Torre del Mar shares a rich history with its parent city, Vélez-Málaga. In the early 20th century, Torre del Mar sought independence but rejoined Vélez within a decade due to economic reasons
Vélez-Málaga, a key city during the Nasrid Kingdom in the Islamic period, remains the capital of La Axarquía—a name of Arabic origin referring to regions near significant cities, in this case, Málaga. Originally called “Torre del Mar de Vélez,” Torre del Mar’s primary role was to protect Vélez-Málaga with its three defensive towers.
Today, Torre del Mar is known for its long beaches and its location between the coast and nearby mountains and with the third-largest city in the area situated geographically above, it offers a perfect balance of city comforts in a seaside resort, making it an excellent choice for those looking to live in a place with everything.
There are a lot of foreign investors in Torre del Mar buying property to rent short term. The government measures to attract these investors through visas and reduced taxes have impacted positively in the town. For a complete guide, read more on Buying property in Spain for foreigners
Historically, Torre del Mar has seen battles with pirates from the north seas of Africa and the french battle with the english in 1704 but it was also a gateway between Velez Malaga and the sea of the Axarquia, a vibrant area of commerce and trade. Torre del Mar was an important producer of sugarcane and host of the biggest factory of the region which employed over 150 people during the XII century. Fishing and sugarcane cultivation became Torre del Mar´s leading industries until the end of XX century, when tourism and construction took over.
Torre del Mar’s rich history and unique geographic location define this part of the Costa del Sol. What was once an extensive trading port is now home to the area’s longest beach, with 3 kilometres of promenades offering 180-degree views. While many of the town’s defensive towers and its lighthouse were destroyed by war or natural events, some architectural remains can still be seen around town.
A new lighthouse was built in 1930 on Avenida Toré Toré, and over time, several more followed, culminating in the current lighthouse, completed in 1976, which stands 24.7 metres tall on the promenade.
As the town expanded, the Church of San Andrés Apostol and new buildings were constructed around the old sugar cane factory. Today, only a few chimneys and buildings remain. The former home of the factory engineer is now the town hall, where the Torre del Mar exhibition is held year-round, showcasing the town’s history.
Spain’s growth in real estate value is driven by the strong demand of properties around touristic hotpots and main cities like Madrid and Barcelona as explained in the article Why are costa del sol properties in such high demand?
Torre del Mar is a tourist driven town in Costa del Sol and as such property value has continued to grow since 2016. The landscape of what is available is mainly apartments, semi detached and detached houses, many with swimming pools.
Long-term rentals are scarce, ranging from 500 euros per month for studios and one-bedroom apartments to over 1,500 euros per month for four-bedroom detached villas with pools or large town apartments. Short-term rentals are in high demand, offering high rental yields for investors.
Do you need a professional help to buy a house in Torre del Mar?
Tourism significantly impacts Torre del Mar’s real estate market, driving up demand for accommodations such as hotels and vacation rentals. This increased demand raises property values, making the area more attractive to investors. As of August 2024, the price per square metre stands at 2,622 euros, which is 8.2% higher than in August 2023, 15% higher than in August 2022 and 30% more than in 2021. According to historical data from Idealista, property prices in Torre del Mar have risen by 84% since January 2016.
Torre del Mar has excellent connectivity, located just 30 minutes from Malaga Airport and supported by a network of local buses, allowing residents to navigate the area without needing a car. With a significant number of Spanish speakers fluent in English, the language barrier is minimal and while local schools are primarily in nearby Vélez-Málaga, Torre del Mar is in the process of building a large, modern school to accommodate its growing population.
Torre del Mar continues to invest in social, economic and urban development while supporting local business and enhancing the quality of life for residents.
The finalised budget for 2024, totaling €127 million—the highest in the municipality’s history and a 15% increase from the previous year, focuses on various areas, including a significant rise in cleaning services, public safety, cultural projects, urban housing development and investment in social services for seniors. Additionally Torre del Mar´s request for the construction of a fifth school to accommodate the growing population has been approved together with a new health centre and the Regional Hospital Expansion.
Torre del Mar, like many areas in La Axarquía, has experienced reduced rainfall over the past decade. This, along with intensive agriculture, increased tourism and climate change, has resulted in a severe water shortage. In response, the Málaga Provincial Council has allocated €6.2 million for emergency works aimed at improving the use of regenerated water for agricultural irrigation, golf courses, gardens and rehabilitating sewer systems. Additionally, €40 million in subsidies has been approved for the tourism sector to help mitigate drought effects. These funds are divided into two categories: one for accommodations and tourism services and another for restaurants and hospitality. To qualify for these subsidies, businesses must adopt sustainable practices, including water reuse, consumption reduction and energy efficiency improvements.
Property buyers should be aware of the potential Mistakes to avoid when purchasing property in Spain,including dealing with local regulations, taxes, legal requirements and being aware of area-specific issues like water restrictions or urban planning rules.
