New airport among a set of developments likely to boost property market in Murcia

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New airport to boost Murcia property market

The opening of Corvera airport near Murcia City in Spain is expected to triple the number of visitors to the region, increase competitive flight prices and increase rental occupancy in the area by 25%, it is claimed.

Demand for rentals in the area is already up with Alicante airport alone seeing a 2.7% increase in passenger figures in 2010 and further infrastructure improvements are also set to have an effect, according to Atlas International.

Some €555.7 million has been set aside in Spain’s 2011 budget for improvements projects in the Alicante region and this includes the high speed rail link to Madrid.

There is also the green light for the Paramount Studios theme park to go ahead in Murcia that is expected to create 20,000 jobs and attract three million visitors a year, adding to demand for property and rentals in the area.

The region is also expected to spend more money promoting itself. Torreveija city council has set aside money for advertising and promotional campaigns.

James Dearsley, European sales director at Atlas International said that bargain prices could start to attract more buyers. ‘The Housing Ministry in Spain have recently confirmed that the region of Murcia was the fifth most affordable area of Spain. It was also one of the only five regions that saw price increases in the last quarter,’ he explained.

‘There are many reasons why I believe Murcia, and specifically the South Costa Blanca stands to gain in 2011. These include its national parks, beaches, championship golf courses, Government investment in the area, the opening of Corvera airport, a Paramount Theme Park opening in Murcia and the increase on competitive flights to the area,’ he added.

Meanwhile, a new report suggests that developers who over paid for land during the property boom need to drop their prices and sell at a loss in 2011 if they want to liquidate their stock and get back to building.

The report from Sociedad de Tasación, a leading Spanish appraisal company, estimates that there are around 724,000 unsold new properties in Spain. ST president José Luis Estevas-Guilmain said that number is not going to fall until developers drop their prices.

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