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The Paramount Park Will Improve the Economy in Murcia but Will Become a “Bubble”

The Paramount theme park will be the only one of its class in Europe and nobody wanted to miss an event in which the first-rate, over ambitious work was revealed and that, according to its developers, is called to relocate to the Murcia region and, more concretely, to Alhama de Murcia, on the map of global tourism.
“We will leave aside the seasonal nature that that sector of the community suffers from.  The project will permit us to be a tourist destination all year long,” explained the president of the community, Ramón Luis Valcárcel.
But the adventure of seeing the whole complex built just started.  The start signal has already gone off and the meetings with potential investors will be prolonged during the upcoming months.  The objective?  Gaining more than 500 million euros.  “It is expected that the financing of this project, that requires an investment of 1,093 million euros,  will be carried out with half of its own resources and half with resources from others,” explained Jesús Samper, president and CEO of  Murican Flagship Projects, the company created especially for developing this surprising initiative.
This being so, the viability and market studies could not be better.  More than 2.5 million visitors during the first year and around 3 million in the following years makes the project developers think that the investment in the project could be earned back in only 10 years.  The predictions anticipate that the whole complex could be ready by 2015.  “We know that the economic moment is not the best, but I´m confident that the investors are capable of seeing, like myself, the possibilities that a park like this offers.”

 About housing prices

With respect to the housing prices, the price of the home in the Murcia region diminished by 10.8 % in the second trimester, a fall less than that registered for the national average, which fell 11.5% in the face of the 9.2% from the previous trimester, according to the latest report of local housing markets from Tinsa.
The price of the home in the Murcia region has fallen 1.3% in the last year, the second largest fall in Spain by any autonomous community, beaten out only by Cantabria (-1.4%), according to the housing portal
Therefore, the price of the home used in the Murcia region was situated around 1,238 euros per square metre in July, the least amount of any of the communities.
It is expected that the New Paramount Park will boost the local property market in terms of rental income and prices in the area.  We can say that this could be a micro-market since visitors not only will generate a potential rental demand but also will boost the local economy.

 Mind the bubble!

Everybody is talking now about the Park and how great is going to be for the property market. Maybe the Park has gotten everyone´s hopes up, and all this is generating a “micro-bubble,” but what we can guarantee is that the good properties in the area will perform and generate profit for investors in Murcia.  Also, home buyers can enjoy a second residence and rent it out when not staying there.
Example of Property in Murcia for sale in good location

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