The Spanish coastal city of Torrevieja is situated on the beautiful, sun drenched Costa Blanca in the province of Alicante. It’s multi national population of around 105,000 inhabitants enjoy a healthy Mediterranean climate with over 320 days of sunshine a year. Originally a salt mining and fishing village, Torrevieja is situated between the sea and two large salt lakes which contribute to its healthy climate.
There are eleven main residential areas in Torrevieja served by a wide range of shops, bars and restaurants. Torrevieja property in the city centre consists mainly of apartments, many of which are holiday rentals. The outlying areas offer more varied options for residents including villas, bungalows and townhouses; some within gated communities with shared facilities such as swimming pool and tennis courts.
Holidaymakers in coastal resort towns and cities in Spain such as Torrevieja, tend to choose the accommodation option of holiday rental apartments, villas and bungalows as opposed to hotels. There is a wide choice of holiday homes in Torrevieja offering visitors the independence associated with self catering. Options range from furnished and equipped apartments and penthouses, to villas with private or communal swimming pools and gardens. Visitors may source such accommodation through travel and estate agents, holiday home rental companies or various internet websites dedicated to holiday rentals.
Long Term Rentals
For those resident and working in Torrevieja and surrounding areas, long term rental accommodation is a popular choice. Apartment rentals in the city can range from 200€/mth for a basic studio to 2000€/mth for a luxury penthouse. Outlying residential areas offer a wider choice of long term rental town houses, bungalows and villas. Gated communities offering residents shared communal facilities and services such as swimming pool, gardens, parks, playgrounds, tennis courts and security guards are yet another popular option. Ideal for individuals and families whose budget doesn’t stretch to such facilities on a private rental, this option does however, incur a monthly or annual service fee in addition to rent payments.
The relatively recent economic crisis in Spain associated with the global depression of 2008 onwards, resulted in a glut of residential property becoming available at bargain prices. Although the market has slowly begun to recover, there are still bargains to be had by those looking to purchase real estate in Torrevieja and surrounding areas.
Local, international and internet based estate agents offer a huge choice of real estate options for the prospective property buyer. Studio and 1 or 2 bedroom apartments in Torrevieja may be snapped up for as little as 25,000€ for a basic studio and around 40,000€ for a 2 bedroom. Many are offered complete with appliances and furnishings. At the other end of the scale there are 6-8 bedroom beachfront villas with swimming pool and gardens in pleasant residential areas available close to the 1 million € mark.
An alternative to purchasing property privately or through an estate agent is to look at bank repossessed property. When a developer has gone bankrupt or a homeowner has been unable to keep up mortgage repayments, their bank or other mortgage provider may find it necessary to repossess the property. By negotiation with the bank or home owner (when repossession is threatened), a bargain purchase price for the property can often be reached.
Another area of real estate to consider when looking to purchase Torrevieja property, is what may be referred to as new builds. Spain’s past economic depression resulted in many newly built or part-built homes becoming available on the property market at reduced prices. When considering this option, as well as any property purchase or rental in Spain, it’s highly advisable to engage the services of a local recommended English speaking lawyer (many good Spanish Lawyers speak English or have Translators for various languages) to oversee the transaction as Spanish property laws are complex and sometimes confusing. A good lawyer should also be able to explain any relevant property taxes (i.e. transfer tax) that you are likely to incur.
When having a new property built in Spain, or for the purpose of maintenance and repairs to existing property, it’s extremely important to choose the relevant tradesmen carefully. Choosing the services of recommended builders, plumbers, electricians, tilers and bathroom fitters is not to be taken lightly as Spanish laws and governing bodies overseeing the practices of tradesmen are not as stringent as in many other European countries. When hiring a tradesman it pays to do your research. Choose only someone recommended, suitably qualified and experienced in their trade. Obtain several quotes (usually free of charge) and insist on proof of qualifications. Some local ‘builders’ may claim to be able to complete all the work you require doing (i.e. electrics and plumbing) themselves, but be wary of such claims and insist on recommendations and qualifications. Ensure any quotation received is comprehensive and in writing. Once an agreement between yourself and the tradesman is reached and put in writing, it may be worth your while in the long run, to have it checked over by a local lawyer.