Cartagena set for port boom

A massive investment in the harbour facilities of Murcian town Cartagena 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. This is with the intention of establishing Cartagena as the major destination for incoming trade from the Far East.

Murcian regional president, Ramon Luis Valcarcel says that the investment is an opportunity for Cartagena, the Murcian region, and for Spain as a whole cannot afford to lose. According to Valcarcel, the regional government is going to give all the support possible to the investment project. Valcarcel also mentioned that Cartagena was now expanding at an “unthinkable” rate.

Work on the new 1.5 kilometer dock, and up to four kilometers of wharfs, could begin as early as 2008 according to local reports.

The huge initial injection of capital in the area, and the substantial labor requirements of the project, will almost certainly see long-term buy-to-let returns in the immediate vicinity. This will soar over the duration of the construction while the greatly increase scale of the facilities shall be seen to increase the demand for properties among manual and office workers. However, the impact on holiday homes in the area with such a mammoth scheme could be less rosy. Protests are expected during the eighth month feasibility study now underway.

Posted on: Spain

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Cartagena set for port boom

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