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Date Published: 12/01/2022

ARCHIVED - New construction boom in Murcia points to a profitable 2022

ARCHIVED ARTICLE

More than 70% of building permits awarded in the Region in 2021 were for new homes

<span style='color:#780948'>ARCHIVED</span> - New construction boom in Murcia points to a profitable 2022

Following a disastrous performance in 2020, the real estate market in Murcia really began gathering steam last year and pent-up demand led to a buying boom larger than any seen in the last decade. New constructions have been the real winner, improving by 20% compared to 2019, before the outbreak of the coronavirus pandemic, and developers predict that the only obstacle to a financially fantastic 2022 is finding enough land to build on to meet the surging demand.

During the first nine months of 2021, a total of 1,966 building permits were granted in the Region, an impressive 96.4% more than in the same period the previous year, and while new construction made up 70%, remodels weren’t that far behind. The demand for fixer-uppers skyrocketed during 2020 as a direct result of confinement, but this figure has improved even further in 2021, with 790 permits granted between January and September – a 15.52% increase.

With more people than ever buying homes in Murcia, the president of Association of Real Estate Developers of the Region of Murcia (APIRM), José Ramón Blázquez, is concerned that there simply won’t be enough houses built in 2022 to meet the extraordinary demand.

“If we have land available at a reasonable cost and the raw material crisis does not throttle construction, it will be a very good year,” Mr Blázquez predicted, adding that the amount of available land is quickly running out in neighbouring Alicante, making the Region of Murcia a very attractive prospect indeed.

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