Finding a bargain property in Murcia is easy, thanks to today’s buyers’ market, says Anthony Jefferies.

Murcia may be the smallest of Spain’s 17 autonomous regions, but when it comes to property, this area in the south east of the country thinks big. Wedged between Andalucía and the Costa Blanca – the two biggest hitters when it comes to overseas property sales – Murcia was a bit of a latecomer to the market.

The Mar Menor – the vast lagoon which takes up much of the region’s coastline – has long been a favourite for holidaying Spaniards, but foreigners only started casting their glances this way in earnest after the world-renowned La Manga Club opened its doors and fairways in the early 1970s.

One consequence of this relatively late arrival on the scene was that the regional government has had the chance to allow the infrastructure to grow ‘organically’, with a well-thought-out motorway system, a busy international airport at San Javier and another of equal size which will in Corvera open by 2010.

It all speaks of a prosperous region, and one which has been far less affected by the slowdown in Spanish property prices than neighbouring provinces. Diversity is an important factor here. Where vast areas of the Costa del Sol and Costa Blanca are home to one and two-bed apartments that just won’t shift, the Murcia region offers property buyers many different options.
“At the cheaper end of the market there are still many bargains in areas such as Mazarron, where duplex and small detached properties are common,” says Pierrick Prillot, of Medgroup, the owners of the La Manga complex. “The off-plan market in the area remains relatively strong despite the bad press that such developments have received recently, and again this option can provide a cheaper alternative to some purchasers.”

Chris Mercer, of Mercers, who sell properties at Mazarron, agrees: “There are properties to suit everyone and every pocket. Factors like proximity to the coast and golf courses are obviously important, but even with a sea view, a decent-sized villa can cost less than £250,000.”
A few miles inland, a three-bed villa on a large plot of land will typically cost around £160,000, which might explain why so many lifestyle buyers are moving into the region.

“The investors are not so common now,” says Chris Mercer, “but people looking to retire or move here with families keep coming. These are the ones who were always going to buy, so the state of the market hasn’t been a major factor for them, though of course more competitive prices play into their hands.”

La Manga’s reputation as a golf resort means that there’s been no discernible slowdown there either. The sports and leisure facilities – coupled with Murcia’s enviable year-round good weather – keep the rental villas and apartments full. And while there’s a healthy market in resale at the resort (everything from an apartment for less than £200,000 to villas way over the £1 million mark), the owners, Medgroup, are busy promoting the American-style condo development managed by Regency Hyatt.  It’s an attractive option, with top class facilities, guaranteed rental return for five years and good deals to be made after that, and prices start at £107,000 for one-bed apartments.

Where La Manga led, others have followed. There are 35 golf courses in development or recently completed in Murcia and, says Mark Bailey of Dolphin Golf Property, the region is on the way to becoming one of Europe’s top golf destinations.

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