Murcia’s new Paramount theme park project is well on the way to becoming reality

Posted on June 27th, 2012 in Real Estate in Spain by author

Finally, the deal securing the construction of the Paramount Studio theme park in the Spanish region of Murcia has been signed off by promoters Proyectos Emblemáticos Murcianos (PREMURSA). They will pay two thirds of the purchase cost for the land needed to construct the theme park. An estimated €10.3 million will change hands for the land deal.

Having the signatures on the paperwork marks an important stepping stone in the creation of Paramount’s very first theme park and lifestyle centre based in Europe. Everyone involved in the housing market is hoping for a positive outcome and a transformation of Murcia thanks to the theme park, not least of all local estate agents, who are still reeling from the latest property sales figures recorded in January 2012.

Data published by the Spanish National Statistics Office show that the sales volume dropped by 26.3% in January in a year-on-year comparison. Many experts and homeowners are anxious at such news, fearing the crisis affecting the residential real estate sector is worsening. Sales transactions have fallen for 11 consecutive months now with just 33,087 properties changing hands in January (a drop of 26.3% per annum).

There’s always a silver lining though – compared to the number of sales transactions recorded in December 2011 the results for January actually represent a 42.3% boost in sales. A total of 347,305 Spanish properties were sold in 2011, representing a 29.3% drop compared to the previous year. Despite recovering briefly in 2010, sales volumes have continued to fall since the peak of the housing market in 2007.

The MIPIM international property show held in Cannes had property experts musing over a better outlook for this year, since the price cuts for Spanish homes has now been so significant, it is likely investors are going to come back with renewed interest in the Spanish property market.

SOURCE: www.property-abroad.com

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