Tuesday, May 25, 2004

The Americas Cup - Property boom or bust for Valencia

Saw this on www.boot.de - Interesting. No doubt many will make money along the way. But at what cost?

05/05/2004

The fact that Valencia is to stage the Americas cup in 2007 has resulted in a boom of unprecedented proportions according to the latest findings by the Innovative Real Estate Advisors group. In their latest study, the group found that there are 31 hotels to be built in Valencia between now and when the City stages the Americas Cup in 2007, and this will increase the hotels in Valencia by 40% - mainly in the four-star category. The City has estimated that the Americas Cup will generate employment for 10,000 people and add some 1,500 million Euros to the Valencian economy, but many analysts have expressed fears that unless there is some sort of forward planning, the city could suffer a slump of unprecedented proportions by 2008. source: www.boot.de

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