El Cabanyal Monopolises Foreign Investors’ Purchases in Valencia

28 March 2019 – Valencia Plaza

According to a report published by the German real estate firm Engel & Völkers, the neighbourhood of El Cabanyal was where the most operations were closed by foreign investors in Valencia last year.

The price per square metre in the neighbourhood soared as a result and now amounts to around €3,000/m2-€3,100/m2. In many cases, the purchased properties have been renovated for rental by tourists, given that the  VUT limitations imposed on other areas of the city do not apply in El Cabanyal.

Original story: Valencia Plaza (by Estefanía Pastor)

Translation/Summary: Carmel Drake

Valencia’s Town Hall Unveils Special Plan for El Cabanyal with 850 New Homes & 1,000 Parking Spaces

11 July 2018 – Inmodiario

The draft of the Special Plan for El Cabanyal-Canyamelar (PEC) involves 850 homes in total: 650 for social housing and private use and 200 more for public use. That is according to the Councillor for Sustainable Urban Development at the Town Hall of Valencia, Vicent Sarrià, who has held a meeting with residents of the neighbourhood to inform them about the progress of the PEC working document.

60% of the 650 homes will be allocated to social housing and the remaining 40% will be for private use. Moreover, the plan will include another 200 public homes to be allocated to the elderly (over 65 years) and young people (under 35 years), amongst other cohorts, on a rental basis.

In terms of the parking lots, the PEC is planning to build high-rise car parks for neighbours right across the area. The forecast being considered at the moment, according to the councillor, involve approximately 1,000 parking spaces in total.

Another question dealt with at the meeting was the distribution of the new buildings with respect to Doctor Lluch Park. Vicent Sarrià indicated that the building “will be located on adjacent plots, and so the entire surface area of the current gardens will be respected”.

The councillor highlighted that the document envisages “the remodelling of the entire garden area and that the walls will be replaced by slopes, which will improve accessibility”. In this way, he added, the plans reflect the requests made by people who actually live in the area.

Finally, Sarrià made reference to the forecasts for the end of Avenida de Blasco Ibáñez which, he revealed, involve turning the roundabout that is home to Cabanyal station “into a more accessible green area, connected by public transport”.

The document is still being drafted and the team responsible is expected to submit it in September so that the Town Hall can proceed with its publication.

In terms of the forecast investments, within the framework of Plan Cabanyal, the intention is to spend €13 million on the renovation of homes; another €18 million on the re-urbanisation of the streets, sewers and other installations; and €30 million on the development plan, co-financed by funds from the EU. In total, the project will see more than €60 million of public and private funds spent on the reinvigoration of this maritime neighbourhood of Valencia.

Original story: Inmodiario 

Translation: Carmel Drake