Spain's third-largest city, Valencia, is hosting the Americas Cup in 2007, and the yachting race is expected to draw thousands of spectators and mega-yachts from all over the world. Consequently, the region is reaping the benefits of investment into infrastructure with new port facilities, as well as a high-speed AVE train connecting Valencia and Madrid in less than two hours. Furthermore, understanding the need for a stylish environment to woo visitors, officials have taken the radical step of putting current railway lines underground at the central station and recovering 700,000 square metres of land for the city, with 400,000 dedicated to a new city park.

Unlike seemingly every landmark sports stadium in the UK, the architectural centrepiece of this stylish environment was completed bang on schedule. Just last week the sleek Edificio Veles e Vents designed by British architect David Chipperfield to be the America's Cup pavilion was finished, a mere 11 months since plans were finalised.

With both Prince Felipe and King Juan Carlos avid yachtsmen, there can be little doubt that Valencia will be a model city for the sailing event, which has not been hosted in Europe for 152 years. Early predictions assert that the event will generate a global economic impact of some 1.5 billion euros, and lead to the creation of over 10,000 jobs.
The impact on Valencia's economy and property sector is also evident down on the water. Macanthony Realty international has released data showing that a 27-foot mooring berth in Gandia, a popular resort 70 kilometres south of the city, fetched 30,000 euros in 2003 but is now worth around 90,000 euros.

Property in Valencia has also followed suit, with Tasamadrid, the official property appraisal company for Caja Madrid, confirming that the median price of resale homes in Valencia has risen by 12 per cent in the first six months of 2006. According to government statistics, the average price per square metre of any property in Valencia has risen by 14 per cent , and currently stands at 1,500 euros.

Those looking for a trendy ático (penthouse) in Valencia centre, or a rambling villa on the outskirts can still expect to pay less for their property than in comparable cities like Madrid and Barcelona, meaning investors are lining up to buy a piece of the city before it really gets expensive.

Click here to read the World of Property interactive i-mag FREE now

Search for property in the Valencia area

Request a FREE copy of World of Property magazine

Read other articles about Spain:
Murcia's property market turns up the heat
Spain attracting young homebuyers
Check out Almeria in undiscovered Spain

Article published on 28 July 2006