Formula 1 to put Valencia on the International Property Map
Added: (Mon July 23 2007)
The Formula 1 cavalcade will roll into Valencia in the autumn of 2008 to much fanfare and applause from both Valencians and the multitude of nationalities that will make their way here to take in what promises to be a truly breathtaking urban circuit.Speeds of 323.3 km/h will be achieved on the circuit according to the computer simulations that have been used on the projected circuit. The circuit has been designed by the world renowned German F 1 architect Herman Tilke with technical assistance coming from the staff at the local Ricardo Tormo race track where F 1 testing takes place annually as well as the World Motorbike Championships.
To keep spectator interest at a maximium the F1 cars will whizz past every 97 seconds with an average speed of 201.3 km/h.The circuit will weave its way round the Juan Carlos 1 Marina and over the assembled yachts via a drawbridge and continue up to the city's spectacular "City of the Sciences" covering 5.47 kms with a total of 25 curves ; 11 left handers and 14 right handers.Minimum speeds are projected to be no lower than 95.2 km/h thereby keeping the estimated 100,000 spectators who will take their places in the stands on the edge of their seats.The pits will be situated just behind some of the America's Cup team buildings in old covered warehouses with a length of 657 metres.
Valmor Sport, the company set up to run the Valencian Grand Prix which will be named the "European Grand Prix" will pay €26 million annually to Formula 1 Management for the rights to stage F 1 in the city. It is estimated that the event will be worth €70 million to the local economy with over 500 million tv viewers tuning in putting the event on a par with a soccer World Cup.Senior politicians at both the Town Hall and local government insist that F 1 will not cost the taxpayer a cent.Whatever initial costs that have to be met will be recovered form the developers who will be building a new neighbourhood in the Grao area of the city that is right next to the circuit as well as the companies that are profiting from the Juan Carlos 1st Marina into which over €500 million has been invested in preparation for this year's hugely successful America's Cup yachting race.All going well the America's Cup will return to Valencia in June 2009 with the F1 that year being run the following month.At present F 1 will be coming to Valencia for 7 years with the possibility of an extension.
The annual international media coverage of the "European Grand Prix" will put Valencia on the International Map. The city has already benefitted hugely form the global exposure it received as a result of its staging of the America's Cup.As well as having over 320 days of sunshine a year , a micro climate similar to that of the Canary Islands and being on the coast ; the city is Europe's Fastest Growing City touristwise and is one of Europe's Top 15 tourist destinations.
This is all great news for people who have bought property in Valencia especially in the Prime Areas of the City.Astute property investors have woken up to the sizeable discrepancy in values between Valencia and Barcelona.Prices in Barcelona are almost double those of Valencia.Prices in the city's sought after areas are still growing strongly with increases of 7.6% and 7.4% respectively in the Mestalla and Marina areas of the city in the first 6 months of the year according to Spain's No. 1 property portal Idealista.com.
Commercial Property is also booming in the city with rent increases of an astounding 25.3% last year and office space projected to increase by over 50% in the next 4 years according to international property consultant C.B. Richard Ellis. Such demand according to C.B. Richard Ellis is as a result of a growing demand for office space from multinational companies which is in itself indicative of Valencia's ever growing international presence. These companies are looking for office spaces from between 500 and 1,500 sqms that are specially kitted out and have all the necessary services.
All serious property buyers should make Valencia Property Hound their first stop regarding property search in the city.Valencia Property Hound is the city's Premier Property Search and Property Investment Company sourcing Prime Property in the city's Prime Areas. The company is the only property company offering an "All In Buying Package" which includes property search, conveyancing, tax advice and the management of year 1's tax payments as well as the translation of both contracts of sale at very competitive rates. Why not have a look at our "Press Release Section" to get a feel for what is happening in the Valencian Property Market at the moment .Knowledge is everything when sourcing quality property especially local knowledge, making the argument for using Valencia Property Hound all the more compelling.
Article by Dermot Quinn, Valencia Property Hound Ltd
