Torrevieja
Los Balcones is considered the top neighborhood. It's located 5 km south of the center, and prices here hover around €2,300 per square meter. Up to 40% of properties are villas with private pools.
Other popular areas:
- La Mata. New projects with lagoon views at prices starting from €2,200/m².
- Playa del Cura and Acequión. Residential complexes near international schools and within walking distance of the beaches for €2400/m².
- Los Altos and Punta Prima. New premium housing with prices starting from €2600/m².
- Nueva Torrevieja. Hilly area near the lagoons with properties available at €1550/m².
Frequently Asked Questions about Buying a New Build in Torrevieja
Why is it profitable to buy a home in a new building in Torrevieja?
If you buy a house in Torrevieja during the construction phase, its price will increase by 20-30% by the time it's ready for occupancy. Even if you don't plan to resell, renting out such a property brings in approximately 7-9% of the income.
Is it possible to buy a new home in Torrevieja remotely?
Local legislation allows for remote purchases of real estate in Torrevieja, whether at the foundation stage or already completed. Moreover, up to 80% of transactions are already conducted online, thanks to local agencies offering video games and notaries acting on behalf of buyers.
Can foreigners buy new-build property in Torrevieja?
Foreigners can purchase real estate immediately after obtaining an NIE and opening a Spanish bank account. Notary fees and document translation costs should also be factored in.
What is the minimum price per square meter for a new building in Torrevieja?
New homes in Torrevieja can be found starting from €1,550/m², but the overall average price is around €2,200/m². The premium segment starts at €3,400/m².
What are the most popular areas in Torrevieja for buying apartments and houses in new residential complexes?
Residential properties are most often purchased in the Los Balcones and La Mata neighborhoods. Playa del Cura/Acequión is more suitable for investment due to its high tourist numbers and high occupancy rates. Los Altos/Punta Prima is a good choice for luxury investments, while Nueva Torrevieja is ideal for budget-friendly options.
