Average property prices in Murcia are very affordable, at €1,041 per square metre. Is now a good time to buy in Murcia and Costa Calida in general?
Of Moorish origin, Murcia is varied in terms of architecture, with the 14th Century Cathedral of Santa María, many Baroque churches and stately
early 20th Century townhouses, making it a fascinating city to wander around. The city of Murcia is the capital of the region by the
same name – a particularly interesting area to visit thanks to its many
recreational options and cultural hotspots. Visitors flock to this beautiful part of Spain for all sorts of reasons including wine tasting, hiking, beaches and scenic coastal walks, while some relocate to the area permanently to enjoy the famously good quality of life that Murcia provides.
Located in the south east of Spain, the Murcia area includes the Costa Cálida, and enjoys a typically Mediterranean climate with hot summers and mild winters. The region’s stunning and varied coastline runs from San Pedro del Pinar down to Águilas and includes sandy little coves and a few nudist spots, as well as the more popular Blue Flag urban beaches with everything from beach bars to water sports.
Murcia has a range of theatres, museums, galleries and concert venues where you can sample the local culture, including the Archaeological Museum, the Salzillo Museum and the Almudi Palace of Art.
As for gastronomy, the regional cuisine is rich and varied thanks to the endless selection of fresh, locally grown produce, including rice, fruit, vegetables, fish and seafood, not to mention organic meat from farms in the surrounding areas.
In many of the city’s restaurants you can try traditional dishes such as rice with rabbit, vegetables or seafood, and the delicious soup known as Caldero Murciano.
The fruity Jumilla and Yecla wines and the delicious locally produced ice creams are also a must.
Although average property prices in the region of Murcia have only shown
a small increase since 2014, they are now starting to rise more steadily with prices registering an annual increase of almost 2% in October 2019, ending the month on €1,041 per square metre.
House prices are still almost 35% below those in October 2007 when they averaged €1,596 per square metre. Average prices in the city of Murcia itself have also shown an annual increase, by almost 1%, ending October 2019 on €1,057 per square metre, but they have also not yet reached the prices of October 2007, around the time of the peak, when they averaged at €1,088 per square metre.
With this kind of home prices, Murcia is nearly 50% cheaper than most areas in Costa del Sol, or Costa Blanca.
At the end of October 2019 average rental prices in the region of Murcia showed an annual increase of 5%, rising from €6 per square metre to €6.3 per square metre. Although they are still 11.3% below the average rental
prices in October 2007, when they were €7.1 per square metre, they have
increased by almost 30% when compared to the prices in October 2014. In the city of Murcia itself, average rental prices showed an annual increase of 6.1%, ending October 2019 on €7 per square metre, and an increase of 37% when compared to rental prices in October 2014 (€5.1 per square metre).
The number of sales transactions in the region of Murcia increased by
3.9% year-on-year in the second quarter of 2019, rising from 4,988 sales to 5,182 sales.
However, they have shown a more pronounced increase since the first quarter of the year, rising by almost 24%. Since the second quarter of 2014, when 2,764 sales were registered, the number of transactions have gone up by almost 90% but they are still below those in the second quarter of 2007 when almost double the number of sales (10,129 sales) were registered.
In the city of Murcia itself the number of sales transactions in the second quarter of 2019 (1,452 sales) increased by 8.5% when compared to the
second quarter of 2018 (1,338 sales) and by 127% when compared to the second quarter of 2014 (639 sales). However they are still below the number of sales in the second quarter of 2007 when 2,676 sales transactions were registered.
The number of sales of new homes in the second quarter of 2019 have
increased in both the region of Murcia (by almost 26%) and the city of Murcia (by 88%) when compared to the number of sales of new homes in the second quarter of 2018. They currently represent around 10% of total sales in both the region of Murcia and the city of Murcia compared to around 60% in the second quarter of 2007.
Willing to buy or sell a home in or in the region? Contact our property advisors.