Whilst the majority of Spain sees property prices rising, Murcia property presents a buying opportunity for overseas property investors as it lags behind the rest.
Spanish property as a whole has risen by 9 per cent over the last four years, but while the latest residential property price statistics released by the Ministry of Development show prices nationally in Spain up by 3.2 per cent year-on-year in the third quarter of 2018, Murcia property prices have dropped by 0.5 per cent.
Despite Ministry of Development data showing that Murcia property had risen year-on-year over the previous three quarters, a shock fall of 2.3 per cent from the second to third quarter of this year has reversed the upward trend, resulting in the annual drop.
The region of Murcia with the popular Costa Calida region had begun to follow other regions of Spain in the strong recovery of property prices, however the latest blip could present buying opportunities for overseas property investors keen on the Spanish coast.
The national average property price of 1,589.50 euros per square metre has now reached the highest level since 2012, rising by 9 per cent since the market hit bottom in 2014.
Indeed, many Spanish regions have experienced far sharper increases over that time. Property prices in Madrid have rocketed by 24 per cent over the same period, while the Balearics have seen a rise of 19 per cent.
Catalunya has seen property prices jump by 18 per cent over the last four years, despite the well-publicised problems around independence, and property in the Canary Islands and the province of Malaga (including the Costa Del Sol) has jumped by 16 per cent.
The property market recovery in Spain is here to stay, following 14 consecutive year-on-year increases in the quarterly figures.
However, Murcia property sits at the lowest level since the data was first produced in 2007, having fallen by 3 per cent since 2014 as other regions rose.
There has been a strong increase in demand and sales figures over the past two years, and it is only a matter of time before prices start to rise along with the demand.
With some property available for just over 600 euros per square metre in Jumilla for example, and the highest average of around 1100 euros per square metre on the coast in San Javier still way below the Spanish national average, now could be a great time to pick up a Murcia property bargain.