Paramount Studios and the affect on the Spanish Property Market
Posted by jamesdearsley on October 22, 2010
In the last few months there has only been good news about the Spanish Property Market. Primelocation last week reported that year on year searches for Spain had risen by 147% making it the number one choice for property markets. To continue with the good news, The National Institute for Statistics in Spain recently reported a 26% increase year on year for property sales which further supports the theory.
However, on the 15th October some very exciting news was confirmed for the region of Murcia, the area of Alhama de Murcia to be precise. News of Paramount Studios building a large theme park has been in the press for some time now but these have only been rumours. Last week a preliminary contract was signed to secure the deal and only “minor negotiations” are needed now to cement the deal.
So what specific news is there relating to the site so far? As far as I can work out it is as follows:
• The build will take 3-5 years
• There will be employment of over 20,000 people in the area, obviously a major positive for the region
• They needed land of 1.5km to build all the hotels, theme parks and other attractions.
• The area selected, some may know it because of the Polaris World development, has 3.5million m2 of land available (with pre-existing water desalination plants and electrical power stations already built – a major attraction apparently)
• They are aiming for 3 million tourists to visit the site each year
Obviously this is all positive news for the area for a plethora of reasons but no doubt this will be incredibly positive for the property market. Anyone buying in this region will be doing well from both a capital perspective and rental perspective.
Looks like the good news is returning to Spain far quicker than anyone could imagine.