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ARCHIVED - Property construction in Murcia is making a comeback despite global instability
The Region is way ahead of the rest of Spain, with more demand for new builds propelling house sales
The number of companies registered in the construction sector in Murcia at the end of April this year was 4,334, an increase in year-on-year terms of 3.76% according to data from the Regional Federation of Construction Entrepreneurs of Murcia (Frecom).
This is a good example of the resilience of the housing sector in the Murcia Region, which continues apace despite the uncertainties caused by the energy crisis, the rise in the price of raw materials and the global macroeconomic upsets resulting from the war in Ukraine.
The data show that 85.78% of the firms in the sector are micro companies with between 1 and 9 workers, followed by small companies (10 to 49 workers) with 12.89%, while medium and large companies only represent 1.2% and 0.1% respectively. It’s clear that small and micro building businesses are the ones leading the property boom in new builds in Murcia.
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Another of the key housing indicators, property production, stood at 3,782 new housing units at the end of 2021, which is an increase of 44% over the previous year. To put this into perspective, on a national level in Spain, the increase was 17%, with 146,038 approvals for new builds at the end of 2021.
The latest available data (up to February 2022) show a positive trend of 45% year-on-year growth in the Region of Murcia, and less (25%) in the country as a whole.
After the disastrous levels of house sales in the year of the pandemic, pent-up demand meant that 2021 bore fruit not seen in almost a decade. According to data published by the Association of Property Registrars, the number of property sales in Murcia was 19,561, compared to the 14,897 homes sold in 2020. This represents a significant increase of 31.3%, while in Spain as a whole, the increase in sales and purchases was also 34.5%, with 564,569 homes sold at the end of the year.
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