After years of pricing reaching bottom and Spanish banks repossessing over 700,000 properties the time has come to reassess real estate opportunities.
During the crises discounts on the properties had reached up to 70% in 2012.
The average prices in the fast growing Murcia region were tracked as:
2007 EUR 147,700
2008 EUR 145,000
2009 EUR 100,000
2010 EUR 85,000
2011 EUR 66,000
2012 EUR 45,000
2013 EUR 55,000
Spanish property expert, Ben Walker said: “These figures contain the first recorded rise and signal that prices may have bottomed out after years of decline. Sales in the Murcia region have grown in the last two years in line with the heavy discounting by developers and Spanish banks and generous mortgage incentive to tempt buyers from northern Europe.
“More people are viewing and buying already this year and the prices have been edging up as the market strengthened. However, mortgages are becoming restricted because the banks realise apartments costing only EUR 33,000 don’t need hefty loans to help sell them off.”
This is what you get for EUR 33,600 in Costa Calida: a brand new, key ready 2 bedroom apartment with terrace, communal swimming pool, 10-year construction guarantee and golf course and mountain views. Beaches and airports are within 20 minutes.
Those buyers who for years where watching and waiting for prices to reach bottom are now rushing to put deposits together in fear of missing out on the greatest deals, and the rental income in Summer 2013.