Murcia a Beacon of Hope for Spanish Property Market
04 October 2011
More positive news has emerged from the Spanish property market this week. Well, that's not strictly true; the news was actually about the region of Murcia which continues to distance itself from most the rest of Spain, becoming a shining star in a world of hurt.
According to the latest data from the land registry, Spanish home sales fell by a further 3% year on year in Q2 this year, to the lowest figure ever recorded. Worse, with just 85,000 homes sold in Spain during the quarter, it was a massive 32% drop on the previous quarter.
One can't help but feel a little bit sorry for Spain, as its problems with overdevelopment and corruption were bad enough, but the EU sovereign debt crisis is like a festering bandage around an infected wound, preventing Spain from selling to absorb the oversupply.
But not in Murcia according to Murcia property specialists Mercers. According to the firm the region's low prices and long standing popularity are fuelling a surge in sales at present.
Chris Mercer, Director of Mazarron-based Mercers, said: "We know that Spain is far from being out of the woods in terms of its property crisis but you can’t generalise the nation as a whole."
"The region of Murcia is certainly poised in pole position for recovery. Price is the driving force that puts Murcia as the top searched-for Spanish destination as confirmed by leading property portals. One portal quoted average asking prices for Murcia at 163,000 euros, way below the national average of 263,000 euros, and we’re selling golf-side property from as little as 50,000 euros.
"If you're in the market for buying a holiday home or expanding an investment portfolio, Murcia is hard to resist."