New houses and developments in Murcia

New developments in Murcia

Currently, the province of Murcia offers more than 200 new build developments, the majority of which are flats, followed by detached houses and penthouses. A large percentage of these are under construction, while 20% are completed. Although it is not a province that stands out for having a large stock of new homes compared to other Spanish provinces, there is a great boom in new build developments in the Murcian territory. According to data from the Association of Quantity Surveyors in Murcia, in 2021, more than 200 developments were started, with a total of 2,635 properties built, covering more than 800,000 m² of land across the province of Murcia.

The cheapest square meter of new property can be found in the municipality of Yecla, with prices starting from €550/m². This is followed by Lorqui, at around €600/m², and La Manga del Mar Menor at around €700/m². The most expensive areas are in the centre of Murcia Capital, in the neighbourhoods of Juan Carlos I and Juan de Borbon-La Flota, with an average value above €2,000/m². They are followed by Cartagena, San Pedro de Pinatar and Águilas, with prices starting from €1,500/m².

Where are most of the new developments located in the province of Murcia?

The localities with the highest volume of developments in the province of Murcia are the capital (more than 48), Cartagena (more than 17), Águilas (around 70), Los Alcázares (more than 50), Lorca (around 50), and San Pedro del Pinatar (close to 45).

Where are the main new developments located in the beach area?

The most notable developments in the coastal area are located in the municipalities of Águilas, Mazarrón, San Pedro de Pinatar, Los Alcázares, San Javier, and in the Mar de Cristal area in Cartagena.

What affects the final cost of a new build property in the province of Murcia?

As in the rest of Spain, the final value of a new property in the province of Murcia is influenced by the state of the market, that is, by the amount of supply and demand in the area. Thus, homes located in the capital and in the coastal area will be more expensive due to the higher population density and higher demand. Other factors such as location, orientation, construction materials, finishes, height, dimensions, or private and common facilities also come into play.

Likewise, there are other factors that are not related to the qualities of the home but also influence its value. These include the labour and economic situation of the municipality, as well as the presence of more or less tourism, both national and international.

Regarding the inherent aspects of the home itself, emphasis must be placed on community services. It is not the same to face any expense collectively as it is individually in a detached house. Therefore, one of the recommendations when purchasing this type of property is to do so off-plan or in the early stages of construction, as the price can be reduced by up to 30%.

What is the new construction real estate market like in the province of Murcia?

Currently, there is an upturn in the new construction market in the real estate sector in Murcia. According to data from the INE, demand for new housing has increased by around 41% in 2021 compared to the previous year, and by around 20% compared to 2019. Due to the increase in demand, prices are beginning to rise considerably, with an increase of over 6% in one year. At the same time, there was an increase in the construction of new homes planned for 2021, with the aim of doubling the number of homes built compared to 2020. The ultimate goal of this project was to meet the demand of buyers who were unable to purchase homes under development due to the "stop" caused by the COVID-19 pandemic. Although this attempt was somewhat stalled by the lack of land in the region, we can say that there has been an increase in new developments.

For 2022, it is expected that the new construction market will continue to grow, as long as there is strong demand and there is supply that is up to par, and other factors, such as the availability of land for construction. It is also important to note that the impact of the raw materials crisis does not affect the development of the works. On the other hand, it is important to highlight that the province of Murcia is committed to increasing constructions of this type, based on an urban development model in which sustainability is the protagonist factor in the execution of the developments.

At the regional level, we can say that Alto Guadalentín is one of the areas where the promotion and commercialization of these properties have grown the most, specifically in the municipality of Águilas on the coast of the Murcia region. In this sense, an increase in prices has been observed in this area, as well as stability in terms of sales. The initiative for development corresponds to local entrepreneurs, who aim to build multi-family-type houses with open blocks in the first and second lines of the sea. Another noteworthy location is the Campo de Cartagena, specifically the municipality of Fuente Álamo de Murcia, where there is a large number of new apartments on offer, most of which are around 100 m².

What is the importance of buying new development compared to second-hand property in the province of Murcia?

The market for new developments in the province of Murcia is smaller than that of second-hand property and is generally much more expensive. Despite these circumstances, buyers have a preference for these properties, as they stand out for better quality in the materials used for their construction and greater advancement in energy efficiency. In addition, other advantages include that new buildings are spacious homes, with green areas and spaces for sports, aspects that are highly demanded by buyers.

Location is one of the factors where second-hand homes can outperform new construction, as there are certain areas in the province of Murcia, such as the centre or certain areas of the coast.

Where to buy new developments in the province of Murcia?

According to the Association of Building Surveyors, the majority of new developments in the province are located in the capital, followed by Cartagena, Molina de Segura, Los Alcázares, and Caravaca de la Cruz. Thus, most of the new properties are concentrated in areas close to the city centre, and most of them are large buildings and residential complexes.

Currently, construction continues in Murcia with good sales figures and rising prices. In the Murcia metropolitan area, we can find multi-family homes mainly on Juan Carlos I Avenue, where new construction projects are underway. In that area, prices range from around €2,600/m² for three- and four-bedroom homes, of around 130 to 140 m². For those looking for a more exclusive area, we can mention the La Manga Club resort, where single-family home prices range from €3,000 to €6,000/m² and can reach between 1.5 and 3 million euros.

If we analyze which regions have the newest developments for sale in 2022, we can highlight the Huerto de Murcia, where the average final prices are around €300,000 for apartments and €150,000 for single-family homes. For investors who prefer the coast, the Mar Menor region has the most offers available at the moment, mainly in Torre-Pacheco, where semi-detached villas can be purchased starting at €100,000, apartments from €2,000, and commercial premises starting €57,000.