Murcia ‘exceeding’ expectations

Murcia is set to prosper in 2008 after tourism increased by 18% in 2007…

Murcia, located on the south Eastern Coast of Spain and home to the Costa Calida, has long been popular with Britons who enjoy an average annual temperature of 18°C, low rainfall and a varied landscape from the mountains inland to the largest salt water lake in Europe, the Mar Menor, all available under 2.5 hours flying time direct from the UK.

Figures from the Ministry of Tourism and Commerce show that Murcia has far exceeded the national average increase of visitors to Spain (2.1%) with passenger traffic up by 23% to nearly 2 million at San Javier airport and 20% more cruise liners making Cartagena a port of call. Not only were visitor numbers up but tourist spending also saw a significant increase of 30%.

According to the Spanish Ministry of Housing (MVIV), Murcia is the third most popular province (after Alicante and Malaga) in which foreigners buy property; 20% of properties sold in Murcia in Q1 2007 were to foreigners.

Prices rising every year

Data from award winning Spanish property portal Kyero.com, reveals that average property prices in Murcia have continued to rise year on year. Whilst always remaining below the national average, 2005 saw an average price of €197,488, rising 4% to €203,568 in 2006 and 4% again in 2007 to €211,250. The very latest independent figures from Kyero.com show an average asking price of €212,000 (Feb 08), 14% below the national average of €245,000.

Martin Dell, MD of Kyero, comments, “The steady price growth seen over the past 3 years is a positive indicator for Murcia’s future. Compared to other provinces popular with Britons seeking second properties such as Alicante and Malaga, Murcia remains an affordable option with a wide variety of product available.”

These sentiments are echoed by Mike Hamilton, Director of Casas de Lorca, a developer based in the town of Lorca, 1 hour inland from Murcia City, he comments, “Our new build villa prices in Lorca rose by an average of 6% in the last year and the average resale rose by 4%. Murcia is one of the fastest growing regions in Spain and a new international airport opening in 2009 will further drive growth with an estimated 3 million passengers visiting in the first year.”