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Property prices in the Murcia region have shot up way above the national average over the past year. The region includes areas popular with foreigners such as La Manga, the Mar Menor, Cartagena, Mazarron and Bolneuvo
One aspect being noted in the Murcia region is the movement of foreigners formally living in other parts of Spain (such as the Costa Blanca) moving south to this area. The regional and local planning authorities say they have strict regulations in effect to prevent the overbuilding that has spoiled areas elsewhere.
The magazine FDI, part of the Financial Times group, has named Murcia as the “region with the best economic potential for foreign investors” at the close of the voting for “European Regions and Cities of the future 2005/2006”
Good news for home owners - One in every ten houses that are built in Spain are located in coastal resorts which are selling for an average of 20% higher than inland areas. Construction companies who are building on the coast cannot keep up with the demand for houses from foreigners trying to buy their dream home in the sun. The number of British people who are buying holiday homes or moving completely to the Costa Calida has risen by 33.2% since 2002.
The increase in prices is set to continue rising dramatically as the number of golf courses and tourist facilities being built in the region further push the demand for housing in the area. Purchasing a home on the Costa Calida for investment purposes is becoming increasingly popular not just for foreign nationals but for Spanish nationals, notably people from Madrid are snapping up houses for holiday lets.
Read about some real life examples in the investment property page
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