9 September 2019
The TM Grupo Inmobiliario has plans to build more than 2,000 homes on part of the last major plot of available land in Torrevieja. A total of 5,000 to 6,000 homes are in the works for the 1.9-hectare area, which is called La Hoya. TM would invest approximately 30 million euros. Urmosa, a local developer, will build the largest number of homes in La Hoya.
The real estate market in Torrevieja is booming, as developers built 5,225 new homes during the past year. The most significant difference between Torrevieja and other hot spots like Marbella and Estepona is in the price of the homes on sale. Torrevieja is considered a ‘low-cost’ market, with homes on the beach available for less than 100,000 euros. Prices in the city have also been increasing at a relatively moderate pace, up by 2.3% in the last year, according to Tinsa.
While the development still lacks the necessary municipal approvals, La Hoya is likely to consist of 5,000 to 6,000 new homes, down from an initial 7,000 homes, as demand these days is largely for bigger homes than had been in the past. Prices are expected to range from 170,000 to 200,000 euros (1,200-1,300 euros/m2), far below the price of similar homes in Orihuela itself.
Original Story: El Confidencial – E. Sanz
Adaptation/Translation: Richard D. K. Turner