If you believe everything you read on Facebook and other social media I’d say you had recently had a lobotomy or at least you would be on your way to one, but there does seem to be an expectation on social media totally divorced from reality. Newbies to the Valencia Property world seem to think that they will get 20, 30 and even 40% off the asking prices of Valencia Property just because they make an offer. Allow me to disabuse them of that notion with a simple question, “Is that happening where you are from?” Because if it isn’t why on Earth would it be happening here?
To quote terminology from the stocks and shares and crypto world, we are in a major bull market at the moment in Valencia Property and to understand why we need to look at who is buying property in Valencia at the moment, where they are buying it and where the visits are coming from, and this is before the borders open again.
Who Is Buying Valencia Property?
There are many types of buyers of Valencia Property so today we are going to look at the typical profiles of the buyers we have seen going through at the moment. Of course many people we see fall into more than just a single one of the following categories but let’s take a look at general traits
In our last post we talked about renting against buying. People who have been locked inside for a year have discovered that their plans for their home couldn’t be carried out because they don’t own it. Renters have had plenty of time to think up elaborate plans for what they wanted to do to an apartment only to fall into the realisation that the landlord won’t let them do anything. As a result they want a place they can put their own mark on even if that mark isn’t what 99% of other people might choose. They want their own nest, their own place where they can make it as comfortable as they want and it’s theirs to do what they want.
People haven’t been able to travel for a year and more. Many digital nomads are now just digital workers and many workers who previously had to go into an office environment every day now find themselves freed up to work from wherever they call home. Many Digital Nomads have decided to settle down in the place they now call home and with Valencia having been an ideal place for Digital Nomads before the pandemic we are seeing lots of people who can run their businesses from anywhere deciding that their own personal anywhere is Valencia.
The Young Couples
Young couples, both Spanish and international have seen an opportunity thanks to a combination of not having had a place to see each other for a year, parental help desperate to get them out from under their roof after a year of being locked away together, and low interest rates along with banks being amenable to giving mortgages to find their own place.
We continue to get them, Trump refugees even though the Orange One has gone, Brexit refugees despite Brexit putting up considerable barriers to their coming here, Catalans leaving Barcelona because of prices, secession and overtourism and others escaping political oppression, major upheavals and currency grabs by their governments. We are quite lucky in Spain that the country is considered to be relatively stable, has an excellent quality of life and is also relatively affordable compared with other stable countries around the World. This is a very attractive mix for people wanting to ensure the future for their kids. When you consider that Valencia is considered the best place to live on the planet for Expats, at least according to Internations, then you can see why it is so popular.
The Work Life Balancers
We see so many people sick of the endless treadmill of getting up early, travelling to work, working, travelling back from work, getting home too tired to cook and getting a forgettable take away delivered by an underpaid surly delivery worker. They were sick of this before the pandemic and they cannot face the return to this now they have seen how life can be on the other side when you save 3-4 hours a day travelling, save money by not having to buy that extremely overpriced season ticket for the overcrowded railway network and save your sanity by not having to suck up to an overbearing underqualified boss with no people skills who makes you anxious every day.
Work life balance is now much more of a thing as people have seen that it can exist it’s not just a buzzword. Spain is perceived to give you life and that life is slower. Work is done to get a life rather than as a reason for existence and once you are out of work then you are actually outside, and post pandemic that might be literally, at a warm pavement cafe and in any number of beautiful and inexpensive restaurants.
So many people walk into a house and decide to change everything. They might like the location but “things have moved on” and they don’t like last year’s kitchen, last year’s bathroom and those “Hygge” touches taken from the craze of the day two years ago. There seem to be a lot of Reformers around at the moment and without any sort of evidence I am going to put it down to boredom! People just want an outlet for some creativity, any creativity, even if it means just buying a few hundred scatter cushions after knocking down every non supporting wall in the house to “give the impression of space”.
The reformers these days are not even doing it just for profit, they just want to change something, to make it different, to make it for them!
Everyone has felt locked in for over a year because,… well they have been locked in for over a year. Any space they had became ever smaller over the year as family members impinged on it, work and studying moved into it and we became deluged with Amazon packaging and more and more “stuff“. The attraction of 100m2 and a terrace compared with 60m interior flats cannot be overstated. Space sells.
The “We Have Done All The Maths and it Just Makes Sense” Brigade
As we explained in the last article about renting versus buying, just do the maths! (Yes maths, with an ‘s’) At the lower end of the budgets renting makes no sense whatsoever if you have the possibility to buy. So many people ask us why the rental market is so overheated pricewise and the truth is we just don’t get it either. You will not find a decent rental for under 550 Euros in Valencia and for that price your mortgage could be up to 120k over 20 years, see the maths in our last article. And remember that amount will not go up as the rate is fixed. We have no doubt that rental costs will.
The Bitcoiners and Crypto Geeks
Those who have been into crypto for many years are often sitting on a huge stack of sats and waiting to convert them into somewhere to live and enjoy life in front of a screen 24 hours a day while they HODL the hell out of their Bitcoin.
We have seen a huge uptick in clients referencing their “investments” in cryptocurrency and yes of course, we now accept Bitcoin as payment and if you pay us on depositing your money for the arras contract (For which you unfortunately will have to use some dirty FIAT Euros) we even give you a 10% discount on your commission fee. Bitcoin and Valencia Property moving into the 21st century.
