Valencia Parking Space near F 1 Circuit

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Added: ( Jan 2008)

Grao Market Redevelopment to offer much needed Parking Space near F 1 Circuit

Parking space in Valencia is a much sought after commodity with spaces costing as much as €120,000 for a large parking space off the city's main shopping street Colon St. Sale of parking spaces near the city's marina where the"European Grand Prix" will whiiz round this August has pretty much dried up with owners of spaces holding onto them. Therefore the news that the Grao market is to be demolished and redeveloped to include 240 parking spaces is to be welcomed. The conditions attaching to the spaces have yet to be made public however in Valencia the norm is to offer a certain amount on long leases of between 50 and 99 years and the rest being rented monthly, daily or by the quarter hour.

Similar garage spaces in the city's historical centre the Carmen were offered last year on 50 year leases at €20,000 a garage space which represented a 60% reduction at the time re prices being achieved for freehold garage spaces. In the case of the Carmen the demand for garage spaces was double the available supply (only residents in the given area being allowed to apply) and the spaces were alloted by draw. Garage spaces around the end of Avenida del Puerto where the Grao marketplace is located are going for from €24,000 when spaces are for sale on the open market. Monthly rentals are in the region of €80 with daily rental costing just under €20. The market will be demolished and the garage spaces built underground on two floors with a new marketplace being built on the ground floor. The market will be divided into 3 parts consisting of a fresh fruit, meat and fish market as well as a section offering complementary products and a square with a public garden.

The total cost of the development is €8.5 million. The Valencian Town Hall is determined to roll out a steady stream of underground car parking developments in a concerted effort to ease the city's at times chronic parking problems. As anyone who has visited Valencia can attest, double parking here is all too common with the offending driver parking with the handbrake off so that the blocked in driver/s can just push the car out of the way. Valencians are loath to pay for short term parking therefore double parking is common practice in Valencia.

Property owners in the city especially non resident property owners would be well advised to purchase a garage space as near to their property as possible as with ever increasing car ownership in Spain the problem shows no sign of abating. In addition, an apartment with a garage space in the same building always sells at a premium to a similar property without a garage space. A garage space bought for a reasonable price always makes sense in car loving Valencia.

There is still some excellent Prime Valencia F 1 Property available in the city right on the circuit for this year's "European Grand Prix"

Article by Dermot Quinn, Valencia Property Hound Ltd