This is largely because of the two major international sporting events – Formula 1 and the America's Cup – that the city has and is hosting in 2007 and 2008. The international investment pouring into Valencia as a result of these two events has made a major difference to property prices in some areas, as Bernadette Mason of Villas Valencia points out. "Within the city, places near the Americas Cup port will remain a good investment – such as Cabanal – or anything near the new Formula 1 route," she says.

Other areas that are well worth investing in, according to Mason, are Cullera and Gandia to the south. "These areas have always been popular with the Spanish because of their miles of beaches, and are not becoming quite well known to the British," she observes. "Further down there is the Costa Blanca leading to Benidorm and on to Alicante, which is still within the province of Valencia." However, Mason names Naquera to the north of the city as her first choice for property investment.

This small town is situated approximately 20 kilometres from Valencia, and was once a favourite escape for the city's wealthy residents. It lies at the foot of the Sierra Calderona mountain range, a protected area, and is surrounded by orange groves. "Once Naquera was an area for the privileged few, who fled the searing heat of the city in summer and came to fresher countryside," Mason reveals. "This is evident from the very beautiful old mansion houses with towers, and some even with their own chapels! "When the metro came to Valencia and connected the outlying villages to the city, Naquera refused it. They said they wanted to stay apart, as they didn't want any of the lower classes to have easy access to their village! Of course, things have now changed, as many more people have come to live here and it is now a thriving community."

The character of Naquera has changed significantly in the last few years, making it a more viable investment prospect. The little town now boasts many bars and restaurants, as well as a golf course. It is still a Spanish holiday destination, but the holidaymakers now share the space with Valencians who commute into the city to work. The transport links are also now very good. "There is still no metro, but there is a metro/ bus which connects to the metro in the next town, around ten minutes away," says Mason. "Naquera has beaches, airport and city all within 30-minute's drive – what more do you want!"

According to Mason, there are a number of factors which make Naquera a good investment project for overseas buyers. "The location has retained its status among the Spanish, and the village is expanding," she says. "As Naquera is a popular tourist spot with the Spanish, you are not dependent on the foreign market. There is good tourist rental potential, as well as a lower year-round rental market she concludes.

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Article published November 2007