Murcia properties set for significant price rises

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With the overall picture in Spain’s property market still presenting quite a confused image, there are some areas which are proving much more interesting for investors than others.

The Region of Murcia, located in the southeast of the country between Andalusia and the Valencian Community on the Mediterranean coast, is currently providing an interesting prospect.

With the cities of Murcia and Cartagena acting as counterpoints to the more traditional Spanish property attractions of its coastline, estimates of price rises in the region of 25% are being spoken about for the year ahead.

Although the continuous fallout of the Eurozone crisis is maintaining something of a stranglehold on banks’ lending in the country, wealthier cash-rich buyers are able to source keen deals on the more desirable properties on the market.

The market in the region is now virtually clear of repossessed, bank-owned properties meaning that depressed prices are likely to be a thing of the past as the local market once again starts to focus on the resale of better appointed and more lucrative units.

Recent figures show that 95% of sales are to buyers who are either funding the purchase with cash or with finance arranged from their home nation. The overseas investors active in the region include quite a spread from Belgian, French, Norwegian, Swedish, and British buyers.

Whilst asking prices are still not being met the final sale amounts are averaging out at around 5% under, a sign that seller confidence has improved along with interest from buyers.

Although the introduction of the Euro made moving money from the UK somewhat simpler in many ways, any transactions to another country can always provide potential pitfalls for the unwary when it comes to travel money exchange rates.

A specialist currency exchange company can offer better rates than most banks and also simplify the process for any overseas property transactions.

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Murcia properties set for significant price rises

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