The large Spanish property developer TM Grupo Inmobiliario Torrevieja are investing in two mega construction projects on the Costa Blanca.
The company has presented a plan to build about 1,000 new homes in two new projects. One project in Benidorm and one in Orihuela Costa. It involves a total investment of 135 million euros, which is the largest project in Alicante province since the real estate market collapsed eight years ago.
Regarding Orihuela Costa, it is in the Playa Flamenca area, where between 600 and 700 new homes will be built. The construction will commence in 2017 and will be completed in 2019 at a cost of 100 million euros. It is estimated that this directly and indirectly will generate 5,000 new jobs.
In Benidorm there will be two new high-rise buildings with a total of 264 new homes. The apartments will be priced from 210,000 to 280,000 euros. The skyscrapers will be built in the La Cala and the investments in Benidorm will be 35 million euros.
The source of this is the Spanish newspaper “Diario de la Vega a Costa Blanca”. These areas together with Marbella are among the areas where most properites are being sold in Spain today. The coast along the Orihuela and Torrevieja is the fourth largest region in terms of real estate investments after Madrid, Barcelona and the Costa del Sol.