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Date Published: 21/09/2022

ARCHIVED - 1,200 new build properties are under construction in Murcia to meet rising demand

ARCHIVED ARTICLE

Murcia real estate developers are scrabbling against a shortage of peoplepower to build new homes in the face of surging demand

<span style='color:#780948'>ARCHIVED</span> - 1,200 new build properties are under construction in Murcia to meet rising demand

The real estate market in the Region of Murcia is faring amazingly well, considering the difficult backdrop of rising inflation and the war in Ukraine, and the demand for new builds is especially strong.

New building developments in Murcia practically sold out this year, around 70-80% are already reserved for next year and 21-22% have been bought up off-plan for 2024.

Part of the popularity of such new builds is the growing trend for ‘build to let’ apartments, with property buyers looking to purchase recently built homes to rent out.

Right now, between various property developments in the Region, there are more than 1,200 homes that are either being planned, are under construction or have already been finished, such as Las Vistas Altaona.

There is now historic growth in this sector after numerous urban development projects had to be abandoned or postponed indefinitely during the previous real estate crisis in Spain.

However, one persistent problem plaguing property developers building new homes in Murcia is the lack of labour and construction materials, driven by a global supply shortage.

Still others question the need for so much new housing in the Region when there are lots of empty homes that are already built and have no one living in them. But the truth is that the current market is tending towards meeting a growing demand for new builds.

New homes, which are characterised by a higher level of construction quality and designs with large, open spaces, are now popular because buyers are becoming more discerning in the type of home they want to buy post-lockdown.

As a result of this increased demand, the price of housing is rising again, both in Spain in general and in the Region of Murcia. The latest report from the Association of Registrars indicates that the average cost of a home in the Region of Murcia rose by 4.2% in the second quarter of 2022. With this rise, the average price per square metre for a home in the Murcia Region has now reached an average value of 1,122 euros.

The price of new housing has seen a slight rise of 0.9%, which leaves the average price per square metre at 1,149 euros. But there has been a knock-on effect on the price of used housing, whose value has risen by 5% in the months between April and June, to now stand at an average of 1,117 euros.

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