News: Cartegna set for port boom

Thu, 24 May 07

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.

Long term BTL will soar

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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