That has been a pretty spectacular year in Valencia Property. Both inside and outside the city there has been in increase in sales and the increase in prices that is pronounced in Valencia, 24% increase year on year in the city, is now starting to move to the more popular suburban areas.
Sales in Valencia in 2018
Our sales of property in and around Valencia city have risen by around 50% this year. This is largely driven by varying factors.
- The “Escape from Brexit” buyers from the UK
- The huge increase in Dutch and Belgian clients this year.
- Friends of our previous clients having been recommended to buy in Valencia.
- Local sales as the mortgage market freed up somewhat within Spain.
- Returning investing clients buying rent to buy properties.
- Better and more airline routes into Valencia from other countries
Our clients for Valencia have been from many parts of the World, in fact this is the most international spread of clients we have ever seen. Dutch clients now top the list of buyers with just over 30% of all sales being to people from Holland. When we add Belgian clients into that area we get around 38% in total. 15% of clients were from the UK and 15% of clients were from the USA too (This is the first year where we have had as many US clients as UK clients, thank you Mr Trump).
We also had clients from Denmark, Mexico, Iran, Sudan, Spain (of course), Canada, India, Ireland, Hungary, the Ukraine, France and South Africa who bought in Valencia this year. As you can see from the nationalities represented Valencia is becoming much more international in the people who are attracted to live here.
Compared with 2017 we can see a marked decline in percentage of buyers from the UK, 40% in 2017. There is a combination of factors in this too:
- Brexit worries for older people
- The lowered value of the pound against the Euro
- The slowdown of the market and subsequent difficulty in selling property in the UK for those wanting to move here
- The increase in other nationalities looking to move here meaning the British are represented in a hugely lower percentage but not that many fewer sales.
- UK investors have less disposable cash due to economic issues in the UK
- Valencia Property is working with agents in other countries to source clients and our advertising is targetted in other countries.
The City, the Suburbs or The Countryside
Last year in 2017, 76% of all sales made by Valencia Property were in the city itself. 8% were in the suburbs and 16% in the countryside surrounding Valencia. 2018 has marked a change with 62% of all sales being made in the city, 30% in the countryside and towns around the city and 8% in the suburbs of Valencia.
When we take into consideration the client requests we are getting along with the purchases and the types of clients who have bought this allows us to make a few tentative conclusions:
- As prices rise in the city, people are seeing better value in and around the towns that are within half an hour of Valencia City. Naquera and La Eliana are especially popular along with Olocau.
- We are seeing more sales made to families and enquiries being made by families as they identify the areas around the city that give them the best quality of life without the hustle and bustle of the city.
- Some people are now priced out of what they want to buy in the most popular areas of the city (eg, Ruzafa, Cabanyal, Patacona, El Carmen) and are looking to buy either in the suburbs or in towns surrounding the city that are well communicated.
- Some of the suburbs of Valencia or areas that can be considered as suburbs such as Burjassot, Mislata and Benimamet allow excellent value for money within a short reach of the city itself.
Prices of Valencia Property in 2018
Our average sale price between 2017 and 2018 has only risen by 2.5% Again there are various reasons for this:
- Valencia Property’s investment clients have bought more lower price apartments for renovation and buy to let purposes.
- We have sold a higher percentage of properties outside the city where prices are lower than within the city
- The average price in the city has risen for our clients by 5.6% again reflecting purchases of more buy to let and investment properties.
- We are still managing to find excellent value properties that suit our clients needs both within and outside Valencia city.
- The average sale price of villas we have sold this year has risen by 34%. (This does not mean villa prices have risen by 34%) This is from a lowish sample amount of properties in 2017 but the doubling of the numbers in 2018 and and increase in the price of the properties that people are looking for in property enquiries suggests that more people are finding villas in Valencia to be extremely good value compared with what they are selling in their own countries and also what they are seeing in other areas of Spain, France, Italy etc…
What Was The Best Property We Have Sold So Far in 2018?
Beauty is in the eye of the beholder of course so what we are going to look at here is what has been the best value property inside the city, outside the city and for investors.
In my opinion the best value property we sold in Valencia in 2018 was a first floor apartment in La Zaidia for 130k. Just a three minute walk to the riverbed and under ten minutes walk into the centre it was superbly presented and fantastically priced. Congratulations Guy and Elena on that purchase!
The best value villa we sold I think was the one for 315k in Ribarroja/L’Eliana that Tarik bought for his family. This was an awesome suburban house with terraces, pool, huge living room and a hell of a lot more for the price. Well situated and with plenty of potential for future wow factor, this house ticked all of the boxes and just beats the La Eliana villa that Christine and Bruno bought for 417k which is just lovely too.
In the suburbs there was a quite wonderful penthouse apartment in Burjassot for 209000 Euros which was just so much property for the money. Inma and the family are loving it. The views from the huge outside terraces towards both the sea and the mountains and over the Burjassot rooftops are just amazing.
And the best investment property? Well, I think that the apartment that Alastair and Zofia bought in Naquera at the quite ridiculous price of 28,000 Euros will prove to be the best investment long term. It’s already worth a lot more and to tell the truth it was worth more when they bought it.
2019 in Valencia Property?
Going into 2019 we expect to see an uptick in the numbers of clients as usual in the first half of the year. If Brexit gets stopped, which it may do by a second referendum, then we will definitely see an influx of UK clients competing with other Europeans and the Spanish for the best value properties. If it is finally confirmed that Brexit happens, then we also expect to see an influx of people wanting to get out before the disaster plays itself out. We expect a lot higher value purchases by UK buyers to get their Golden Visa in the same way buyers from other third countries get theirs.
We also expect to see further increases in the numbers of clients coming into Valencia from other northern European countries due to the links we have with agents and supporters in other countries and our advertising strategy for the year.
I think there will be even greater demand for villas and suburban homes along with an increase in demand for apartments in smaller towns as the prices in these areas looks very tempting. However there will always be demand at a local and international level for the best located properties in the city.
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And if you liked this, this year we have also written these articles this year. Just click on the images and get in touch.