Saturday, August 9, 2008

Murcia -Spain's star in the horizon

Housing market in many parts of Spain have been in decline for more than a year, meanwhile the Spanish government remains upbeat about the country's property sector but one province is exceeding expectations…even in tougher times.

Overseas property investors could find a number of good investment opportunities in Murcia as the region's property market is expanding at a significant pace and is likely to keep growing. In the first 4 months of 2008, the total tourist trade in Murcia increased by 16%, taking spending to a total of €166 million. This is when compared to a national increase of just 6.2% over the same period is clearly significant. San Javier Airport saw 2,002,949 passengers pass through it's portals in 2007, an increase of almost 22% when compared to 2006.

Homes Worldwide revealed that the Murcia region is increasingly becoming a hotspot for expatriates from the UK. The statistics showed that nearly 17,000 British expatriates registered as permanent residents of Murcia till last year. The website attributed the surge in popularity is due to its recent accessibility improvement, such as direct flights from the UK to San Javier Airport.

Monarch Airlines has started operating services to Murcia from Manchester Airport in the UK, which runs five times a week. This signifies a further boost to the accessibility of the area which is opened up to the people in the north-west of England. The carrier said that they are taken aback by the great response to this particular route as demand for flights to Murcia is great among local consumers.

This comes after the news that Paul Collins of the BuyAssociation website has recommended Murcia to overseas property buyers and described it as a "flourishing" market.