Explosion of interest for property in Spain’s Murcia region
Versus May 2011, searches for Murcia property on leading portal, Rightmove Overseas, were up a massive 61% in May 2012. In fact May was the best month for Murcia searches in 2012 attracting 20.6% more searches than the previous month. Why the demand? Local estate agent Mercers says it’s because “Murcia is not Spain”.
Chris Mercer, Director of Mercers headquartered in Mazarron, explains, “Spain may be having a rough ride of it right now but there’s always an exception to prove the rule and that exception is Murcia. Prices are rock bottom, at their lowest in a decade. Two bed resales can be picked up for less than 40,000 pounds and now we have access to bank stock which is frontline beach and discounted by 60% off peak prices with a 100% mortgage to boot. Add the “Paramount Factor” and the assurance from the President of Murcia that the new Corvera International Airport will be operational in October this year, and Murcia could not be a more attractive Spanish proposition.”
Mercers is, of course, not the only business to acknowledge Murcia’s incredible investment potential. Murcia made the top 25 in the World’s Best Real Estate Markets 2012 created by International Living - an index that takes into account value for money, appreciation potential, income potential, costs and ease of buying – as they too believe that Murcia has got what it takes to make you money in 2012.
Chris continues, “The medium-term prediction for property in Murcia has to be good. With the first stone already laid for Europe’s second largest theme park, right here on our doorstep, demand for property is only ever going to grow. Creating thousands of jobs and rental potential for property owners, construction at the Paramount Theme Park will begin in earnest in October before opening to the public in 2015. Buying a house nearby now, will be like buying in Orlando prior to Disney’s arrival.”
Mercers does however offer a word of caution to would-be Spanish property buyers asking them not to be dazzled by low price tags on inland rustic properties in the middle of nowhere with no running water or power. All properties offered by the Murcia estate agent are built and established, more often than not furnished, and more importantly situated in desirable locations. Meanwhile the property purchase process in Spain is regulated by the notary system and, provided clients use a decent independent lawyer and a professional estate agent – very safe.
Chris finishes, “I do not think house prices in our region are going to drop further, certainly now that Paramount is coming there is no argument to support this. In fact we have seen the first cases of demand outstripping supply for particular villa styles on Camposol Golf - this is not something that we have seen for a number of years. So, whilst ‘experts’ forecast further price drops in Spain, I can only say maybe in Madrid and Barcelona but not on Camposol. Here in Murcia we are looking at the first signs of recovery and we are in a little “bubble” that is bucking the overall Spanish trend.”
On the Market in Murcia:
BANK OWNED - Edificio El Cabo (The Cape) – La Azohia, Murcia
This development of 11 beachfront two bedroom apartments is a real find. Set in La Azohia, one of the prettiest fishing villages in Murcia some 20 minutes east of chic Puerto Mazarron, each of the apartments has a sea view, a good size front terrace or porch and either a back patio or enormous rooftop solarium from which to enjoy the panoramic vistas of Mediterranean and mountain.
Previously selling for up to 270,000 euros (approx 217,577 GBP), the apartments are now owned by the bank and priced from as little as 159,000 euros – that’s around 128,128 GBP or almost 60% off. As they are in the hands of the bank, 100% finance is available and there’s also an option to purchase an underground parking spot and storage room for 12,000 euros (approx 9,670 GBP). There is opportunity for long-term capital growth and short- and / or long-term rental income due to the incomparable beachfront setting.
Visit spanishproperty.co.uk for further information.