Torre del Mar is positioned for significant economic growth and investment potential, driven by several key initiatives and projects likeThe Wi-Fi Next Generation project which has enhanced digital connectivity in the region, with over 5,000 connections recorded during its initial phase. This connectivity benefits both recreational users, local business and remote workers, including many international visitors.
The rise in Environmental Certifications for local businesses shows a commitment to sustainability, attracting modern consumers and investors. Also, the proposed pier project aims to create a new tourist attraction, improving the tourist experience and increasing visitor numbers.
The continuous international demand for property in Torre del Mar, specially for buy to let properties, has caused an 84% increase in property value since 2016. This trend shows no signs of slowing, with ten new construction projects underway. Additionally, Velez Malaga town hall has approved the construction of 3,507 homes, of which 408 are protected housing units, 32 in Torre del Mar, according to el Sur.
Tourism is not the only factor driving property demand in Torre del Mar. The attraction is also the lifestyle it offers. As with other coastal areas in Spain, Torre del Mar shares the Mediterranean diet and climate, the beautiful beaches and the outdoor activities both during the day and at night. But is also a vibrant shopping area, not only for main commercial brands but also for traditional local trades.
The real estate landscape offers luxury amenities increasing the interest of international remote workers looking for a good work life balance with a well established expatriate community.
Do you need a professional help to buy a house in Torre del Mar?
Making an offer is a critical first step when purchasing real estate in Torre del Mar. After identifying a suitable property, it is essential to present an offer that considers market conditions, the property’s condition, and the payment method. Keep in mind that while most sellers appreciate offers, they expect a level of seriousness.
Engaging a real estate agent can facilitate effective negotiation. Once the offer is accepted, the conveyance process will commence:
Employ a lawyer: Before making a deposit or signing any documents, you should hire a lawyer to conduct the necessary legal inspections.
Sign the purchase contract: It specifies the terms and circumstances of the deal, including any deadlines. The buyer pays approximately 10% of the purchase price, and the contract is normally signed by the buyer and the seller.
Apply for a mortgage: Get started on the mortgage application process right away if you require funding.
Your property lawyer will conduct a thorough examination to ensure the property’s legality, including:
After the completion of the purchase contract, typically within two to eight weeks, the transaction moves to the Notary Public phase. Here, your attorney will review the deeds and provide necessary translations, with payment usually made via a banker’s draft. Once the process is finalized, you will receive the keys to your new property. Your attorney will manage all subsequent tasks, including property registration, tax payments, utility connections, and bank direct debits.
Tejada Solicitors ensures thorough due diligence and provides clients with a comprehensive legal report detailing all aspects of the property following careful legal analysis.
When purchasing a home in Torre del Mar, you’ll need to have a valid passport, your NIE number, and a bank account in Spain.
You’ll need a Spanish bank account so you can set up direct debits for utilities and taxes, so we advise opening the account one month before purchasing the property.
It’s important to know exactly the costs and taxes you’ll need to pay while purchasing a property: the VAT (IVA), notary fees, land registry fees, and the fees related to the acquisition.
We will then assist you in transferring the ownership of all utility contracts and assuring the property-related taxes are paid through your Spanish bank account.
Do you need a professional help to buy a house in Torre del Mar?
With so many options in Torre del Mar, the first step is to determine whether you prefer a rural or urban property and whether you’re interested in a resale or new construction. Next, consider the number of rooms, proximity to amenities and the type of property you want. Online property finders like Idealista and Fotocasa offer excellent filters to help you narrow your choices even more or you can consult a reputable estate agent. Once you have a clear idea of the area and property type, visit the location and engage with locals. To finalise the purchase securely, it’s advisable to work with an independent property lawyer.
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The average property price in Torre del Mar is 2.622 euros a square meter. The most expensive area is around the lighthouse, with property prices at 3.241 euros and the cheapest is in the Tomillar area at 2.516 euros a square meter.
By Spanish law, the following documents are necessary: DNI or NIE, Spanish Nota Simple, IBI (land value tax), cadastral document certificate (identifier of real estate), utility bill, and energy efficiency certificate. Additional documentation will be needed for more complex cases.
Yes, of course. Both EU and non-EU citizens can buy a property in Torre del Mar.
For resident and non-resident citizens, as well as EU residents and non-EU residents who own a property in Spain, the tax implications will depend on different factors, like the use of the property, taxation of the capital gains obtained from the sale, rental income from the rental or imputation of real estate income from the use of the property.
There are many estate agents in Spain, according to Idealista, 114 in Torre del Mar alone. To choose the right one for you will depend on your needs. Some deal mostly with expats, which means they probably speak other languages, others deal with luxury properties and so on, but what is important is to look for agents with API certification with excellent response time. Take into account their experience and browse the internet to look for past reviews.
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