Paramount Park Invades Spain

Spain’s beleaguered property market is in for a big boost now that funding has been secured for a new theme park in Murcia, Spain. The Paramount Theme Park, …

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Spain’s beleaguered property market is in for a big boost now that funding has been secured for a new theme park in Murcia, Spain. The Paramount Theme Park, which expects to draw upwards of 3 million visitors a year once it opens in the latter half of 2015, may produce up to 2% of the region’s GDP once it is fully operational. One local real estate agent has already announced a 70% increase in sales over last year, much of which is based on anticipation of the jobs and economic activity the park will bring to Murcia. For more on this continue reading the following article from Property Wire.

Estate agents in Murcia, Spain, are preparing for a busy time ahead after it was confirmed that the opening of the much awaited Paramount Theme Park in the region is set for the second half of 2015.

Premursa, the promoter behind the park and lifestyle centre, announced that it has awarded construction contracts to the value of €72 million so that work can start on the first phase of construction.

The arrival of the park is expected to increase interest in property from overseas buyers and result in sales and prices rising in the run up to the opening in 2015 and beyond.

The park will have 35 to 40 high tech attractions and hopes to welcome upwards of three million visitors each year from around the world. Premursa has been granted the license to construct and operate the project for an extendable 30 year period and the economic impact of the theme park could make up 2% of the Region’s GDP in forthcoming years.
 
‘With our head office at Camposol Golf, less than 10 minutes drive from the Paramount site, we’ve been keenly following progress since news first broke back in 2010. Of course there have been hiccups along the way, Spain is after all only officially out of recession as of October this year, but with construction contracts now signed surely the doubters will be silenced,’ said Chris Mercer, director of local estate agent Mercers.

‘At Mercers property sales are already up 70% over last year and as Paramount takes shape we’ll get even busier and are already looking for additional staff,’ he added.

He believes that the theme park is going to transform the area from an economic perspective.’No one can predict how quickly prices will start to rise, or by how much, but I think we can confidently state that this part of Spain is going to experience rapid capital growth in property and rental values. Imagine being lucky enough to have purchased a home right next to Walt Disney World or Universal Studios before they started building? I believe that the potential is enormous,’ Mercer explained.

Currently properties available in the area include a classic style two bedroom villa with patio garden, enclosed conservatory, rooftop solarium and air conditioning for €55,000 and a three bedroom, three bathroom furnished villa with a swimming pool and outdoor barbecue for €159,950.

This article was republished with permission from Property Wire.

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