Marina D’Or expansion plans get go-ahead from Valencia’s government

Posted on March 1st, 2012 in Real Estate in Spain by author

Valencia’s regional government gave planning consent to the Marina D’Or expansion project on the Costa Azahar. Situated north of Valencia city centre, the new expansion will stretch across 18 million sqm of Spanish soil, where in addition some 30,000 new homes are to be built, creating the most expansive residential planning project in Europe.

The project includes three golf courses, a number of hotels, the aforementioned new homes, an indoor ski slope and a theme park for holiday makers and residents to enjoy.

Rumour has it that, in order to attract the greatest number of tourists now, the construction project will begin with creating the theme park and golf courses first.

According to press reports in Spain, there has been some fierce opposition from political rivals of the current administration. Apparently Marina Albiol referred to the project as a “financial failure so far”.

A Place in the Sun commented that the decision to give go ahead for the construction of tens of thousands of new properties at a time when Spanish property market is already suffering from oversupply was rather astonishing. “The country should focus on building fewer homes, rather than more,” was their verdict.

At present nearly 20% of Spain’s homes – new and resale – stand empty, which is a very high percentage compared to unsold housing stock in other European countries. And yet, local governments are making plans to have even more new homes introduced into the property market.

SOURCE: www.aplaceinthesun.com

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