Hollywood's Paramount Theme Park boost for Spanish property
By Kevin Barnett, 18 Oct 2010
Having a home next to a Hollywood theme park boosts equity and rental potential by at least 25% as house-owners living around America’s Disney resorts have discovered.
A movie-themed resort alongside three Jack Nicklaus golf courses, located in Spain’s sunniest Costa, is likely to provide a similar or bigger investment boost for property owners...
Shrewd early buyers at Condado de Alhama, the flagship golf resort of Spanish developers, Polaris World, are just beginning to enjoy a unique lifestyle and three magnificent golf courses designed by Jack Nicklaus, two of which are ranked as Bear’s Best. Banks, shops, supermarkets and restaurants, coupled with schools and health centres, define the residential complex, spread across 9 million square metres of Spain’s Costa Calida.
Many buyers have already moved in despite equity losses caused by the current recession and uncertainties as the developer, Polaris World struggled with recessional downturn debt. The developer has recently refinanced EUR 100M of debt by selling some of their extensive land and other property assets to its most important creditor banks.
Now there is further good news for property buyers. Paramount Pictures Corporation have agreed to site their proposed movie-themed leisure park alongside Condado de Alhama and say they plan invest between 45 million and 60 million Euros in the first phase, covering 3.5 million square metres. Later phases will have hotels, services and commercial areas.
The theme park, sited in the sunniest part of Spain, is expected to attract millions of extra tourists and provide 20,000 new jobs. With Shrek, Pinocchio, Donkey and other Hollywood characters as neighbours there is likely to be a massive demand for holiday accommodation as families from across Europe flock to the area for theme park fun, golf and beaches.
In Condado de Alhama Resort, sports fans and tourists will also have access to gyms, tennis, paddle tennis and basketball courts, and football pitches - surrounded by the three Jack Nicklaus Signature golf courses, and the world’s latest theme park.
“That's a winning combination for any property investor. We expect local property prices to recover quicker and more strongly on the back of this added rental potential. Gains of 25% are likely during the construction years and perhaps even more as the theme park opens and expands”, said Ben Walker, property manager at specialist brokers, PropertyInSpain.Net.
The Paramount deal is also good news for Brit buyers and for many other northern Europeans tempted by the current wave of bargain properties on Polaris World’s completed golf resorts close to the Mar Menor and Murcia International Airport, due to open in 2012.
PropertyInSpain.Net are currently offering the best ever Polaris World bargains at Condado de Alhama and similar nearby golf resorts - front line golf 2 bedroom apartments for EUR 95,000 with 100% mortgages and 10-year construction guarantees. There is a choice of new key ready homes or Spanish bank repossessions.
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