Why is Valencia such a great place to buy property at the moment?
New flights add to Valencia's appeal
Ryanair will open its 22nd European base in Valencia. From November Ryanair will invest $140M in 2 new Boeing 737-800s based in Valencia and 11 new routes that will deliver a total of 1.5m passengers p.a.
Ryanair already operates 10 routes from Valencia to Brussels, Dublin, Dusseldorf, East Midlands, Frankfurt, London, Milan, Pisa, Rome and Stockholm, so this base will launch with a total of 21 Ryanair routes.
Announcing Ryanair’s 22nd base in Valencia, CEO Michael O’Leary said:
“Ryanair is delighted to make Valencia its 22nd base. Since 2004 Ryanair’s low fares have delivered a huge boost to tourism and business in the Valencia region where Iberia’s high fares and fuel surcharges have failed.
- We look forward to investing $140M in 21 routes from Valencia which will deliver a visitor spend of €200m and sustain 1,500 local jobs. As the recent Americas Cup has shown, Valencia has huge tourism potential and Ryanair’s new routes will guarantee the lowest fares and the most on-time flights for visitors to this region.
11 New Routes
THE RACE FOR VALENCIA HAS JUST BEGUN
The continuing development of Valencia as a property hotspot has been in the news of late, not least because of its growth as a sporting centre of excellence. Just as Barcelona saw its image improved and its waterfront transformed by the 1992 Olympics, so Valencia has been enjoying the benefits of hosting the Americas Cup this year. It also saw huge investment in the redevelopment of its marina and waterfront, an added bonus to the attraction of the city. The successes of the local football team has also played its part in recent years, with Valencia CF winning the Spanish league title, triumphing in the UEFA Cup and reaching two Champions League finals to prove there is life beyond the giants of Barcelona and Real Madrid. The new Mestalla football stadium is being built and the foundations are being built as we speak on the edge of the city.
The America’s Cup aside, the most exciting news has been the recent announcement that the city became the home for the Formula One European Grand Prix (from 2008-14) and in 2009 will be the home, with a brand new building, of the Spanish Tennis Open 500. This will not only ensure further sports tourism, including the wealth that comes with such a high-profile event, but will also create possible prime buy-to-let opportunities for those with the resources to obtain houses with a direct view over the Monaco-style street circuit that the city will create.
Investors looking for a piece of this action will be glad to know that the ease of low-cost access is growing. Easyjet,Ryanair, Clickair, thomsonfly and Jet2 fly here from UK.
Areas where people are most actively seeking property are in the centre and to the west of the city, although one major feature of development in Valencia is that, in addition to the new build that is commonplace throughout Spain, many older buildings are being renovated in the heart of the city, making restoration the latest trend. Many of the old palaces and mansion apartment blocks in the Ruzafa and Barrio del Carmen districts are being brought back to life, many of them as flats, but quite a few as family houses for the more affluent buyer.
Overall, there can be little doubt Valencia is booming. Prices have risen by one hundred per cent in the past six years and are still increasing, something Barcelona and Madrid cannot match. Much of this is undoubtedly due to the America's Cup, with the advent of the Grand Prix next year providing a further boost.
And it's not just Sport, the city was already making a name for itself, thanks to the incredible Millenium Project that is the City of Arts and Sciences, with the beautiful new Opera House, Palau de les Arts, about to embark on its second season of international Opera and concerts.
Valencia is now firmly on the map as a city attracting the wealthier set looking to live or enjoy a holiday home here; something which investors in property will no doubt be interested to learn. The city is also beginning to attract middle-class professionals and younger people who want a city which is both safe and has a vibrant nightlife.
Investors who miss the boat will be left to stare wistfully after those already lined-up on the grid. Pole position hasn’t yet been decided. What are you waiting for?
Click on the map above to see a larger version of the central zones of Valencia