Is Spain ready for the off-plan property tap to be turned back on?
In recent weeks, two Murcia-based property developers have announced grand plans for new build residential projects in 2011. One, Lake Argos, promises 500 ultra-modern detached homes in a nature reserve setting whilst Polaris World is adding 400 new units to its vast golf-led Murcia property portfolio. Local real estate company, Mercers, wonders if this could be premature.
After 14 years on the ground in the established resort of Camposol Golf in Mazarron, Director Chris Mercer has plenty of experience to draw on, “The positive news is that these brave developers are showing confidence in the Murcia property market and the return of the holiday home buyer. I imagine that both entities feel that the market has bottomed, prices are indeed 50 to 60% off bringing them down to levels of a decade ago, and from here the only way is up. However, as an agent, we genuinely have little demand for off-plan property and in fact haven’t sold one in around two years. My concern is that the Paramount Theme Park has, in part, prompted the decision to launch these new builds and we may be just a little premature.”
“Paramount Pictures is indeed building the biggest theme park in Europe in Murcia, just ten minutes from Camposol Golf, and this will have a huge positive effect locally. Spanish media reports suggest the creation of 20,000 jobs, 15,000 new hotel beds and visits from almost three million tourists each year. But this huge tourist attraction hasn’t even broken ground, the masterplan yet to be revealed, and realistically is several years from making a real impact. Whilst keen to speculate to accumulate, many buyers like to eliminate the risk and opt for a bargain priced completed property for the same price, or even cheaper, than off-plan – and enjoy their purchase from the word go.”
Chris continues, “As always, price is king. Resales offer stunning value for money, generally they are furnished, in established areas and easier to mortgage. A resort such as Camposol Golf has the whole package – an 18-hole course, four star Spa hotel, shop, bars, restaurants, medical facilities, hairdressers - a wonderful community and no expensive maintenance fees such as you’ll find in an off-plan resort. We’re also far closer to the sea than most, just 15 minutes from Blue Flag beaches. With Camposol Golf prices starting from as low as 50,000 pounds for two bedrooms it’s hard to argue a case for off-plan at this precise moment in time, although I would be delighted to be proved wrong in the future.”
Already selling to almost as many Spanish second home buyers as Brits, Mercers is now launching its revamped website spanishproperty.co.uk in February 2011 to cater to new German, Dutch and French audiences. With so many bargains on offer, the whole of Northern Europe is sitting up and taking notice.
On the Market:
CLAD75 spanishproperty.co.uk/detailedview.php?propertyid=116205
Clasico, Camposol Golf, Mazarron, Murcia
A nice terraced 55m² house on a plot of 129m² with lovely views from its rooftop solarium. The property has two bedrooms and one bathroom and comes fully furnished to include white goods. Camposol Golf benefits from an 18-hole golf course, four star Spa hotel and two commercial areas with supermarket, health care, hairdressers, bars and restaurants. Blue Flag beaches of Bolnuevo and Mazarron are within a 15 minute drive whilst the Sierra Espuña National Park is also on the doorstep.
JUST REDUCED TO 55,500 euros (approx 46,870 GBP)
NED64 spanishproperty.co.uk/detailedview.php?propertyid=26314
Neptuno Villa, Camposol Golf, Mazarron, Murcia
Well maintained and furnished Neptuno style villa of 86m² on a private plot of 290m². The three bedroom three bathroom home has a fully fitted kitchen to include white goods, fireplace in the lounge, satellite television and air-conditioning. Outside, the rooftop solarium has stunning mountain views whilst the garden is well looked after with a swimming pool and off-road parking. Camposol Golf benefits from an 18-hole golf course, four star Spa hotel and two commercial areas with supermarket, health care, hairdressers, bars and restaurants. Blue Flag beaches of Bolnuevo and Mazarron are within a 15 minute drive whilst the Sierra Espuña National Park is also on the doorstep.
159,000 euros (approx 135,000 GBP)
