Fresh Paramount news comes at right time for upbeat Murcia property market
Whilst progress on the Paramount Theme Park in Murcia has been slow, some good news emerged last Thursday when Alhama Town Hall gave approval to promoter Premursa’s urbanisation plans for phases one and two. The project gets another step closer.
Chris Mercer, Director of local estate agent Mercers, says, “Since Paramount Pictures announced its intention to build its first theme park in Europe, in Murcia, back in September 2010, we have been keeping a keen eye on progress. Mercers HQ is just ten minutes from the earmarked site, and we feel it could transform our corner of Spain, having the same impact on property prices and rental incomes as Walt Disney World did for Florida. Yes, there have been hiccups along the way, but let’s not forget that Spain only officially emerged from recession in October 2013 and I doubt any large-scale project would have moved along at breakneck speed in those economic conditions.”
“The timing of this latest news, however, couldn’t be better,” continues Chris. “Although people may be tired of estate agents saying “there has never been a better time to buy” – we are now experiencing a ‘double whammy’ that brings us right in that timeframe. Over the last two years sterling has gained around 10% on the euro, and we know Spanish house prices have dropped around 50% since 2007 highs, which added together makes a 300,000 euro or £240,000 property in 2007 valued around £120,000 today. Whilst prices are subdued and sterling is strong, it’s a buyer-friendly timeframe, and you’d be wise to act before Paramount fever ignites.”
With demand generally the strongest cause of price hikes, Murcia is certainly a candidate for scraping itself off the house price bottom before long. Back in January this year, Mercers boldly predicted sales to increase by 20% in 2014 over 2013. At halfway mark, sales are on target with a monthly average of 14 sales, with a record 16 sales for July 2014. The feeling is that the market is set to accelerate further as the year progresses. The Brits have also bounced back and now top the nationality chart for Mercers’ buyers in the first half of 2014. The split is 65% British, then mixture of Belgian, French and Dutch buyers. Brits should increase their slice upwards of 70% as the year progresses.
Chris finishes, “Our cheapest two bedroom terraced homes currently start from as little as 46,000 euros and a three bedroom detached with pool for as little as 115,000 euros, little wonder they’re selling fast. The outlook for the rest of the year is very positive indeed.”
With phases one and two of the Paramount Park approved, there is now a short 20-day period for objections and appeals to be lodged. Should all run smoothly, physical work on site could start in September. However, given the magnitude of the construction task ahead, it’s unlikely that the initial of opening date of 2015 will be met. At least the wheels of this high-profile game-changing project are still in motion.
The Theme Park will have 35 to 40 super high tech attractions and hopes to welcome upwards of three million visitors each year from around the world. Premursa has been granted the license to construct and operate the project for an extendable 30 year period and the economic impact of the Theme Park could make up 2% of the Region’s GDP in forthcoming years.
On the market in Murcia:
ROC165 – Rosa-style Property, Camposol Golf, Mazarron
This beautifully presented detached villa is on a 400m² corner plot just five minutes walk from the golf course. With three bedrooms and two bathrooms, the home also has a basement with storage/workshop, a south-facing swimming pool with sunbathing terrace and built-in barbecue, easy to maintain gardens with mature shrubs and trees, and a car port. Offered fully furnished with central heating and air conditioning. Camposol Golf has an 18-hole course and plenty of shops, restaurants and bars on-site including an opticians, vets, medical centre, hairdressers and a weekly market. The Blue Flag beaches and marina of Mazarron are within a 15 minute drive.
Three bedrooms, Two bathrooms
Price - 133,000 euros (approx 105,000 GBP)
For more information, visit spanishproperty.co.uk.
