Formula 1 in Valencia

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Spectacular Formula 1 Urban Circuit comes to Valencia in 2008 until 2014

Added: (Thu May 10 2007)

Valencia will play host to Formula 1 in the autumn of 2008 according to a deal signed today in Valencia by Formula 1 Management C.E.O. Mr. Bernie Ecclestone, the President of the Valencian government Mr. Francisco Camps and the city's Mayoress Ms. Rita Barbera.

The deal will see Formula 1 come to the city for at least 7 years starting in the autumn of 2008. The urban circuit will go from the city's marina which presently is playing host to the America's Cup to the city's architectural gem : the City of the Sciences designed by the world's most famous living architect Valencia's own Santiago Calatrava. The circuit will be between 4.1 and 4.3 kms resembling Monaco. The wish of the Valencian government is for the circuit to surpass Monaco in visual impact as well as atmosphere.Stands with a capacity for 120,000 spectators will be built along the circuit.

Click on the image below for more detail

http://servicios.lasprovincias.es/comun/flahs/formula1.htm

http://www.cac.es/

http://www.americascup.com/en/

The urban circuit will be designed by the prestigious German architect Herman Tilke who has already visited Valencia on several occasions so as to get a feel for the possiibility of mounting an urban circuit there.

The race will be run by a local company spearheaded by local bank Bancaja. Formula 1 Management will receive €26 million for the rights to stage the event in the city.No money whatsoever will come from public monies.

Technical assistance will be provided by the staff of the local Ricardo Tormo circuit just outside the city where Formula 1 testing takes place annually. On race days over 2,000 people are employed at the circuit. The circuit stages the World Motorbike Championships every September.

To facilitate the staging of the event around the city's marina a mobile bridge will have to be built over the harbour adding to the spectacle. Over €400 million have already been spent on the marina preparing it for the America's Cup whereby it is now the biggest marina in the Mediterranean surpassing Monaco.

Valencia expects over 2 million tourists this year and is now one of Europe's top 15 tourist destinations (number 3 in Spain) and Europe's fastest growing tourist destination. With the America's Cup taking place at the moment and the possibility of it returning should Alinghi win as well as Formula 1 coming for at least 7 years and Champions League Football with the possibility of the final in Valencia's new football stadium in 2010 the city is gaining an ever increasing international prestige. Here you have a link with pictures and a video of what the stadium will look like:

http://217.116.5.146/lanzador/lanzaHTM.asp?Pagina=INFORMACION-COMPLETA-FUTURO-ESTADIO.htm&IdBanner=156

This is all great news for non resident city property owners and for those thinking of buying property in the city the services of an experienced, professional property search and property investment company such as Valencia Property Hound is all the more advisable.

 

Article by Dermot Quinn, Valencia Property Hound Ltd