Buying property in Murcia
As well as being a popular and historic university city, the wider region of Murcia includes the Costa Cálida with its sparkling Mar Menor, golf courses and resorts. Here’s your guide to buying property in Murcia.
Why buy property in Murcia
Murcia is the small autonomous region nestled between Valencia and Andalusia. Property hunters are particularly drawn to its alluringly named “warm coast”, the Costa Cálida.
But Murcia also stretches inland for 100 kilometres, it is made up of beautiful mountains, hills, pine forests and vineyards. While the capital of the region, also called Murcia, is a lively university town.
Murcia is one of the most popular regions of Spain with international buyers. It is particularly attractive to those who want to avoid the more touristy parts of the Costa del Sol and the Costa Blanca.
Aside from a major luxury coastal development on La Manga, Murcia remains a traditional Spanish region. That means that properties and the cost of living here tend to be less than other Costas. The beaches are not as crowded either!
Currently around 14% of the total population of Murcia are non-Spaniards. Murcia is popular with both retirees and younger expats alike. The air quality and proximity to the largest salt-water lagoon in Europe, Mar Menor (the Minor Sea), make Murcia one of the healthiest places in the world to live, especially for those with asthma or arthritis.
The lifestyle here is slower paced and more relaxed. Crime levels tend to be lower and there are great transport connections. Whether you like long countryside walks or water sports (or both), Murcia offers plenty of opportunity for an outdoorsy lifestyle.
In high summer, Murcia sees temperatures in the 30s. January is the coldest month, but even then, it experiences a daily average maximum of 17°C.
What you can buy for your budget in Murcia
With a budget of €100,000 you can purchase a small apartment or even an older townhouse. Often, even at this inexpensive price, you can find properties within walking distance of restaurants, shops and the beach.
As a general rule, further inland is where you’ll find lower-priced, larger properties for sale. For around €300,000, you could buy a five-bedroom villa with a garden and swimming pool, with views over the surrounding countryside.
A number of new-build developments have popped up in Murcia, especially centred around golf courses and on seaside resorts such as La Manga and Los Alcázares. These tend to be pricier than resale properties. However, they often come with communal gardens and swimming pool, on-site gyms and club houses to make friends– and are located within close proximity to the beach. In terms of luxury property, Murcia boasts key-ready, architecturally impressive villas, right next to the golf course or the sea.
Is a property in Murcia a good investment?
In recent years, Murcia’s property market has seen steady growth. It is increasingly catching the eye of Spanish holidaymakers and overseas buyers alike. Some might even see its resorts, like La Manga, as a more relaxed, affordable alternative to Marbella.
In terms of purchase tax for buying a property, Murcia has neither the highest nor lowest rates. It is levied at 8%, compared to 10% in neighbouring Valencia and 7% in Andalucía. While Andalusia is more tax efficient, property tends to be cheaper in Murcia, so you may pay less overall.
Holiday homeowners in Murcia will need to register their property to rent it out. However, this is relatively straightforward, and you should see an attractive yield, especially if your home is close to the sea.
Where to buy property in Murcia
Murcia city
This is the seventh largest city in Spain. It is considerably less overrun with tourists than cities like Barcelona, Palma or Seville, but you will always find a community of expats if you want to.
Major attractions here include the Baroque cathedral, a Roman amphitheatre (which is still in use) and the 19th century ‘Real Casino’ – home to a ballroom decorated in the style of Louis XV.
Alhama de Murcia
This is a municipality of around 20,000 with a small community of expats. You can purchase a traditional Spanish home in need of renovation fairly cheaply.
Roldan
There is a growing community of expats based in this very popular tourist resort. It is particularly popular with those who enjoy golfing and sun-worshipping.
Calasparra
This is traditionally a hotspot for British expats and is now home to a growing number of residents of other nationalities. The area is reasonably priced, although the demand here means these are not as cheap as they used to be.
La Tercia
One of the least traditionally Spanish parts of Murcia; there is a strong emphasis on catering for foreign trade here, and it is very much a golfing and holiday resort. Many expats who live here work in the hospitality industry.
Mazarrón
A seaside town of around 30,000 people and with 35 kilometres of beach, Mazarrón is a more traditional, rustic even, option for buying property. It feels very Spanish, yet you can still play golf, go fishing, sailing and windsurfing. There are regional parks nearby too.
La Manga del Mar Menor (Sandbar of the Minor Sea)
Sandy peninsula La Manga is home to many great beaches, thanks to its proximity between the Mediterranean Sea and the Mar Menor.
Transport links to Murcia are excellent, from both wider Spain and the rest of Europe. There is a well-maintained road and rail network – with a mainline rail link to Alicante, from where one can then travel across Europe by train. The official Murcia International Airport is at Corvera, in the centre of the region and handy for coast, city or interior.
Steps to buy property in Murcia
- Search online: The Your Overseas Home property portal has over 5,000 listings in Murcia. Determine what you can buy for your budget, as well as a list of features you would like in a home (close proximity to the beach or golf, mountain or sea views). You may want to narrow down your search to specific towns (Mar Menor, La Manga).
- Form a team of experts. Once you have chosen a handful of properties that tick your boxes, reach out to an estate agent. They will be able to talk through the area and what you are looking for in a home in greater detail. You will also need an English-speaking lawyer to ensure that the purchase is legally secure. Plus, a currency specialist like Smart Currency Exchange can help you to transfer your budget over to Murcia. You may also want to connect with a financial advisor and a mortgage specialist.
- Book a viewing trip. Once you have your team in place, head out to Murcia to see your pick of properties. If you haven’t narrowed down to a specific town, check the journey times between each home, it’s quite a large area! If you find a home that ticks your boxes, then reconnect with your professional team and make an offer.
- Once you have made an offer: If the seller accepts your offer, you will sign a reservation contract and pay a fee to take it off the market. While surveys are not the norm in Spain, many international buyers prefer to have one, so you will easily be able to find an experienced professional in Murcia to complete one. Then, you will sign and pay the deposit, around 10% of the purchase price. As you’ve now committed to buying your dream Murcia home, lock in your exchange rate to ensure that you do not lose out on thousands. Meanwhile, your lawyer will contact the notary to ensure the legality of the sale.
- Hold the keys in your hand: You will need to sign the sale contract, escritura pública at the notary’s office. Finally, pay the balance of the purchase price, minus the deposit you have paid. You must also pay the relevant taxes (ITP), stamp duty, notary fees and legal fees.