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Date Published: 20/09/2024

Murcia house prices increase well above the Spanish average

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The price of a square metre of real estate in the Region of Murcia has risen by 11%

Murcia house prices increase well above the Spanish average

The Spanish real estate market is experiencing a significant surge, with house prices continuing to rise across the country. According to the latest data from the Ministry of Housing and Urban Agenda, the Region of Murcia has seen a 6.6% increase in housing prices over the past year, making it one of the top communities with the highest growth rate.

This increase is a significant jump from the 5% year-on-year growth recorded in the first quarter of the year, and it marks a continuation of the upward trend that began after the pandemic.

Today, the price of a square metre in the Region of Murcia has reached 1,098.50 euros, a staggering 11% increase from 2023.

This is the seventh highest increase by community in all of Spain and is almost one point above the national average.

This growth has brought housing prices in Murcia to levels not seen since 2012, more than a decade ago and after the real estate boom. The Region's proximity to the Mediterranean coast, its pleasant climate and its growing economy are likely contributing factors to this surge in demand.

However, the Region of Murcia is not alone in experiencing rising house prices. Across Spain, the average price per square metre has risen by 5.7% to 1,895.60 euros, the highest level recorded since the third quarter of 2009.

By far the largest jump in properties was experienced in the Balearic Islands, with a whopping 8.3% year-on-year growth. Other regions that experienced significant growth include Andalucía (7.5%), Madrid (7.4%), Navarra (6.1%), Catalonia (5.3%) and Castilla-La Mancha and the autonomous cities of Ceuta and Melilla (5.1% each).

For those looking to invest in the Spanish real estate market, the Region of Murcia still presents a slightly cheaper option than many other popular parts of the country. However, in general, the rising house prices in Spain are putting unprecedented pressure on citizens' pockets, making it increasingly difficult for people to afford homes.

In other news: The rising cost of groceries: Navigating food prices in Spain

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