Property Prices Increase in Torrevieja and Orihuela

The latest figures released by housing experts show that the price of property for sale in Torrevieja and Orihuela has increased in 2016, and now, along with property in Benidorm, represents the biggest increases since the crisis.

On average, properties for sale in Orihuela, Torrevieja and Benidorm are selling for 1,700 euro per square metre, with the cheapest property prices being offered in places like Alcoy and Petrer, where the price is under 1,000 euro per square metre.

Despite Brexit fears, the locations popular with tourists and retirees still remain as important as ever in influencing the price within the housing market, with foreign investors still keen to exploit residential tourism, thus maintaining the sector.

However, caution is still being exercised in the sector with technicians of the valuation society suggesting that if the current socioeconomic conditions are maintained, it is unlikely that a return to the “bullish build cycle” will fade out to a more stable growth in line with projected sales, but the entry of real estate investment companies into the residential market will be an element that will contribute to further boost the option of investment in housing for subsequent rental.

Other positive factors supporting the recovery are the reappearance of apartment and flat sales, improved conditions for obtaining a mortgage, favourable employment trends, and the development of rent-to-buy schemes.