The 32nd Americas Cup

The 32nd Americas Cup

The 32nd Americas Cup, held in Valencia between 1st April and 7th July 2007, was such a success that when the Swiss Alinghi team retained the title they so historically won in 2003, it was naturally awarded to the bustling Spanish city again.

As the 2007 edition unfolded in the blue waters of the Western Mediterranean, its host Valencia was bathed in the international spotlight. Organisers, participants and visitors alike were so impressed with Valencia.

As the first continental European team to win the America’s Cup, 2003 Champions Alinghi should by rights have been defending their title in front of a home crowd, but as Switzerland is a landlocked country it cannot provide the conditions required for the event. As a result, a new venue had to be found within a reasonable radius, and naturally the sunny Mediterranean Sea beckoned. Over 160 cities had applied for the honour of being the first European port to host the America’s Cup, an indication of just how big a deal it is out here. In the end, Valencia was picked out of a final selection of four that also included Lisbon, Naples and Marseille. The Spanish won out over the Portuguese, Italians and French because of reliable summer breezes that produce excellent sailing conditions – as indeed they did in 2007.

Valencia

Situated along Spain’s east coast, the Mediterranean city of Valencia is the country’s third largest, with over three quarters of a million inhabitants. Settled since ancient times, this is a city with a rich history and a proud seafaring tradition. Trade, fishing and shipbuilding brought wealth, illustrated today in classical boulevards lined with elegant Baroque buildings and impressive churches.

But Valencia does more than look to its past alone; as one of the dynamos of Spain’s fast growing economy, it is a rapidly expanding city that embraces the future. Modern housing estates, office blocks and shopping malls reflect the new Valencia, but nowhere is it more evident than at the Ciudad de las Artes y de las Ciencias, a stunning Natural Science theme park designed by award-winning architect Santiago Calatrava.

With commerce, industry, technology and property development driving rapid growth, this was not exactly a city languishing in the dumps, but even so the hosting of the America’s Cup has given Valencia and the entire region surrounding it a visible boost. In the city, activity has increased further, as huge infrastructural investment projects are adding to a healthy growth in real estate prices. Along the Costa Dorada and Costa Blanca—the popular tourist regions that spread southwards down the coast from Valencia—pretty resort towns such as Gandia, Denia and Javea are at the heart of a burgeoning area that is always positively affected by the America’s Cup.

Property boon

It is more than just the millions of visitors during the America’s Cup that is spurring on this development. The world’s greatest sailing race puts Valencia and its surroundings on the global map, highlighting the attractive climate, coastline and fascinating culture to a far greater audience than ever before. ”Strong demand for property from people across Europe and beyond makes this an already bustling area, but naturally the America’s Cup has only added to it, ”says José Ribes, Director of Inmoboliaria Rimontgó, Christie’s affiliates in the area. ”We’re very happy that the demand for both new and resale properties comes primarily from end-users, but the region does, of course, also offer excellent prospects to investors.”

“One of the results has been an increase in quality,” says Ribes. ”Not just in the construction and detailing of the properties themselves, but also in the provision of first-class services. As a result, the number of luxury hotels, health and beauty spas, fine dining restaurants and designer brand outlets is increasing too.” In anticipation of the many affluent visitors who will be flying in, renting villas and staying aboard their own luxury yachts, Rimontgó will be providing a range of hospitality services specially tailored to exclusive clients.”After all, as specialists in the higher end of the market, we have experience in this field. Naturally it is a public relations and marketing exercise in the first instance, as we expect there to be great interest in up market real estate during this time, but we’re also happy to do our bit to extend local hospitality during this memorable occasion.”

Investing in the future

The America’s Cup fever that has the region in its grip is best demonstrated by the strong demand for mooring berths, which is having its effect on their prices. ”Part of the 2.5 billion euros [2.9 billion dollars] that flowed into the area in 2007 went towards expanding existing marinas and developing new ones.”
It’s an outlay inspired by the Americas Cup that has seen both public and private funds poured into new infrastructures such as the extension of the high-speed AVE train link to Madrid and Barcelona, the extension to the runways at Valencia’s international airport, a new state-of-the-art sports marina and America’s Cup village in the port of Valencia, as well as new hotels and resort developments.

”It has all helped to make this a centre of investment and one of the fastest-growing regions in Spain, even Europe,” says Ribes. ”Besides the sporting highlight itself and the boost to local tourism from millions of additional visitors, the event is a huge marketing exercise for Valencia exactly at a time when new investment will show this already dynamic region to its fullest glory. To us, therefore, the added value lies not just in riding this great wave, but in the continued boost that new development, newly improved infrastructures and access to new markets will bring.” Exciting times indeed.

For more information visit www.rimontgo.com or contact Rimontgó – rimontgo@rimontgo.es

New post on at Tuesday, 2 October, 2007, 7:16 am and is archived in Fashion, Lifestyle, News about Spain, People. Subscribe to answers with RSS 2.0 feed. You can post a comment, or make a trackback from your web.