Murcia Property Grows in Popularity with Foreigners
22 September 2011
Property in Murcia is proving to be very popular with overseas buyers. According to the UK's largest property portal Rightmove, Murcia is one of the most searched for locations in Spain, and the world, and Costa Calida is particularly popular within. Going even deeper, Manga, Mar Menor, Caragena.
The number of distressed and repossessed properties on offer in the region is thought to be a major draw to foreign investors. According to recent data, the average asking price of property in Murcia is just 163,000 Euros, some 62% lower than the national average of 263,000 Euros. This is evidence of the number of bargains on offer in the distressed bins.
This area was hit hard as one of the over-developed regions, and this was responsible for dragging down prices, but now investors are finding these low prices attractive as investments. The 50% reduction in VAT until the end of the year is also a factor in the current demand.
Meanwhile, the Paramount theme park is due to open here in 2015, which will almost certainly increase tourism to the area. The 158 hectare leisure site will have five-star hotels, shopping malls, movie inspired theme zones, and a huge conference centre as well as numerous restaurants bars and clubs. The park is expected to attract more than 4 million visitors annually.
The international airport in Murcia is also being upgraded and is due to open next year. This is expected to bring in 3 million tourists, who would previously have used the nearby San Javier and El Altet airports.