Phase 1 and 2 of murcia's paramount theme park approved

Photo credit: Sameer Vasta

Progress on the Paramount Theme Park in Murcia has been slow since it was announced in 2010. The amusement park, which is the first by the movie studio and will feature 35 to 40 rides, has been hyped as a major positive driver for the Murcia property market across several years. Progress, though, is still continuing, with the Alhama Town Hall officially approving Premursa's plans for plase one and two.

Chris Mercer, Director of local estate agent Mercers, whose HQ is just ten minutes from the earmarked site, comments: "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."

Indeed, the park may be moving like a snail rather than a roller coaster, but Chris argues the timing of the latest news "couldn't be better".

"Although people may be tired of estate agents saying 'there has never been a better time to buy'," he says, "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 per cent 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, the agent's sales are on target with a monthly average of 14 sales and a record 16 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 per cent British, then mixture of Belgian, French and Dutch buyers. Brits should increase their slice upwards of 70 per cent 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."