Real Estate Market Spain

Boost for property investment in Spain: 2015 Opening Date for Murcia’s Paramount Pictures Theme Park

Date: June 16, 2011

In an official function, the masterplan for the first Paramount Pictures-branded Theme Park in Europe was unveiled. Attended by the Executive Vice President for Licensing at Paramount Pictures Michael Bartok, President of the Region of Murcia Ramón Luis Valcárcel and President for Murcia’s Flagship Projects Jesus Samper, the ceremony revealed 2015 as the expected opening date for the hugely significant project.

Destined for a 158-hectare site on the Mazarron / Alhama de Murcia border some 15 minutes from the beach and marina resort of Puerto de Mazarron, this major investment will be zoned into different thematic areas inspired by the likes of Star Trek, Titanic and Mission Impossible, plus a much larger ‘Lifestyle Centre’ with no less than two five-star hotels, three of four-star status and several more three-star resorts. Also announced were themed shopping malls, restaurants, bars and clubs, a conference centre with the largest meeting room capacity in Murcia – over 3,000 seats – and an open-air auditorium to host 10,000 people. It’s a privilege for the region to be the recipient of a landmark Theme Park in the local area that will rival Disneyland Paris and attract millions of visitors each year. It’s also highly encouraging to follow the progress that has been made on the masterplan in terms of design, investment and timescales. Samper estimated on Friday that the project would directly create 10,000 construction jobs and upon opening, many more. Undoubtedly Paramount will have a positive effect locally - not least on the property market and house values. We have been through some hard times but Paramount’s confidence and faith proves that the lure and attraction of Spain will prevail. During the construction phase, which it is said it is four years, there will be any momentous shift in house prices – especially as Spain as a whole continues to undergo a tough correction process. However, it’s fairly safe to say that prices will not fall further in this area and, for those waiting to invest on the sidelines, my advice is simply not to wait any longer. Prices will inevitably start to rise as this project gets off the ground and, rather like those fortunate enough to purchase holiday rental property close to Florida’s Disney World, the Camposol Golf development will directly benefit from having a leisure attraction of this stature quite literally on the doorstep – though comfortingly not on-site. Indeed, Executive Vice President Michael Bartok reiterated that Spain was ‘key’ to his company and highlighted Murcia’s 300 sunny days each year as a major bonus. Meanwhile President of the Region of Murcia Ramón Luis Valcárcel stated that he felt that in times of crisis what you cannot do is ‘stand still’ and: “While the road is tough, the outcome is sure.” It is reported that Flagship Projects and Paramount Pictures have signed the license agreement for 30 years - renewable for an unspecified period.

This article comes from RealEstate&Co

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