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Property Sales in Murcia, Spain

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Property in Murcia continues to sell

The economic crisis continues to affect the Spanish housing market with news released this week that the sale of homes in Spain has fallen by 25.3% when compared to the same period last year. However for the region of Murcia there was some positive news as certain areas continue to see steady sales and go against the trends.

The total number of homes sold throughout Spain in the 12 months between June 2007 and June 2008 was 693,503 reflecting a fall of over a quarter versus the previous twelve months from June 2006. Of these property transactions 385,939 related to new build properties an the stronger market for buying “new” saw sales figures fall by just 8.5% compared to the previous year.

The resale market continued to struggle, however, and sales here fell by 39% to 307,564 homes.

However, although all the Autonomous Communities saw a fall in the number of homes sold, the region of Murcia fared better than many areas. The worst hit provinces which all saw a slowdown way above the nation average were Cataluña (-42%), Ceuta y Melilla (-41.9%), The Balearics (-35%), Navarra (-32%), Valencia (-32%), La Rioja (-29.8%), Madrid (-28.9%) and the Canaries (-26.4%).

The communities which fared a little better with sales falling at a rate less than the national average were: Murcia (-22%), Castilla y Leon (-21%), Andalucía (-20%), Cantabria (-16%), Asturias (-16%), Aragon (-16%), The Basque Country (-15.7%) Galicia (-7.6%), Castilla la Mancha (-4.5%) and Extremadura (-1.7%)

Murcia also saw some of the best sales figures for a provincial capital for the first quarter of the year. The top sales were unsurprisingly in Madrid and Barcelona with 6493 and 2512 respectively. However, Murcia came in a respectable 3rd place with sales of 2356 homes.

More positive news for our region saw the list of sales for “non-capital” cities headed by Torrevieja (987) followed by Cartagena with 948 sales.

Foreign residents continued to be attracted to Spain’s climate and lifestyle; however the global economic downturn is certainly affecting the number of people able to relocate to the sun. Sales to foreign residents fell by 12% in the second quarter of 2008 to 10,695 versus the first quarter of the year. However quarter 2 sales did show a slight increase of 0.5% in the purchase of new build properties.

So despite the slowdown in the Spanish economy, it is not all bad news for the region of Murcia.




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