Property price update for Murcia, Spain.
During the month of October Murcia topped the list of regions within Spain for the number of residential property sales compared to last year. The figures show an increase of 35% compared to October 2014.
The number of sales for the total year so far is nearly 12% higher than at the same point last year. There are also signs that property prices are increasing with a 1.8% increase in prices year on year. Although this is only a small increase these figures are being seen as the most encouraging for 8 years, and are creating a feel good factor in the industry in general.
We are seeing a much greater interest from buyers looking at purchasing within the region, with enquiries up 25% from last year. People are encouraged by the lower prices and better quality of the new builds currently on the market. The exchange rate is also having a big impact with buyers able to get much more for their money when converting their home currency to euro’s.
Based on our own data the most sought after properties are situated either in the coastal villages of the Mar Menor such as Mar de Cristal, Los Alcazares, Santiago de la Ribera, Lo Pagan and Cabo de Palos, or the golf resorts of La Manga, Mar Menor, Roda and Terrazas de la Torre. Each of these areas have some modern, newly built properties available at amazing prices compared to several years ago. You will find that the build quality is better as developers are aware clients have a wide choice of properties to select from and are more discerning than in previous markets.
All of the above factors are creating a feel good factor within the industry and this can only bode well for future development within the region.