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Why house prices in Murcia are climbing faster than the rest of Spain
A huge shortage of available properties is driving prices up across the Region of Murcia
House prices across the Region of Murcia are set to keep climbing, according to real estate agents who anticipate that the problem isn't going away anytime soon.
The shortage of available properties has sent second-hand home prices shooting up by around 20% over the past year, and there's no sign of it easing off.
Jerónimo Jover, spokesperson for the Association of Real Estate Agents of the Region of Murcia, explained that there are roughly 35,000 couples waiting to buy a home but simply can't because there aren't any houses available.
The latest figures from property portal Idealista show the average price of a used home in the Region has hit €1,609 per square metre, which is 19.9% higher than October 2024. That puts Murcia's increase four points above the Spanish average of 15.7%, making it the third-largest rise nationwide after Madrid at 20.8% and Andalucia at 20.6%.
Compared to just last month, prices are up 3.5% and they've jumped 6.9% over the quarter. We're still some way off the all-time high recorded back in September 2006 during the housing boom, when prices reached €1,786 per square metre. Even so, today's prices are only 9.9% below that peak.
Mr Jover reckons the real issue isn't the price itself but what's causing it. Last year, for instance, only 2,388 homes were finished in the Region at a time when demand was estimated at around 7,200 homes. That left a deficit of 4,812 properties in just one year.
The shortage is hitting younger buyers and those on lower incomes particularly hard. Even the second-hand market, traditionally the more affordable option, is becoming increasingly out of reach.
The sales figures tell an interesting story. During the first two quarters of this year, 18,160 homes changed hands across the Region, according to the National Statistics Institute. Of those, 14,126 were existing homes compared to 4,043 new builds, giving second-hand properties a 77.75% market share.
Unsurprisingly, the biggest price jumps have been in coastal and nearby areas. Torre Pacheco saw the steepest rise at 45.9%, followed by Fuente Álamo at 44.1% and San Pedro del Pinatar at 36.8%. Águilas recorded a 26.4% increase, Cartagena 20% and Alhama de Murcia 18.9%.
Other notable increases include Molina de Segura at 14.3%, Alcantarilla at 14%, San Javier at 13.5%, Mazarrón at 12.3% and Murcia city at 11.7%.
When it comes to price per square metre, Torre Pacheco tops the list again at €2,477, followed by San Pedro del Pinatar at €2,260 and San Javier at €2,066. At the more affordable end, you'll find Alguazas at €526, Abarán at €537 and Pliego at €556.
According to Mr Jover, historically, people would start on the property ladder with a second-hand home, sell it years later for a profit, and then move up to a new build. These days, with new properties so expensive, more people are simply renovating what they've already got instead.
Also of interest: Spain's hottest areas see property prices cool as temperatures rise
Image: Freepik
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