Average property prices in Torre del Mar increased yearly increased by 3.4%, ending October 2019 on €1,850 per square metre. Is now a good time to buy in Costa del Sol and in Torre del Mar?
Situated on the southern coast of Spain, within the Vélez-Málaga area of Málaga Province, Torre del Mar is famed for its busy seafront promenade and wonderful clean, wide, sandy beaches. The town has a buzzing vibe and is well prepared for both tourists and year-round residents, with all the necessary amenities for an easy and outdoor lifestyle. One of the most well-known areas, especially among the younger crowd, is the strip known as El Copo, with its vibrant restaurant and nightlife scene. In the summer, long hot days on sun-drenched beaches merge seamlessly into balmy evenings.
Torre del Mar is located on the eastern part of the Costa del Sol, in the Axarquía area, just 28 kilometres from Málaga City.
The area has a sub-tropical Mediterranean climate, with temperatures averaging 32ºC in the summer. The winters are mild with little rainfall and the sea breeze keeps summer evenings pleasant.
The town boasts lovely wide sandy beaches with a long seafront promenade that connects with the town of La Caleta de Vélez and is a very popular destination for an evening stroll. Las Arenas is the easternmost beach in Torre del Mar and is a little quieter than the main town beach, the latter offering all manner of facilities and a bustling, family-friendly atmosphere.
Relaxed bars and café terraces are perfect for enjoying a laid-back coffee or snack and there are many vibrant restaurants in the town itself and along the seafront serving popular international cuisine as well as more traditional local classics. No visit to this area of Spain is complete without sampling the local speciality, “pescaíto” (fried fish), available in almost all bars and restaurants, especially those lining the beach.
The centre of Torre del Mar also offers some cultural interest, including churches, sculptures and monuments that are worth seeking out, such as the old castle and Casa Cervantes. Málaga City, which is less than 30 kilometres away, has numerous galleries and museums on offer and is ideal for a day trip.
Year-on-year average property prices in Torre del Mar have increased by 3.4%, ending October 2019 on €1,850 per square metre and surpassing the prices in October 2009, just after the peak, when they averaged at €1,748 per square metre. Compared to October 2014, when prices averaged €1,439 per square metre, prices have risen by almost 29%, giving a Compound Annual Growth Rate (CAGR) of 5.2% since then.
At the end of October 2019 average rental prices in Torre del Mar showed an annual increase of 7%, rising from €7.1 per square metre to €7.6 per square metre, and they are just over 15% higher than they were in October 2014 (€6.6 per square metre).
The number of sales transactions in the area of Vélez-Málaga – which incorporates Torre del Mar – in the second quarter of 2019 showed a decrease of 26% (370 sales) when compared to the number of sales in the second quarter of 2018 (500 sales). When compared to the first quarter of the year (335 sales), however, the number of sales has increased by 10.4%, and by just over 50% when compared to the number of sales in the second quarter of 2014 (246 sales).
Willing to buy or sell a home in Torre del Mar, Velez-Malaga, or in the Costa del Sol region? Contact our property advisors.
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