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As Spain’s property market undergoes a gradual slowdown (and not the catastrophic boom that was widely expected), certain areas in the country maintain their status as interesting investment opportunities.
Murcia, which has seen nearly an 11 percent annual growth through the third quarter of 2007, is one of these areas. It has shown a much stronger performance, for example, than Alicante; the area in Spain with the lowest growth rate at 2 percent. In the last years, the city has budded with golf courses and luxury resorts, and shows no signs of stalling in this regard.
A major future development for Murcia will be the completion of its new international airport in 2010 that will bring activity and investment to the area. The airport is projected to open with an operating capacity of 1.5 million passengers, a number which will increase up to 5.2 million by 2015.
easyJet, which sees the city as an up and coming holiday hotspot, has already announced a new route from Newcastle to Murcia and expects to carry over 40,000 passengers in the first year of operation.
From an economic perspective, Murcia does more than simply hold its own: it accounted for 80% of the national production of citrus over the last year, exporting over 500 thousand tons of lemons (half of Murcia’s total production) to European, American, and Asian markets.
The good prospects for Murcia’s future along with Spain’s timeless appeal to foreign property buyers (thanks to its cultural appeal, beautiful landscapes, relaxed lifestyle and excellent weather) makes this southern Spanish city a definite winner.
