Seaside demand drives Mar Menor housing prices sky-high

HOUSING prices around the Mar Menor are hitting new highs yet again as demand for seaside living pushes costs up over 10 per cent each month, according to Idealista.

Cartagena and Los Alcázares Lead the Price Increase

In Cartagena, buying a home now costs around €1,229 per square metre. Over in Los Alcázares, prices are even steeper at €1,553 per square metre. While Cartagena has cheaper areas, the Mar Menor’s attraction keeps driving prices up, especially with its close proximity—just 25 minutes by car—to the city.

Nearby Towns Like Torre Pacheco and San Javier Also Feel the Heat

Torre Pacheco, only 21 minutes from Cartagena, has also seen a price hike, with the square metre now at €1,410, up 18 per cent in the past year. San Javier isn’t far behind, at €1,678 per square metre, reflecting a 13 per cent increase.

Luxury Living in La Manga and Cabo de Palos: Prices Peak

Luxury spots like La Manga and Cabo de Palos are even pricier. In La Manga’s Galúa area, prices hit €1,916 per square metre, while Cabo de Palos tops the charts at €3,464 per square metre, a 15 per cent jump over the last year. The steep prices are due to limited availability.

Government Plans Affordable Housing to Combat Price Spike

This national trend of rising prices is prompting the Spanish government to focus on increasing affordable housing. For the Region of Murcia, the goal is to create 911 affordable rental homes, including 569 specifically for social rental, to address the growing need.

Tips for Navigating the Mar Menor Housing Market:

1. Research Neighborhoods: Prices vary significantly by location. Explore different areas like Cartagena for more affordable options or luxury spots like Cabo de Palos if budget allows.
2. Consider Proximity to Key Amenities: Evaluate the distance to essential services, beaches, and transport links to find a balance between price and convenience.
3. Act Quickly: With prices rising monthly, it’s wise to move swiftly when you find a suitable property.
4. Explore Affordable Housing Initiatives: Keep an eye on government programs aimed at increasing affordable rental homes in the Region of Murcia.
5. Seek Local Advice: Engage with local real estate agents who understand the market trends and can offer insights into up-and-coming areas with better value.
6. Budget for Additional Costs: Factor in taxes, maintenance fees, and potential renovations when calculating the total cost of homeownership.

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