People keep asking us what is going on in the Valencia Property Market so I thought it was time to make a video to answer some of the questions we get asked. It’s a ten minute video so grab yourself a cup of coffee and take a look. Or if you fancy a quick browse take a look below and read a shorter version.
Covid 19 and Quarantine
Covid19 has occupied the thoughts of everyone for around 6 months now and it continues burrowing into every aspect of our psyche. However, in the video I limit myself to talking about how Covid is affecting the local Valencian property market, and it has its effects although they haven’t overwhelmed the market yet, in fact the local market has been pushed forward if anything up to now.
The big issue for many of our potential clients at the moment is getting here, or rather getting back. As I mention in the video the various quarantines that people are having to endure on returning from Spain are hitting people hard as they cannot afford a couple of weeks off here to search for a property and then another couple of weeks off as they are forced to quarantine back in their home country afterwards.
Brexit and Brits
We continue with Brits and Brexit and what we are seeing at the moment. Truth is we are almost snowed under with Brits desperate to get out of the basketcase country that much of the UK has become. And as I said in this post, it’s almost the last chance for many.
The difficulty that many Brits are having all over Spain at the moment is getting appointments for the NIE, the new TIE or the NIF number they need to buy property and also appointments to establish residency before the end of the year seem few and far apart. Our recommended lawyers here in Valencia have appointments available and are getting NIE and NIF numbers quickly for our clients so we are happy. If you go onto Expat Facebook forums newbies are not!
Apartments in the City
We then dive into different parts of the market and what is happening in them. Regarding apartments in the city of Valencia the market is buoyant especially for apartments with terraces and extra rooms to establish an office, study areas for kids or for the extended family to come and stay.
Lockdown changed the way many people look at their homes and now that so many people are actually working from home it has the potential to change the way we look at our cities. Unlike other countries, Spain’s cities are lively at all times of day and night as people live in the city centre rather than it being given over to offices and businesses serving offices. However there will be changes to the way things work and the look of Spanish cities post Covid just like anywhere else. Take a look at our selection of city apartments by clicking on the image below.
Property in Prime Satellite Towns
The most popular satellite or commuter towns around Valencia were given a boost by Covid as people realised that you got a lot more space for your money outside the city and these communities were served by fast internet, speedy transport connections into the city if required and all the basics required for comfortable living.
La Eliana, Betera, Naquera, Puzol, La Pobla de Vallbona and La Cañada were all in demand by locals wanting to up sticks and live in a house with a garden and terraces for the same price as their small apartment in the city. Take a look at our villa selection from our homepage.
Going even further out into the rural areas of outstanding beauty such as Naquera, Villamarchante, Torres Torres, Algar and more has also been on the radar of many people. Anecdotally, young people who had previously moved into the city to be near work have started to move back to their villages and towns where they were brought up to be near their families and friends while continuing to work from home. They have found that apartments in these towns are really well priced and fast internet and good communications allow them to use the city when they want to.
Equally important is the fact that even in a house in the sticks these days it is often possible to get a fast enough internet connection through your mobile or a point to point rural internet service. Mobile contracts can be got with virtually all companies now that are unlimited data at fast speeds so computers can be tethered to phones or hotspots. Living in an area of outstanding natural beauty while working and enjoying your life has become a possibility.
Take a look around our selection of properties in Villamarchante for example here.
Mortgage rates continue to be excellent for those that qualify for them. 20 year term fixed rate mortgages for under 2% interest rates are available for anything from 50-80% of the price of the property.
There are certain restrictions on foreign applicants and certain types of property but generally if you are able to prove affordability for yourself then the mortgage option is working for many people at the moment. Talk to our Mortgage Advisors about your particular case if you feel you would like to get a mortgage.
In the video I talk about what is happening with prices but of course I admit I am not a guru and I don’t have a crystal ball. Prices are currently holding steady and in some cases increasing but there are individual cases where people need to sell where you can find excellent deals.
Valencia City prices are solid and to get a place you have to bid very close to or at the asking price and be able to place a deposit relatively quickly. Check out why in the video.
Outside the city it really depends on where you go. Where there is most demand you can generally find asking prices are pretty solid. Where there is less demand, the smaller villages, places further away from the city, where there are lots of similarly constructed houses you can get bigger discounts usually.
The Outlook continues to be rather hazy. Without a vaccine or control of Covid things carry on crazily. As long as the government in Spain continues to support people on furlough to protect their jobs and the employers continue to make use of this support and people continue to need to work from home then things may not get really really bad as they did after the financial crash of 2008. However forewarned is forearmed. Valencia continues to be a great place to live, enjoy life and bring up a family. It continues to have a great relationship between cost of living and a great lifestyle and the climate continues to be more than acceptable. Valencia has so much to give you it is almost rude not to take advantage of that.
If Covid has taught us one thing only it is that life is precious and you only have one life so live it well. When you no longer need to cram yourself into a long commute with thousands of others to work from a small cubicle in an expensive city and you only get to live in a small space when you actually manage to get home after an overlong day at the office you hate, then you can start asking yourself the question, where do I actually want to live?
Valencia is very often a great answer to that question. Contact us and join us here.
And for more information about Valencia just click on the images below.