By Catherine McGeer • Published: 09 Aug 2024 • 17:17 • 1 minute read
Beachfront Property Costs Rising Rapidly Image: Shutterstock/ Sonia Bonet
HOUSING prices around Mar Menor are climbing steadily, making homes near the beach increasingly pricey. Every month, those looking to buy find that prices keep rising because there are not enough homes for sale to meet the high demand. Pedro Sánchez, Spain’s Prime Minister, recently pointed out this trend.
In Los Alcázares, one of the most expensive areas, prices have jumped significantly. In Las Lomas del Rame-Bahía Bella, the cost per square metre has risen by 36.2 per cent over the past year, now standing at €2,945. Overall, the average price in Los Alcázares has increased by 14 per cent to €1,553 per square metre.
San Javier is also seeing higher prices, with a 13.1 per cent rise in the cost per square meter since last July. In Santiago de la Ribera, the average price is now €1,669 per square metre.
Cabo de Palos remains a top choice, with prices reaching €3,464 per square meter, a 15.4 per cent increase from a year ago. On the other hand, Los Nietos offers more affordable options at €933 per square metre, though prices there have also risen by 9.1 per cent there also.
To tackle the housing issue, the Spanish government has announced a new plan to invest €6 billion. This funding will support the development of affordable, energy-efficient housing through loans and guarantees.
Navigating the competitive Mar Menor housing market can be challenging, but with the right approach, you can find a great deal. Start by getting pre-approved for a mortgage to strengthen your position and act quickly when you find a property you like. Explore less popular neighborhoods or emerging areas for hidden treasures where prices might be more reasonable. Keep an eye on government incentives and funding opportunities designed for affordable housing, which can provide valuable financial support. Working with a local real estate agent who knows the area well can also give you an edge in this fast-moving market.
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I am an Irish writer who has been living in Spain for the past twenty years. My writing centers around the Costa Cálida. As a mother I also write about family life on the coast of Spain and every now and then I try to break down the world of Spanish politics!
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