<< Back to Main Valencia Press ReleasesValencia 's City of the Sciences Revalues the Surrounding Area by €460 Million
Added: (Oct 2008)
According to a recent report by the Valencian Institute of Economic Investigation, Valencia 's modernist architectural gem, “The City of the Sciences” has revalued the surrounding areas to the tune of €460 million since its inauguration in 1998. In 2007, the complex received 4.3 million tourists and earned an income of €40.5 million. Over two thirds of visitors were locals as in Spaniards in 2007 with the remainder being foreigners. Among the foreigners, the Italians headed the list followed by the British and the French.
The City of the Sciences has gained quite a cachet among marketing companies particularly those marketing high end autos as a venue for product launches. The complex earned over €2.5 million in 2007 from such activities the most famous of which was undoubtedly the launch of the Mclaren F1 car for the 2007 / 2008 season which drew over 200,000 Valencians onto the streets of the city.
While the construction of the City of the Sciences went way over budget to the tune of over 300%, reaching a final tally of €1.3 billion as opposed to the original estimate of €311 million : the Valencian Institute of Economic Investigation estimates that the complex has been worth €1.203 billion to the local economy. Together with the America 's Cup and the F1 Street Circuit, Valencia presently has a global presence that was unimaginable heretofore.
The complex has also been responsible for the creation of 41,419 jobs and brings an annual tourist revenue of €204 million to the city.
For native Valencians, the most concrete benefit that the “City of the Sciences” has brought, has been to those with properties around the complex which have grown exponentially since the construction of Santiago Calatrava's modernist masterpiece first began in the mid 90's with phase one completed in 1998. Avenida de Franica which adjoins the complex has become one of the city's most sought after addresses with serviced, luxury apartments being the norm in the area.
This is all great news for Valencian property owners especially those near the City of the Sciences, further emphasising the necessity of using knowledgeable property search companies when it comes to property search abroad. Therefore whether it is Valencia Property, Valencia F1 Property or Valencia Property Rental ; Valencia's Premier Property Search and Property Investment Company, “Valencia Property Hound” should be your first port of call.
Article by Dermot Quinn, Valencia Property Hound Ltd
