Theme park to boost Spanish property prices

A new theme park opening in Spain is likely to give the nation’s hard-hit real estate market a much-needed boost, it has been suggested.

The park, which is expected to attract as many as three million tourists every year, will be built by Paramount Pictures and will be the first one that the US giant has constructed in Europe.

Chris Mercer, director of Murcia-based estate agents Mercers, believes that the development has the potential to have a big impact on the Spanish property market.

“During construction phase, which realistically has to be three years plus, there will not be any momentous shift in house prices, especially as Spain as a whole continues to undergo a tough correction process,” he said.

“I also think it’s fairly safe to say that prices will not fall further in this area and for those waiting on the sidelines, my advice is simply to not wait any longer. Prices will inevitably start to rise as this project gets off the ground.”

Indeed, Mr Mercer used the individuals who had purchased rental property in Florida near Disney World as an example of the opportunities open to investors.

America’s Disney resorts said that the park could boost equity and rental potential by at least 25 per cent, like at its other parks.

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