Murcia is one region of Spain where recovery is expected.
The Spanish property market received some good news this week, with the latest data suggesting that the rate at which house prices fell slowed during June.
In the monthly IMIE General Index, Tinsa stated that Spanish real estate values were down by 10.8 percent in June but this was a slight improvement on the 11.1 percent annual decline that was witnessed in May.
Properties on the Mediterranean coast in particular experienced an improvement in prices with a price fall of 13.3 percent last month compared to the 14.1 percent seen in May with Murcia being outlined as an area where there could be some positivity for the property industry.
Director of local estate agency, Mercers, Chris Mercer recently stated the upcoming Paramount theme park will deliver a major boost to the property market. Construction is set to begin there in October.
Earlier this month Mr Mercer stated: “Buying a house nearby now will be like buying in Orlando prior to Disney’s arrival.”
He added that investors could make the most of the area before the park opens by renting out to construction workers. He pointed out that buyers should do some research and choose an easily accessible property that will grow in value over time.
Mercer added that real estate prices in the region have hit rock bottom, highlighting that Murcia is ‘looking at the first signs of recovery’.
He further commented: “Spain may be having a rough ride of it right now but there’s always an exception to prove the rule and that exception is Murcia. Prices are rock bottom, at their lowest in a decade.
“Two bed resales can be picked up for less than 40,000 pounds and now we have access to bank stock which is frontline beach and discounted by 60% off peak prices with a 100% mortgage to boot.
“Add the “Paramount Factor” and the assurance from the President of Murcia that the new Corvera International Airport will be operational in October this year, and Murcia could not be a more attractive Spanish proposition.”