Spain’s Murcia named top global property destination

Spain’s Murcia named top global property destination

The Murcia region of Spain has been listed in a global index of the world’s best property markets to invest in. The list was recently compiled for International Living magazine where Murcia made the top 27 property investment destinations in the world.

The index looks at various factors including the potential for capital appreciation, rental income and the general costs of buying a property in each location.

Property investors are already keeping a close eye on Murcia due to the new Paramount theme park, which is expected to start construction later this year.

The new development is expected to attract significantly more tourists to the area and will increase demand for holiday rentals which is to the benefit of the areas property investors. A study carried out in Dallas during 2001 revealed the opening of a similar theme park there pushed up property prices 22 percent more than equivalent properties located further away.

Chris Mercer, director of local estate agent Mercers, commented: “I very much doubt that there is another location in Spain that will offer the same rental returns and capital appreciation.”

Property in Murcia is considered a great investment as property prices in the region have dropped 60 percent since their peak. The news that construction for the Paramount theme park is to go ahead this year has encouraged investors to take advantage of the low property prices before they rise again.

British investors in particular will have the added bonus of a more favourable exchange rate now that the value of the euro has slid against the pound. According to recent figures from Currency Index, the cost of buying a property in Spain fell by 1.72 percent in February this year based on the sterling’s strength against the euro.

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