A massive investment in the
harbour facilities of the
Murcian town of Cartagena was
announced this week, which
could see property prices
skyrocket in the area. Some €1
billion (£675 million) is to
be spent by the Spanish
national government converting
the town’s harbour into a huge
trading port, with the
intention of establishing
Cartagena as the major
destination for incoming trade
from the Far East.
“This is an opportunity
that Cartagena, the region and
the country as a whole cannot
afford to lose. The regional
government is going to give
all the support possible to
this project,” said Murcian
regional president Ramon Luis
Valcarcel, who said that
Cartagena was now expanding at
an “unthinkable” rate.
Work on a new 1.5-kilometre
dock, and up to four
kilometres of wharfs, could
begin as early as 2008
according to local reports.
The huge initial injection
of capital in the area, and
the substantial labour
requirements of the project,
will almost certainly see
long-term buy-to-let returns
in the immediate vicinity soar
over the duration of
construction, while the
greatly increased scale of the
facilities should see an
increase in demand for
properties among manual and
office workers. However, the
impact on holiday homes in the
area of such a mammoth scheme
could be less rosy, and
protests are expected during
the eight-month feasibility
study now underway.
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