Tuesday, September 04, 2007
The continuing development of Valencia as a property hotspot has been in the news of late, not least because of its growth as a sporting centre of excellence. Just as Barcelona saw its image improved and its waterfront transformed by the 1992 Olympics, so Valencia has been enjoying the benefits of hosting the Americas Cup this year. It also saw huge investment in the redevelopment of its marina and waterfront, an added bonus to the attraction of the city. The successes of the local football team has also played its part in recent years, with Valencia CF winning the Spanish league title, triumphing in the UEFA Cup and reaching two Champions League finals to prove there is life beyond the giants of Barcelona and Real Madrid. The new Mestalla football stadium is being built and the foundations are being built as we speak on the edge of the city.
The America’s Cup aside, the most exciting news has been the recent announcement that the city will become the home for the Formula One European Grand Prix from 2008-14. This will not only ensure further sports tourism, including the wealth that comes with such a high-profile event, but will also create possible prime buy-to-let opportunities for those with the resources to obtain houses with a direct view over the Monaco-style street circuit that the city will create.
Investors looking for a piece of this action will be glad to know that the ease of low-cost access is growing. Easyjet,Ryanair, Clickair, thomsonfly and Jet2 fly here from UK, with Ryanair opening Valencia as a hub in the November.
Overall, there can be little doubt Valencia is booming. Prices have risen by one hundred per cent in the past six years and are still increasing, something Barcelona and Madrid cannot match. Much of this is undoubtedly due to the America's Cup, with the advent of the Grand Prix next year providing a further boost.
And it's not just Sport, the city was already making a name for itself, thanks to the incredible Millenium Project that is the City of Arts and Sciences, with the beautiful new Opera House, Palau de les Arts, about to embark on its second season of international Opera and concerts.
Valencia is now firmly on the map as a city attracting the wealthier set looking to live or enjoy a holiday home here; something which investors in property will no doubt be interested to learn. The city is also beginning to attract middle-class professionals and younger people who want a city which is both safe and has a vibrant nightlife.
Investors who miss the boat will be left to stare wistfully after those already lined-up on the grid. Pole position hasn’t yet been decided. What are you waiting for?
More on this and the new Ryanair hub - click the headline.