VALENCIA – THE RIGHT INVESTMENT

With a beautiful old town, beaches, modern architecture and now the latest addition to the grand prix circuit, this stylish city has much to offer buyers.
It is on the Mediterrranean, the place that invented paella, has a wonderful medieval centre that is a World Heritage Site and the cathedral has a little ancient stone cup that some believe to be the Holy Grail.

Valencia has acquired a taste for the international spotlight. With the America's Cup came a new £350million super yacht marina in place of a functional fishing port. Now Spain's third-largest city is turning its attention to the next glitzy event: the arrival of Formula One next year on a new harbourside circuit to rival Monaco.

It has the same prized combination of a beautiful old town and beaches. It also has some fantastic modern architecture: Santiago Calatrava's City of Arts and Sciences rises spectacularly from the dry river bed that dissects the city, much of it an exotically landscaped park that gives the impression of abundant greenery.

One of the reasons that the city remains relatively unexplored by second home buyers may be the "land grab" scandal, which came to light in areas such as the Costa Brava. Here, unscrupulous builders, working alongside malleable councillors, developed land without permission. But so far cases of developers serving compulsory purchase orders on home owners have only applied to rural areas.

The tourist office is doing a good job now of promoting the city. Low-cost flights are drawing people looking for a lively weekend bolt-hole, two hours from the UK and 10 minutes from Valencia airport."
New metro and tram routes and a high-speed rail link to Madrid, opening in 2009, are also making Valencia's suburbs an appealing prospect for commuters.

Tim Marshall, 23, a builder from Bristol, has renovated and sold a five-bedroom house in Villamarchante, 30 minutes by tram to the city centre, for £275,000. He has now bought a six-bedroom house in nearby Pedralba for £165,000 through Valencia Property.

"The city and surrounding villages have developed a lot in the four years I've been here," he says.
"You can live just outside the city, in a large house with a garden, stables, and terraces overlooking orange groves and mountains for the price of a two-bedroom apartment in the centre."

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