Torrevieja is located in the province of Alicante, bathed by the Mediterranean Sea. Historically, the city was known for its salt mines, which have been an economic engine. Torrevieja is located at a privileged geographic point, surrounded by historical places of interest and great natural beauty.
Exclusive property market in Torrevieja
The exclusive property market in Torrevieja is strong and stable, with demand often exceeding supply. Despite overall economic variability, the political and economic situation in Torrevieja is stable, favoring the real estate sector.
Costs and commissions when buying a luxury property
The average real estate commission paid by a buyer in Torrevieja is around 5%, while for a seller it can range between 3% and 5%. Additional costs when buying a luxury property in Torrevieja include the transfer tax, notary fees and potential inspection or legal costs.
Taxes and tax obligations in Torrevieja
The transfer tax on private property in Torrevieja is 10%. In addition, the wealth tax for a house in Torrevieja varies, but can reach up to 2.5%. When selling a private property, the capital gains tax needs to be considered, which can vary depending on whether it is the main residence or a vacation home. The corporate profit tax for companies registered in Torrevieja is 25%, while the income tax for registered residents is on a progressive rate that can reach up to 47%.
Geographical location and accessibility of Torrevieja
Torrevieja is located approximately 50 km from the city of Alicante, the nearest, and about 41 km from the Alicante-Elche international airport. Torrevieja is well connected by road via the AP-7 and the N-332. The most desirable residential areas of Torrevieja include La Veleta, Punta Prima and Los Balcones.
Life and services in Torrevieja
Torrevieja has a wide variety of services and infrastructure, including the Torrevieja University Hospital and several schools and universities. The city offers a unique natural enclave, with two large salt mines and a wide range of sports and outdoor activities. Luxury lovers will find a great variety of high-end boutiques, and the gastronomic offer includes high-quality restaurants like Nautilus and El Muelle. Torrevieja also hosts several annual historical and cultural events, such as the Habaneras and the Carnival. Additionally, it has cultural spaces such as the Municipal Theater of Torrevieja and the Sea and Salt Museum.
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