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ARCHIVED - Notaries report 7.6 per cent June increase in Murcia property prices
Signs of post-pandemic health in the Costa Cálida property market
Figures published last week by Spain’s notaries report an unsurprising rise in the number of property sales finalized during June 2021, the year-on-year comparison being distorted by the on-going effects of the initial pandemic state of emergency 12 months previously, but at the same time there are encouraging signs that market prices are continuing to rise despite the disruption brought about by the coronavirus crisis.
Across the country the notaries report a 71.25 per cent increase in the number of sale and purchase agreements signed in respect of residential property, the most significant rises being those in the Canaries (117 per cent), the Comunidad Valenciana (106 per cent) and Cantabria (103 per cent). At the other end of the scale is Navarra with an increase of just 6.6 per cent, while the Region of Murcia is slightly below the national average with 64.8 per cent more sales in June 2021 than a year before.
However, in terms of the average price paid per square metre, the figures for the Region of Murcia are rather more optimistic in terms of the health of the market, with an increase of 7.6 per cent. This compares favourably with the average of 2.3 per cent across Spain and is the fifth highest among Spain’s 17 regions, being surpassed only by other coastal areas such as the Balearic and Canary Islands, the Comunidad Valenciana and Andalucía.
On the other hand, it is important to remember that statistics can be misleading, particularly when distorted by major events such as the Covid pandemic, and the notaries’ data provide a stark reminder of this. The sharpest average housing price increase is reported in the Balearic Islands at a staggering 50.2 per cent, but very few analysts would read too much into this: it could easily be caused by the renewal of international travel in June which could have led to numerous foreign visitors at last being given the deeds on properties they agreed to buy months beforehand!
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