THROUGH THE ROOF

MURCIA’S housing market continues to skyrocket, with the number of foreign buyers snapping up property in the region soaring.

The number of property sales among non ­ Spanish buyers rose by an astonishing 30 per cent in 2022 compared to the previous year, according to figures released by the Ministry of Transport, Mobility and Urban Agenda.

In total, 19.1 per cent of all home in Murcia region last year were bought by foreigners, making the area the fourth most popular among non­Spanish buyers.

Foreigners alone were responsible for more than 900 property purchases in each of the three financial quarters between April and December last year. In contrast, only one quarter of 2021 saw sales exceed 900 transactions among the foreign market.

Spain has long been a favourite among home buyers from the UK and Europe, with Murcia region proving to be a particular draw.

While the news has attracted criticism from some quarters over the rising price of housing for Murcia natives, the rise in foreign purchases also brings with it a very welcome boost for the local economy.

With higher average salaries and generally higher disposable income, the rising number of Brits, Germans, Dutch, and other nationalities coming to the area also often means more business opportunities for local businesses and tradespeople.

Elsewhere in Spain, the number of foreign buyers is also on the rise.

Surprisingly, the inland community of Castilla ­ La Mancha is the area of Spain which saw the highest in ­ crease in non­Spanish property purchases, rising by 235 per cent.

According to experts, the boost is down to increased interest in the community’s best­known city, Toledo, where sales among foreign buyers increased by 495 per cent last year.

Expat favourite Andalucia also made the list, with an increase of 33.5 per cent and a whopping 16,063 properties bought up by foreigners.