An analysis by Tinsa reveals a recovery in the value of homes on the coast that, however, do not reach pre-pandemic figures
The problems of the Mar Menor do not seem to have affected the revaluation of the houses in the surroundings of the salty lagoon, at least according to the results of a report published by the real estate valuation and data group Tinsa. This analysis highlights that the value of houses – new and used – in the coastal municipalities of the Region fluctuated, in the first quarter of this year, over 1,010 euros per square meter. The figure represents an increase of 1.8% compared to the previous year, but it still does not reach the levels prior to the pandemic – it is 0.9% lower than 2019 – as is the case in other parts of the Spanish coast. The Region, moreover, figures – together with Cantabria, La Coruña and Guipúzcoa – among the only provincial coasts that did not perceive an increase in prices compared to the real estate market prior to the crisis.
Average price by coastal area
Distribution by coastal areas
Difference between the price of 2nd residence
ye mean value of the coastal municipalities
Source: Tinsa and Survey of the technical network of appraisers
Distribution by coastal areas
Average price by coastal area
Difference between the price of the 2nd residence
and the average value of the coastal municipalities
Source: Tinsa and Survey of the technical network of appraisers
The report prepared by Tinsa goes one step further and delves into the oscillations registered in the price of housing in the different municipalities that surround the Mar Menor. Cartagena, with an average price of 1,122 euros per square meter, registered in the first quarter of 2022 a rise in its real estate market of 2.7% compared to the previous year. In the case of San Javier, homes in the area cost, on average, 1,302 euros per square meter, 2.4% more.
The cost of houses in San Pedro remained stable throughout the first quarter of the year and stands at 1,004 euros per square meter. In La Unión, the cost is much lower, 855 euros per square meter, but this figure rose slightly –0.6%–. Los Alcázares is the only municipality surrounding the lagoon that saw the price of its homes fall between January and March, according to the results of this report. The average price is 1,106 euros per square meter, 0.6% less than in 2021. The increases in the price of housing were, however, higher in the municipalities of Águilas or Mazarrón, which, however, registered an average price lower.
Los Alcázares was the only municipality in the surroundings of the lagoon in which real estate became cheaper in the first quarter
The results of this report clash radically with the conclusions drawn from other recently published analyses, which did detect a depreciation of the real estate market in the Mar Menor area. The Bank of Spain determined that the lack of revaluation of the houses in the surroundings of the salty lagoon due to the existing environmental problem implied a loss of wealth of up to 4,150 million euros in the last six years.
The Tinsa study explains that, throughout 2021, 9,742 home sales were registered in the coastal municipalities of the Region. The figure represents an increase of 42% compared to a year earlier and 22% if sales prior to the outbreak of Covid are taken as a reference. Regarding new construction visas, the report shows that in 2021, 844 were signed on the regional coast, 43% more than in 2020. The increase compared to the figures prior to the pandemic was 21%.
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