Patacona, should you buy or sell?

Although it was never cheap, the area of Playa Patacona, (part of Alboraya municipality) showed one of the biggest price gains in all of Valencia. With all the new construction planned for the next couple of years, it might even accelerate this growth.

With an average asking price of 3.609 euros for square meter, a beach part of Alboraya municipality, Playa Patacona, has become the second most expensive part of Valencia, superseded only by a small and exclusive area of Pla de Remei. It has an allure of an upmarket area, relatively modern buildings and a handful of restaurants and bars. This is the only area of the town where you can have a beach life, although its relationship to Valencia is very doubtful – only one bus line connects Patacona with the city. It is a quiet, residential area with an added bonus of living by the sea. But, that is all going to change.

Two new development projects that are about to start, promise to change the look of the area. But nobody knows if this will be for better or for worse.

After being abandoned for ten years, the large glass building on Avenida Blasco Ibanes will be finally finished. This building, one of the emblems of the real estate bubble in town, was purchased by company Syllabus by Urbania, and will be converted to a student residence.  With 22.000 square meters of space, spread over 7 floors, this glass giant will house about 440 beds. It will have reception, leisure spaces, chill out terrace, bar, restaurants, gym and co-working classrooms. The company specializes in student accommodation and hopes it will be a good option for students due to its proximity to the nearby universities. 

The second huge development is due to start at the site of the abandoned Vinival Winery, on a huge stand that separates Avenida Blasko Ibanes and the Highway. At the moment this is definitely the ugliest sight in Patacona, littered with rubbish, with strange silos that look rather like bunkers from the forties than a part of a today’s Valencia. Founded in the sixties, with vineyards in Chiva, Vinival was one of the first Spanish wineries to start exporting wines throughout the world. Its facility in Patacona covered about 67.000 square meters and could hold more than 3 million liters of wine. 

Today, the owner of this stand is a huge development company Metrovacesa, owned by two big banks, Santander and BBVA. With 40.000 flats currently constructed around Spain, and 7 current projects in Valencia itself, it is a serious player who confidently survived the property bubble. Apparently, a development of about 800-1500 flats is planned for this area, and judging by the current property prices, it will be very expensive and extremely profitable project.

This huge influx of new people to Playa Patacona will definitely bring changes. Many are hoping for better transport connections and shops because there are almost none in the area. This will change the current tranquility of the barrio and maybe make some think of selling. But, either way, change will come.

 

 

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