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Real estate sector welcomes Spanish bid for 2018 football world cup

Prestigious sporting events like the football World Cup are traditionally regarded as generating more interest from property investors in the host country.

It means potential benefits for property owners with real estate near the stadiums where the games are to be held as demand for rental property surges.

Initial bids for the 2018 event will be put to FIFA this month and others who have declared their interest include England, Australia, Mexico, Russia and China.

Spain, which hosted the 1982 cup, is regarded as a strong bidder along with England, although Australia is also seen as in with a chance.

'The fact that Spain is bidding is good news. It shows that there is more to Spain than just a struggling property market,' said James Cowan, a property finance analyst in Madrid.

'This is fantastic, a piece of good news to focus on. If Spain is successful this will be a massive boost for the property market,' said Anne Silverman of property analysts Silverman and Smith.

Although prices are expected to continue falling in 2009 those in the real estate industry are keen to emphasize the positive aspects.

Several recent surveys have shown that Spain is still a favourite holiday destination and British people are still emigrating there.

The World Cup would also boost the construction sector which is also struggling under the financial downturn. It would boost development and also see new stadiums being built.

'Spain will receive even more foreign visitors if the country proves to be successful in its bid to stage the 2018 World Cup. It is good news all round that it is bidding,' said a spokeswoman for the Spanish tourist office in London.