Torrevieja attracts thousands of people from different countries. Many choose this place for permanent residence. This is a city with gorgeous sandy beaches and relatively inexpensive real estate.
The cost of real estate in Torrevieja
There is a wide range of real estate in Torrevieja, mainly studios, flats and apartments. They are in the greatest demand, they are often bought for subsequent rental. It is better to buy a property in Torrevieja in the southern part of the city for your own residence, temporary or permanent. The most popular areas among foreigners are El Acequión – Los Naúfragos and Los Balconies due to its proximity to the sea.
The average price per square meter when buying an apartment:
- in the city center — 1,604.00 €;
- outside the center — 1,290.00 €.
Prices for rental:
- On average, per square meter — from 6.86 € to 7.89 €;
- Apartment (1 room) in the city center — 450,00 €; outside the center — 516,67 €;
- Apartment (3 rooms) in the city center — 950,00 €; outside the center — 833,33 €.
There are many modern new buildings in the city, for example, the Alegria complex. For those who like a separate space – residential complexes with underground parking and a swimming pool. Europeans especially like to buy houses there.
We will help you conclude a legally secure transaction for the purchase of housing from our partners — leading developers and the best real estate agencies.
Real estate market prospects
Over the past year there has been an increase in prices for the sale and rental of real estate. In June 2022 an average of 1.889 € per square meter was asked for residential premises. This is the largest jump in value over the past 2 years. Compared to August 2021, the growth was 11.91% (1,688 euros/m2).
Rental housing in June 2022 on average cost 7.24 € per month per square meter, which is 6.78% more compared to August 2021. The month with the lowest asking price was April 2021: an average of 6.63 € per m2 per month.
Who is buying property in Torrevieja
In this calculation, more than 10 thousand houses sold were taken into account. Of 48% of buyers are foreigners. This is 2 times more than the average figures in the whole country. Most of the people who buy housing here are British. Convenient transport links with Great Britain have been built here for them.
The ratio of the number of buyers by country:
- Great Britain — 33%,
- Romania — 14%,
- Germany — 6%,
- Bulgaria, the Netherlands and Italy — 5 each%,
- France and Belgium — 4 each%,
- Norway — 2%.
The share of foreign specialists living in the territory of Torrevieja is 13%.
How much does it cost to housing maintain in Torrevieja
On average, 1.8–2.5 thousand euros per year is spent on the maintenance of real estate. The amount of expenses consists of paying taxes, insurance and utilities. If the house is bought with a mortgage, then monthly loan payments are added to this amount.
Property owners in Torrevieja pay property tax once a year. The rate is the same for Spaniards and visiting foreigners, and depends only on the location and type of building — from 0.4 to 1.1% of the cadastral value. Plus, each city has an additional service tax — garbage collection, maintenance of communications in the house. It takes several hundred euros a year.
For non-residents of Spain, there is a wealth tax. Its rate ranges from 0.2% to 2.5%, depending on the value of the property. If the housing was purchased for rent, you need to pay income tax for it — 24% of the amount of income.
Insurance is usually required in a bank when buying a home with a mortgage. Its size depends on the loan amount. For example, for a house worth 170,000 €; the approximate amount of insurance is 300 € per year.
Insurance compensation is paid to the owner upon the occurrence of an insured event – fire, flood, storm, earthquake, in case of damage due to leakage of water or oil from the heating system, as well as upon theft or vandalism.
Services and utilities
Maintenance of the house and the territory by the management company costs homeowners 0.5-1.25 € per 1 m2 per month. The list of services includes maintenance of the garden, swimming pool, common area of the residential complex. For a year, the cost of services can reach up to 1.5–2 thousand € for villas with a pool and garden.
Monthly fees: for electricity — an average of 60 €; for gas, water and garbage collection — 50 €; Internet — 20-30 €.
Housing in need of repair is often bought in Spain because of its low cost. In such cases, it is necessary to take into account additional expenses for construction materials and services:
- a license for major repairs (issued by the administration) — 500 €;
- demolish the wall — 150 €;
- tile works — 35 €/m2;
- installation of a heating system — 3 thousand € on an area of 90 m2;
- electrical wiring and lighting — 1.5 thousand €;
- replacement of pipes in the bathroom — 3-4 thousand €;
- restoration of the facade — 10-18 thousand €.
Before buying such housing, it is worth weighing everything well, whether it will come out more expensive than with a ready-made repair.
How much does it cost to live in Torrevieja
Here are the average prices for products, goods and services of daily demand. So you can estimate and roughly imagine the cost of living in Torrevieja.
Average price of food:
- Lunch at an inexpensive restaurant - 12.00 €;
- Lunch for 2 persons in a restaurant of the average price category — 40.00 €;
- McMeal at McDonalds — 8,00 €;
- Water (0.33 bottle) 1.30 €
- Bread (500 g) 1.26 € (from 0.60 to 2.00)
- Chicken fillet (1 kg) 6,57 €
- Beef (1 kg) 8,60 €
- Beer 0.5 — 2.00 €
- Cappuccino — from 1,00 to 2,50 €
- Public transport — 1,50-2,00 €;
- Taxi (1km) - 1.00-1.50 €;
- Gasoline (1 litre) — 1.55 €.
A private kindergarten for 1 child will cost 260.00 €. International Primary School -6,000.00 € per year of study. Monthly subscription fitness club for 1 adult — 20.00 – 40.00 €. Cinema (1 sit) - 10.00 €.
The average salary is 1,362.50 € per month.