Valencia is the capital and most populous city of the Autonomous Community of Valencia and the third largest city in Spain, with a population of 810,064 in 2008. It is the 22nd-most populous municipality in the European Union and 35th-most populous urban area in the European Union with a population of 1,175,000. 1.7 million people live in the Valencia metropolitan area.It forms part of an industrial area on the Costa del Azahar. Its main festival, the Fallas (Falles in Valencian), has a reputation throughout Spain, while the world famous Spanish dish paella originated around Valencia.The city contains a dense monumental heritage (including the Lonja de la Seda (World Heritage Site since 1996), but its landmark is undoubtedly the City of Arts and Sciences an avant-garde and futuristic museum complex.

Formerly an industrial city, Valencia saw rapid development that started in the mid-1990s, expanding its cultural and touristic possibilities, which turned it into a vibrant city, restoring old landmarks like the old Towers of the medieval city (Serrano Towers and Quart Towers), monasteries like the San Miguel de los Reyes monastery, which now holds a specialized library, the whole Malvarrosa beach, with the construction of a 4 km (2 mi) long paseo or complete quarters, like the old Carmen Quarter, which has seen extensive renovation.Another appealing feature of the city is its numerous convention centres, like the Valencia Fair (Feria de Valencia), the Conference Palace (Palau de Congressos) and several 5 star hotels.

The first America's Cup competitions took place in June and July 2005 and were key attractions during the summer of 2005. According to official data from the organizing committee, as many as 150,000 visitors flocked to Valencia's port each day during the two-week events.