News: Licences for new build properties surge by 45% in Torrevieja, Spain

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New build property numbers increase for 2017 in Torrevieja, Spain
Written by Inmo Investments - 13 Jan 2018

Licences for new build properties surge by 45% in Torrevieja, Spain

Council reveals new homes figures for 2017

Torrevieja Town Hall issued 251 building permits for the construction of 730 new build homes last year.

The figure highlights the magnitude of the recovery in the local property market, and represents a 45% increase in the number of new homes approved for construction in the previous year.

502 new homes were licenced in 2016, and the latest official figures are a significant improvement over the Spanish property market´s darker times a decade ago, when new home registrations fell below 200 properties per year.

Torrevieja Councilwoman, Fanny Serrano, revealed earlier this week that the majority of the building permits granted were issued for new properties in the Aguas Nuevas area of Torrevieja, and upscale new build developments adjacent to Calle Escorpiones, on the border between the city and the coastal Orihuela Costa town of Punta Prima.

Despite the lack of availability of land in Torrevieja, applications for new build developments are expected to continue to flourish throughout 2018.

New build properties in Spain: new homes under construction New build properties in Spain: property market continues to flourish

New properties on the Costa Blanca: space for growth

Torrevieja has a large stock of residential real estate, with 160,000 homes already in the city. However, the local council estimate that the locale has the land space to support an additional 7,000 new homes over the forthcoming years.

In addition to this capacity for future new property, licences are pending to build five high-rise apartment towers to the south of the city, with with the council currently processing building applications from Grupo Baraka and the Spanish property development colossus, Metrovacesa.

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FURTHER READING ...
> New build property guarantees and home warranties in Spain
> Spanish property sales and prices forecast to continue growth in 2018
> Alicante Province records 12.5% increase in property sales



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