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PROPERTY SEARCH

Date Published: 22/03/2023

ARCHIVED - One in five homes in Murcia snapped up by foreign buyers

ARCHIVED ARTICLE -

Non-nationals bought 19.1% of all houses in the Murcia Region last year with the British leading the race

<span style='color:#780948'>ARCHIVED</span> - One in five homes in Murcia snapped up by foreign buyers

The property market in the Region of Murcia and the rest of Spain is rebounding handsomely after hitting rock bottom during the pandemic and last year, home sales across the country grew by 14.5% compared to 2021, the biggest jump in 13 years.

In addition, 13.8% of all property purchased in Spain was bought by foreigners, the highest figure ever recorded. In the Region of Murcia, 19.1% of all homes, or one in five, were bought by non-nationals, ranking the area as number four in the country for foreign buyers.

Leading the race are predictably the communities with huge tourist activity: the Balearic Islands (34.4% of properties were sold to foreigners last year), the Canary Islands (28.6%) and the Valencian Community (26.8%).

Given the popularity of Murcia with travellers from the UK, it’s unsurprising that the British are first in line to buy property in the Region, as they are also in Andalucía and Alicante. The Germans dominate the foreign buyer’s market in the Balearic and Canary Islands; the Chinese are the majority foreigners in the province of Barcelona; and the Portuguese in Galicia.

When it comes to house prices, Murcia has another string to its bow as the average property price in 2022 was just 109,000 euros, which is a whopping 42% below the Spanish national average (190,000) and makes it the third cheapest region in the country to buy a home.

The biggest bang for a buck is to be found in Castilla-La Mancha and Extremadura, where the average is below 100,000 euros.

This is in contrast with the likes of Madrid and the Balearic Islands, where a house will set buyers back a pricey 300,000 euros.

Now read: From tax cuts to free land: Spanish towns and villages offer incentives to reverse depopulation

Image: Pexels

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