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The City of the Sea,
Valencia, on the North of Costa Blanca in Spain, now ranks
among the most-talked about cities in the world.
In 2007, Valencia will be host to the 32nd
Americas Cup yacht race. It is the first time this event has been
held in Europe, during its 152 year history.
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For those of you looking to relocate to Spain to
live, those seeking holiday homes, or wishing to purchase investment
property and real estate - look no further than the spectacularly
scenic Valencia province.
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| Many experts believe that between
2004 and 2007, Americas Cup Property and Real Estate and land
prices will soar in the Valencia Region.The last two or three years have seen remarkable
growth of between 25-to 35% per annum on property prices in the
Valencia region.
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| Another example of "Americas Cup fever" already biting
is the significant price increases in the purchase of mooring berths. In Gandia,
a 27 foot mooring berth that last year (2003) fetched €30,000 - this year
(2004) has virtually trebled to around €90,000.
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Spanish
Government To Fund America's Cup Infrastructure
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Property
prices in and around Valencia, already spiraling upwards following
the announcement at the end of last year that the city is to host
the 2007 America's Cup, |
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are set for another boost after confirmation that the
Spanish Government is throwing its full support - including "at least
40% financial support", according to one report - behind the bid in a
move that will see infrastuctural development throughout the area.
In a meeting between Spanish PM Jose Luis Rodriguez
Zapatero and the president of the region of Valencia, Francisco Camps, the
prime minister confirmed that his government is to treal the event in the
same way as it would the Olympic Games, with public backing for
substantial development both on the coast and in the surrounding area.
Although precise details have not yet been confirmed, heavy investment is
expected in the city's transport system as well as in marina facilities;
further substantial development of the city's tourist facilities agree also
on the agenda, according to a spokesperson for the regional government.
Even before this recent announcement the authorities
were planning an investment of at least €500 million to cope with the
expected 10 million visitors expected to pass through the city between now
and the Cup itself; most of that was to go towards funding developments in
the port area and expansions to Valencia's airport, particularly the
runway. Hopes are high that increased government funding will now be
directed towards revamping the road and rail network and on accommodation.
Mr. Camps confirmed that existing projects such as the AVE
high-speed link will go ahead as planned.
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Americas cup Property and Real Estate prices in the city
have skyrocketed since the confirmation of the event, with the value of homes in
some areas rising by over 100% in the month following the announcement according
to reports in the local press.
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| Although prices have
settled somewhat since then, further rises are expected as the Cup -
the world's most prestigious sailing event - draws near as owners
prepare for the spectacular rental returns to be made on properties
near the marina. |