Property in Valencia could be given a boost when the city hosts the European Grand Prix, it has been claimed.

Spain’s third city has been confirmed as the location for the event between 2008 and 2014, provoking renewed interest in Valencia and fuelling expectations of its property gaining value.

Set to rival Montecarlo’s famous street race, the Valencia circuit will trace its route around the city’s America Cup port, becoming a fixture with the racing world as part of a seven-year deal with Formula One mogul Bernie Ecclestone.

The potential effects on Valencian housing have been highlighted by Assetz Property News Service, as it looked forward to driver Lewis Hamilton’s move to Switzerland.

"Not since Valencia gained the boost of having the European Grand Prix awarded to it from 2008 to 2014 has a property market had such a boost from Formula One," said the site.

Valencia’s America’s Cup port is already an asset to the city’s sporting credentials, featuring the famous sailing event which ranks high on the international watersports calendar.