New international airport for Murcia in Spain

Murcia, a lesser-known area of south-eastern Spain, is getting it’s own international airport with work beginning later this year. The news will be music to the ears of overseas property investors in the area as the new airport is expected to encourage more tourists to the region, thus pushing up property prices and increasing rental demand and growth.

The area is best known for it’s Mediterranean coastline with a wonderful climate and wealth of culture and history. The new airport will be situated in Corvera and experts predict that around 1.5 million passengers will pass through the airport per year when it opens, up to around a maximum of around 5 million passengers a year by 2015. The airport, combined with a new motorway and new high-speed rail link – both of which are already open – mean that it will be easier than ever to get to Murcia from the rest of Europe.

The investment in infrastructure has not gone unnoticed by property developers and there are several golf courses as well as property developments springing up around Murcia. Many tourists already come to the area for the soft, sandy beaches, beautiful fishing villages and spectacular landscapes, and the increase in property investment in the area will help to draw even more visitors.

The Ministry of Tourism and Commerce has released figures that show that the levels of tourists to the area grew by 18% last year, with traffic at San Javier airport growing by 23% to two million. After the holiday resorts of Alicante and Malaga, Murcia is already the third most popular province for overseas investors to buy in.

Murcia’s recent property history will provide more incentive for foreign property investors who are cautious about the Spanish property market – over the last 12 months, many popular areas of Spain have seen their property markets decline or stay static. Murcia has bucked this trend and property prices in the region have continued to grow slowly but steadily at a rate of about 4% per annum. Despite the rises, the average property price in the area is still around 10% less than most other areas in Spain, so there is still room for property prices to increase – another positive sign for property investors.

So, overall, this seems like one of the better places to buy in Spain at the moment – not only is there room for growth, the market is still on the up despite the Spanish property market looking a little wobbly. With tourism set to increase in the area, the prospects for rental yields are also good, making properties in the area look like an excellent buy.

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