Property Sales In Murcia Region Drop By Almost 20%!
In my July 2016 column I was happy to report a hefty 43% increase in property sales in Murcia, which came top of the regions, with the highest sales increase in the whole of Spain.
Fast forward to today and the picture is somewhat less encouraging. Recent figures from the National Institute of Statistics (INE) highlight a decline in sales for large parts of Spain, whilst some buck the trend. Many of the regions popular with overseas buyers record the biggest decline in sales. There are many opinions offered by property commentators for these surprise results, but in all honesty there is no particular excuse that could be highlighted as a major contributor. It's likely that a reduction in overseas buyers from the UK, Russia and Norway, a squeeze by the banks on loan-to-value rates for new mortgages and a lag in the releasing of new-build completions with the land registry are significant enough collectively to make a dent.
Spanish Property Prices Show Significant Falls!
More negative news comes from the Idealista Price Index and the Notaires Association. Bucking the downward trend is Barcelona with a 6.1% increase in the value of properties, but much of the rest of Spain sees prices stagnant or down by an average of 1.3%. In our region of Murcia, recorded sale prices are almost 2% lower than the 1st quarter of 2017. This is entirely expected when coupled with the 19% decline in actual sales, resulting in vendors more likely to accept lower offers as property viewings slow down.
We Are Moving Offices
Due to the expiration of our existing lease we will be moving offices at the end of June. Our new premises will be opened at the end of the summer. In the meantime we can be contacted on our usual numbers and email addresses. (Please see details on page 41 in our latest advert here in the Costa Calida Chronicle.)
Fuente Alamo Real Estate/Murcia Coast & Country
Tel 0034 968 598 173