Spain might well be one of the worst looking prospects in the world right now, but big players and wise investors the world over see this as an opportunity to buy real estate in one of the world’s largest and most powerful economies at knock down prices.
One of the biggest opportunities lies in the country’s booming tourism industry, which is the fourth biggest in the world, with almost 57 million people visiting the country last year according to the UN World Tourism Organisation. Big hitters are not missing the opportunity to buy land in Spain cheap and build a next generation of resorts in the country.
Perhaps the most talked about of these new resorts is the Paramount theme park Murcia currently under construction in Murcia. Murcia already attracts over 2 million visitors every year and it is expected that the new resort will expand that hugely, with many predicting that visitors to the area could be doubled by the new resort, especially because of the new international airport due to open in the area this year.
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The developer behind the resort has recently purchased the final land parcel needed for 133 hectare monster, a 29.58 square km plot purchased for 1.23 million Euros, in total the firm has invested 11.5 million Euros to buy all the land for the resort. The same land in 2008 would have cost in excess of 50 million Euros but as with many investors, Premursa is capitalising on the current climate to build what will be one of the largest tourist attractions in the world at below market value prices.
President and CEO of Premursa, Jesus Samper, expressed his satisfaction at having completed the acquisition of land and illustrating that "they are meeting the deadlines for the project”, which is due to start construction proper in October this year, and have its first phase completed by the first half of 2015. The resort will be divided into four thematic areas with two themed hotels. The Paramount Lifestyle Centre will have seven hotels and many attractions of its own including a Street Mall, restaurants, bars, discos, casino, convention centre, an auditorium and an office area.
Of course, big hitters can still make bad investments, but one would wonder how this one can go wrong. Tourists love Spain and tourist love big theme parks like this one, the combination of the two is almost certain to be explosive. The themed hotels will do a roaring trade, but not all tourists like or indeed can afford to stay in such places. A large proportion of tourists these days prefer self-catering, and indeed, prefer private rented accommodation, which, on top of those who can’t afford the themed hotels means a massive upturn in demand for holiday let properties in Murcia.
Too, big hitters aren’t the only ones who can buy property at below market value prices. Well, below market value is a poor turn of phrase; we could argue all day about what market value is, but the fact of the matter is that 50% discount from peak prices in a market where prices are widely agreed to have fallen by 40% tops, is still a good deal. And that is exactly the discounts that are currently available on bank owned property in Murcia.