The arrival of Formula One racing to Mallorca could significantly boost the Spanish island’s real estate market which has not suffered as much as the rest of the country, it is claimed.
If the project to create a world class racing track comes off it will be seriously good news for the island that has already been protected from the worst of the Spanish recession, according to Ignacio Osle, sales and marketing director of Taylor Wimpey de España, who has over fifty years of property development experience in Mallorca.
‘Mallorca seems be receiving a touch of the Monaco affect, attracting the rich and famous to our shores. The local area is already noted for being fashionable, desirable and fantastic for boat owners and beach lovers alike. If we are lucky enough to start hosting annual Formula One races then it will only serve to strengthen property prices as the demand to visit increases,’ he said.
‘Mallorca’s property market has not been affected by the world recession like some regions in mainland Spain. We have had to review prices but due to the lack of stock available compared to the demand for homes on the Island the market has remained really quite buoyant. Spain as a whole is a very fragmented market and good locations and quality property will always sell well whatever the market conditions. International events just add to their appeal,’ he explained.
Llucmajor is the site being targeted for the F1 track. It has close to the major city of Palma making travel to and from easy. The organisers are hopeful that this bid will become a reality this year and there will be a grand prix in Mallorca in September 2012. Llucmajor Mayor Joan Jaume, who is supporting the bid, said that the project would help not only the local community, but give the whole island a tremendous economic boost.
The five kilometre circuit is being designed by Spain’s Gabriel Palmer with the help of Spanish driver Fernando Alonso’s Ferrari team for advice. ‘The Balearic Islands are the only region in Spain where there is no such facility. We had agreed to review the existing development plan in this community, and there we found a suitable property, which is only a short drive from Palma’s international airport, numerous hotels of all categories, and the capital itself,’ said Palmer.
The current FI Valencia Street Circuit has been criticised with drivers complaining about the lack of opportunity for changing position once the race has started. With one race failing to feature a single on-track change of position it has been dubbed by drivers and spectators alike as boring.
The chances of Mallorca taking over will depend on the Valencia Street Circuit’s plans to modify the course in an attempt to make the event more exciting. ‘We are sitting tight and waiting to see what happens. If Mallorca is fortunate to win this bid then we will thrilled and our clients will all benefit,’ said Osle.