House prices in Lorca, Murcia defy crisis to grow significantly…
According to the Spanish Ministry of Housing, the Murcia region of Spain is one that is defying well-publicised negative trends instead showing healthy house sales. The latest figures show that in the first two quarters of 2008, the number of property sales in the province has risen by 11.2%, from 2,288 in the last two quarters of 2007 to 2,545 sales.
Confidence in the Murcia region is growing and this is highlighted further when looking at the town of Lorca, specifically. Located in South-West Murcia, Lorca is surrounded by stunning mountainous terrain and as a town boasts many architecturally interesting buildings, borne out of its great historical past. Here, according to Spanish portal Kyero.com, average house prices have risen 6.5% year-on-year from an average of €246,000 in Quarter 3 2007 to €262,000 in Quarter 3 2008, showing that this is one region where the property market remains buoyant, with the 2008 figure 6.9% above the Spanish average asking price of €245,000.
Interestingly, Kyero.com shows that it is larger properties that are mostly bucking the trend – with the average price of 3 bedroom houses in Lorca increasing 0.8% from Quarter 2 2007 (€245,000) to Quarter 2 2008 (€247,000) and 4 bedroom homes increasing in value further still, by 3.1%, from €291,000 in 2007 to €300,000 in 2008. Mike Hamilton, MD of leading Murcia developer Casas de Lorca explains that this highlights a growing trend,
“We have noticed that when relocating to the Lorca area, more and more people are looking to buy larger properties, with the space and privacy of larger plots that simply cannot be found in the high-rise developments of old. This is why it is these properties that are increasing in value and desirability – as a growing number of people recognise the value of space in and around a property, as well as experiencing the authentic Spanish way of life that can truly be found in the Lorca area.”
Fitting with the Spanish Ministry of Housing trend that most transactions are for new properties (with 2,083 properties sold in the Murcia region being new-build in Q1 and Q2 2008, up 61.7% on the last two quarters of the previous year), Casas de Lorca build bespoke villas on 5 acre plots of land in the stunning scenery surrounding the town of Lorca in the region. With more and more people choosing the space of a larger villa and more land, properties are proving increasingly desirable, with the Casa Mallorca 4 bedroom villa available at £244,000/ €329,000 boasting breathtaking views and classic architecture. To find out about this and other properties available within 5 acres of land, contact Casas de Lorca on 0844 734 8057 or visit www.casasdelorca.net.