Valencia gears up to be the province of choice for Brits in 2008
The Valencia property market is gearing up for a big upsurge in the
following years.
Although some may consider that the Spanish market is in
crisis, we share the opinion with many that the market is finally reaching
maturity.
The average property values in Valencia have experienced a 186% increase
since the year 2000; however the house prices are still undervalued in
comparison to other Spanish cities.
Valencia’s average property price (€230.000) accounts to 93% of the national
average (€248.000) whereas Barcelona’s average house price (€619.000)
accounts to 250% (Kyero.com, October 2007).
The property market in Valencia is still bullish with the
average property price in the old centre (Ciutat Vella) having risen 10.3%
since November 2006 (Fototcasa.es, October 2007) and shows steady
continuous movement.
In the same period prices have risen by 9.6% and 7.4%
respectively in Nazaret and Malvarossa regions of Valencia centre.
According to the Spanish Ministry of Housing, the national
average property price advanced only 5.3% in the same time period.
Valencia has entered the millennium as one of the most
interesting cities in Europe.
It is rapidly becoming one of the most important tourist
destinations in Spain attracting over 4 million visitors each year.
Valencia city boasts a combination of Gothic and modern
architecture, wonderful beaches, and a vibrant local community.
It is no surprise that Valencia attracts more and more foreign investors
each year.
Valencia stands as one of the most important cities in Spain, a city that
stands by its cultural heritage and traditions.
2007 has been an eventful year for Valencia.
Valencia hosted the 32nd Americas Cup, the first time the
competition has been held in Europe.
The Valencia port saw €1 billion euros in infrastructure development and
over 6 million visitors.
This has put Valencia on the map as an important centre for sporting events
worldwide.
The world’s oldest trophy will boastfully return in 2009 with the new port
receiving a further 50 million euros for development.
Formula 1 gears up for its second urban based circuit in
Europe, to be held in Valencia.
The new circuit is based around the City of Arts and Sciences and the Marina
area at Port Americas Cup.
Surpassing Monaco and taking the lead as the new European Grand Prix, the
race will be held on the 24th August 2008 around the Mediterranean port
where developments for the circuit are well under way.
Valencia continues to grow from strength to strength.
Nevertheless it still has an immature market in relation to
Barcelona and Madrid.
With the Formula 1 and Americas Cup, a new high speed train link to Madrid,
a metro extension, the airport extension and lots of low costs flights into
Europe, Valencia provides the perfect formula for a profitable property
investment -
An ancient city that continues to be essential in the
economic development of Spain.
Details of Property for Sale in Valencia
Stewart Masters
Comercial Director/Director Comercial
www.openskyproperty.com
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