Tarragona – the return of a Golden Age?
Tarragona is a World UNESCO heritage site steeped in history and brimming with culture. The location of Lucas Fox’s latest Affiliate office, this former Roman stronghold offers some tempting opportunities to property investors.
Tarragona was once the greatest city of Roman Spain, boasting emperors Hadrian and Augustus Caesar among its former residents. Now this exceptional city adopts a more low-key existence, compared to the sometimes hectic coastal cities of Barcelona or Valencia. Tarragona still retains the magical elements of the very best Catalan cities however: a beautiful Gothic cathedral, an unbeatable location, charming narrow streets, superb gastronomy and the dazzling light of the Mediterranean. Designated a UNESCO World Heritage Site with its impressive and well preserved Roman fortifications, Tarragona today is also a renowned centre of arts and culture, a busy fishing and shipping port, as well as a natural base for the pristine beaches of the Costa Dorada.
In June this year it was confirmed that Hard Rock has been given the green light to expand its casino operations to Europe, more specifically to Tarragona. The integrated resort plan will be carried out in two phases over a five-year period at a cost of €2 billion. Recently the city hosted the 2018 Mediterranean Games, a multi-sports competition that is organised within the Olympic movement. The city’s economy is mainly driven by the petrochemical and service industries, which make use of the city’s commercial Port.
Where to live in Tarragona
According to Raül Anguera, director of Lucas Fox Tarragona, the most sought-after areas are the city centre and in the area know as “Urbanitzacions de Llevant” along the coast to the north of the city.
“The styles of property vary from district to district,” Raül explains. “In the central Eixample district you find emblematic period buildings. In Nou Exiample, to the north and south of the centre, most buildings were constructed from around 1990. You also have the residential area of Vall de l’Arrabassada, close to the beach of the same name, which is popular with young families. Antibes is a highly sought-after area – here you find detached properties with gardens. Prices are higher here – more than €3 million for some homes. This is also the case with properties in and around Via Augusta where buyers can expect to pay a premium.”
Other popular areas include Cala Romana, Boscos, Savinosa and La Mora/Tamarit, which are mainly residential middle class areas with prices ranging from €300,000 to €3 million. The urbanisation Tarragona2, on the city peripherary attracts a similar type of resident and also offers detached homes.
Finally you have La Part Alta (the equivalent of Barcelona’s Old Town), where you find some beautiful renovated houses and apartments.
The property market in Tarragona
According to Spain’s Institute of Statistics (INE), Tarragona saw a 4% increase in the number of sales from Q1 2017 (2,535) to Q1 2018 (2,642) but are still well down on the peak of 2007 (5,814).
Most buyers are national buyers – generally business professionals and executives of multinational companies. In the last few years there has been growing interest from the foreign market.
There are currently only three New Developments in the city, which will be completed by 2020 and will be home to 350 units. They are located in Eixample Nord near the Hospital Joan XXIII and Vall de l’Arrabassada.
Raül Anguera predicts that in the next forty years the Vall de l’Arrabassada district will see major growth following the approval of the “La Budallera” project, more than 4,000 homes located a short distance from Platja de l’Arrabassada, Savinosa, Platja Llarga and Cala Romana.
