30,000 unit development gets surprise green light

The Regional Government of Valencia has given the go-ahead for the enlargement of a huge development which is likely to become the largest holiday home resort in Western Europe.

In addition to 30,000 homes, the Marina D’Or development on the Costa Azahar will cover 18 million square metres, have three golf courses, indoor ski slopes, numerous hotels and a theme park.

According to Spanish Property Insight, the developer plans to build the three golf courses first, leaving the homes for when the property market recovers.

The announcement comes as the Spanish holiday home market begins to recover from its biggest ever crisis caused, at least in part, by over-construction and slack planning laws. Between 500,000 and a million unsold holiday homes are currently on market depending on which sources you believe.

Jesus Ger, head of Marina D’Or has encouraged the government to get behind the project like it did with his former development, Terra Mítica in Alicante.

Terra Mítica was a huge commercial failure and ended up wasting a significant amount of tax payers’ money.

More details on Spanish Property Insight.

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