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ARCHIVED - Property prices reported to be falling in the city of Murcia but healthier elsewhere in the Region
Coronavirus affects buyer preferences as purchasers seek more affordable homes with outdoor living space
The Spanish property portal pisos.com reports in its latest monthly statistical bulletin that the average market price of second-hand homes in the Region of Murcia rose by 0.61 per cent during February, reaching 1,128 euros per square metre. Nonetheless, property in Murcia is still more affordable than in any other region of Spain except Castilla-La Mancha (885 €/m2) and Extremadura (1,028 €/m2).
The increase in Murcia was the second most significant among Spain’s 17 regions and marks a reversal of the general downward trend in Murcia over the last year, since the onset of the coronavirus pandemic: average market prices are reported to have fallen by 0.44 per cent during the last 12 months.
At the same time, it is interesting to note that within the data for the month of February the figure for the city of Murcia itself fell by 1.19 per cent, perhaps reflecting an increase in demand for larger properties with outdoor living space of the kind which is scarce in the regional capital. This could well be a reflection of the changes in preferences caused by the long periods of lockdown and confinement during the coronavirus pandemic.
This change in the market is being observed all over the country, and the portal reports that provincial and regional capitals are becoming less attractive to buyers. This is due not only to the availability of private gardens and terraces in other locations, but also to the fact that for many people the pandemic has resulted in a lowering of their purchasing power, and more affordable properties are generally easier to find outside the major cities of Spain.
It is always worth bearing in mind that the calculations made by property portals of this kind can never be wholly reliable, as not only do they refer only to second-hand homes, they are also based on the asking prices specified by vendors, and in many cases the actual sale price agreed on is substantially lower than the figure stipulated in the published advertisement.