Murcia remains, in spite of plenty of development in the neighbouring regions, an essentially Spanish area which does not feel like a place that is overly devoted to tourism. Murcia itself – the capital of the autonomous region – is a thriving university city of just shy of half a million inhabitants. There has been plenty written in the UK press and elsewhere about Murcia’s economic revival – something that is a head of the rest of Spain – and one that is leading the way to recovery, according to the latest government figures.
However, the area should not be regarded as an economic hot spot in its entirety. Although it is true to say that the Murcian property market is currently well ahead of other regions in the Iberian Peninsula, there are some places in the region that are outperforming even in this successful zone. The city of Murcia, itself, is steady in terms of augmenting property prices, but the real interest is being demonstrated by canny investors who are looking to the province’s resorts – place such as Aguilas. For ex-pats who are seeking a second home or a luxury villa, then it is the coastal area which is of most interest. Also, buyers who are looking for villas that they can rent for the holiday market tend to focus on Murcia’s resorts. Thus, with the domestic property market in recovery and plenty of foreign interest focusing particularly on seaside towns, there longer term prospect for Murcian holiday villas and apartments looks promising.
Aguilas lies on the Mediterranean on the eastern coast of Murcia. It is just over 65 miles from the region’s capital and takes about an hour to drive to from there. With the municipality of Aguilas offering 15 miles of attractive coastline, it is a charming place which has long been a favourite of UK tourists as well as Scandinavians who tend to come early in the season for some sun and the relaxed atmosphere. Resort properties, like those that are currently for sale in Aguilas, tend to be at the higher end of the market. Think of villas with swimming pools and luxury apartments that are being marketed to overseas investors, rather than cramped blocks and cheek-by-jowl flats.
Because of the natural charm of the beaches and the sensitively thought out developments, Aguilas has become something of a property boom town all on its own. If you turn the clock back three or four years ago, then there were plenty of repossessions from banks and other Spanish mortgage lender that sucked the life out of the market. There is little doubt that empty villas and holiday apartments in the town have deterred new investors for the last few years, but that really has changed now. Local estate agents report plenty of interest in cheap Murcia property much of which has already been snapped up by British investors.
With many of the Spanish banks able to recapitalise following the sale of some of their Aguilas holiday villas, so the price that they have gone on to demand for more recent trades has risen. There is little doubt that in a town like Aguilas – which has plenty to offer holidaymakers and buy-to-let investors – that prices will not stay low for long. Given that British investors, who have been able to secure mortgages and other forms of finance from the UK rather than locally, it is hardly surprising with the economic fortunes of region turning generally that a resort town, like Aguilas, makes for one of the best investment prospects in the whole of Spain.