The numbers of Americans getting in touch, wanting to relocate to Valencia and even ready to buy via video call or virtual visit has grown exponentially over the last few years. Whether its because of the fear of gun violence, the Orange One and the hate he has released into the American society, the simple comparison of lifestyle and cost of living or any other reason Americans now form a large and growing part of the enquiries we receive on a daily basis.
What Valencia Property Are People Buying?
The simple answer is virtually everything but there are caveats to that answer.
Central city living and suburbia are the two clear winners here. Single houses sitting in a field an hour away from Valencia are not attracting interest. Connection, communications, privacy, space and convenience are the watchwords. Average prices that our clients are looking to spend has increased markedly this year, up 20%-30% year on year as people search for that extra room, that extra space, that larger garden and that larger plot or terrace. Home comforts are the most in demand things, the more of the former list a house or apartment has the more readily it sells. Price isn’t the main key factor any more, it’s important but people are willing to stretch for the right place in the right location.
But I Thought Nobody Could Travel To View…
Yep, you’re right.
However, this week we have written our first invitation to view for an American client travelling from Miami with a double vaccination mainlined into their arm but we have been mostly concentrating on people living here and upgrading from rentals, many of which we did for Brexit refugees prior to the end of 2020 so they got their residency in time before having to satisfy the new requirements. Now they are coming to the end of their tenancies and looking to buy. We are starting to sell a lot of properties to Spanish clients who have been referred from our network of agents we work with, remember we are buyers agents but also have our own listings to offer into the Spanish market. Citizens of some countries have been allowed to travel in and out of Spain almost with impunity still and we have sold quite a few properties so far this year remotely without ever physically visiting the property.
Once the floodgates open to travel from Northern Europe and the States we are going to be swamped, absolutely swamped. We have a list of people promising to come over as soon as they are allowed to travel as long as the arms of Mr Tickle and we are preparing their visits already, make sure you book your visits in good time.
Golden Visa Property of the Week
Not a single property this time but a portfolio play for those looking for investments as well as somewhere to live. Remember as long as the investment totals over 500k it doesn’t matter whether it’s on one property, two properties or more and today we are looking at three places at similar prices in Valencia. The three properties here would give you a total of 528k at asking prices so I reckon we could get them together for a smidgen over 500k, no point getting the price down more really. Two to rent out and one to live in. Which one would you choose to live in?
This charming apartment is within a couple of hundred metres of the botanical gardens and the extensive riverbed parklands. That theme of nature and light has been brought into the apartment too, with exposed beams, brickwork and green shades throughout.
It’s on the fourth floor, and there is no lift, so by the time you ascend to the loft bedroom you’ll really feel you’re out of the hustle and bustle of the lively streets in this part of town.
As you can see from the photos it has been recently done up, it is an exterior corner property and so has 3 balconies and light throughout the day. There are 2 bedrooms, but of course one of these would function perfectly as a home office space.
It’s a lovely fresh airy place in a area with plenty of natural spaces, and still only a 10 minute stroll to the city centre. Great to live in, or as an investment an easy place to rent out.
I’ve been saying for a while now that Valencia will need to do something to get back on its feet after all this Covid nonsense, and if the Town Hall had any sense it could do worse than utilise its numerous ground floor properties for investors, tourist apartments and provide homes for people who require easy access. Other ideas are available on request, I have lots. 😉
A lot of these places are currently destined for commercial use but once the tide turns there could be a tsunami of interest and applications for residential licences, so how about it Ximo Puig?
Anyway, this is a perfect example of what you can do with a ground floor property if you have some imagination and an eye for detail, the paperwork is currently underway to convert this former “Bajo” into residential and then the tourist licence can also be applied for and obtained, things take time but its in the pipeline, so what do we have here exactly?
Totally renovated in 2017, this 100m2 of 2 bedrooms, 2 Bathrooms, Living Room and Open Plan Kitchen leads to a lovely courtyard and has been skilfully adapted to incorporate as much light as possible, set on a quiet street in a renovated building in En Corts its is a 500 Metre walk to central Ruzafa and its wonderful Market for local produce.
Neat 2-bedroom city centre apartment. It’s really hard to find affordable apartments like this in this part of the city centre. Its 100 metres from the riverbed park, and very close to the main shopping streets.
The windows open on to a quiet plaza and side streets, and its a corner property so lots of cool air and light coming through.
It’s nicely finished, traditional wooden shutters, wrought-iron balconies and exposed brickwork give a lovely classic feel, but of course kitchen and bathroom have been completely modernised.
Fancy a nice, bright corner of ancient Valencia city to call your own?
We are getting a lot of “boca a boca” at the moment, word of mouth recommendations from our current and past clients as well as plenty of people sharing our posts with their friends and family looking to buy property in Valencia. If you feel this article might resonate with someone you know or someone in your social media bubbles then please feel free to share it. We appreciate the help in getting the messages out there. And tag us in your social media posts so we can answer any questions that may come up. We like being helpful. And for those of you who have just read this if you are new to the page, welcome. Just click on the images below for more of our writing about Valencia.