Torrevieja – Still worth its salt to a diversifying foreign population in 2013. The following article appears on the industry leading Right Move Overseas website:
The Spanish resort of Torrevieja had more to celebrate at its January carnival than most parts of Spain, after recent statistics showed demand for property in the Costa Blanca hot spot remains high compared to the rest of the country and its population continues to rise, fuelled by European buyers.
Recent data from Torrevieja’s municipal register shows that the official number of residents in the coastal destination, which is part of the Valencian Community and was founded on – and is still known for – its salt production, increased to 107,009 from 105,270 during 2012. A staggering 53.6 per cent of this total, or 57,329 in numbers, are foreign residents, who outnumber Spaniards.
While the number of new residents arriving in Torrevieja from other European Union countries continued to rise in 2012, a noteworthy trend has been a steep hike in the number of Russians, who now total 4,474. Russians have overtaken Germans (4,097) as the second most populous group of foreign residents in Torrevieja, with British people remaining the clear leaders with a population of over 13,200. In total there are 121 countries represented in the Municipality of Torrevieja, making it a truly cosmopolitan community.
A growing expat population tallies with statistics released by Torrevieja Council’s department for urban planning that showed evidence of just over 3,062 property sales between January and November 2012, one of the highest rates in Spain. This total comprised 2,565 applications for a Second Occupancy licence, necessary for a resale, and the remainder being applications for First Occupancy licences, applicable to new-builds.
“These encouraging statistics are not surprising,” said Kieran Byrne, Managing Director at HomeEspaña. “We noticed an overall pick-up in the market in the second half of last year and we have also seen the range of nationalities buying through us diversify. In terms of existing homeowners, British people outnumber other foreigners, but if you take new buyers, these days Russians and northern Europeans are on a par with them. Of course, the type of sale has changed too, with resales being the market driver, as opposed to new-build or off-plan property.”
The construction of residential projects has slowed in Torrevieja, as in most of Spain, but encouragingly two significant projects in and around the municipality have been completed since the Europe-wide economic downturn, namely Torrevieja’s acclaimed auditorium, which opened in spring 2011, and the La Zenia Boulevard, the largest shopping centre in the Alicante province, which opened last September. Torrevieja also has a large marina and is home to one of Spain’s largest outdoor markets.
“We expect demand in Torrevieja to remain strong in 2013,” added Kieran Byrne. “Prices will remain tremendous value for the foreseeable future, and with a great choice of resale property available, the majority of buyers won’t be affected by the rise in VAT on new-build introduced in January.”
