Every year we produce a report on what people are buying in Valencia Property. Our clients are people just like you who are looking for their own ideal property in Valencia. These reports help you to see trends in the market but are not definitive by any means. They do allow us to give an overview of what is happening though and may help you to see the direction of travel in Valencia Property.
We have a new leader this year. God Bless America! 32% of our sales and enquiries came from the USA beating out the Brexit suffering UK into second place with 25%. Third came the Netherlands with 18% with other countries making up 25% in total. What were those countries? Well, Italy, Canada, Poland, Belgium, Australia, Argentina and of course Spain. Equally the average investment that Americans made into the Spanish market was 20% above the average prices you can see below.
85% of our sales and enquiries were for properties inside the city and just 15% outside. The most popular areas of the city were the Cabanyal with 30% of sales made there, the Old Town with 14% and Ruzafa with 14%. Outside the city, the most popular areas were L’Eliana with 33%, Denia with the same and Villamarchante with 15%.
Type of Property
As you would expect with the majority of properties being sold in the city the number of apartments wins out over houses. 75% of all sales in and out of the city were for apartments. 25% were for houses. It’s interesting to note that the most common requirement on our questionnaire (which you can find in this post) was for a house in the city with the Cabanyal being the most popular area for this type of property but in the end most people go for an apartment.
The average price paid for property this year was 272,000 Euros. However there was a huge difference between the prices paid for apartments and houses. The average apartment price was 251,000 Euros and the average house price 340,000 Euros.
However, bear in mind that this is skewed by the highest and lowest prices paid. The highest price for an apartment was just over 1 million Euros so if we take that out of the average we are looking at an average apartment price that drops by 20-30k. We still make plenty of sales under 200k both in terms of apartments and houses so don’t give up if these prices seem to be for a higher amount than what you are looking to pay. The cheapest property we sold this year was 28k but that was a real outlier as the closest to it was 62k.
Ready to go?
Interestingly there is more or less a 50/50 split on properties ready to move into and properties requiring modernisation of some type. However a huge majority of those properties requiring modernisation were actually full reforms as opposed to a kitchen or bathroom here or there. This is reflected in the current difficulties in getting hold of good building companies and architects as they are all snowed under with work. Equally prices of modernisations have risen by around 30% this year due to supply chain issues and builders being able to pick and choose their projects.
Around 80% of all sales were for personal use of our clients and the other 20% for investment and renting out. Of the 80% around 30% would consider renting out for short periods to friends and family or for medium term rentals when not using the property to digital nomads and people looking to buy eventually after living in Valencia for a time. The restrictions on tourist rentals have had the required effect by reducing the numbers of people looking to buy just for rental purposes. Now that it is more difficult to get licences fewer people are looking for that route.
Looking back at the blog I realised that I forgot to write this blog last year so our last comparative was 2019 in the beforetimes (I do however have the basic details for 2020). When we look back we see that British demand had bounced back to form 27% of sales tied with the Dutch and Belgians. Americans were just beginning to discover Valencia at the time.
There hasn’t been that much of a change in location as even in 2019, pre-pandemic, city apartments formed 67% of sales and houses 33%. That race for space that we have talked about on these pages has been much more concentrated in the local as opposed to the international market with Spanish people having experienced the 2020 lockdown moving into larger properties outside the city at a greater rate than international residents.
Prices paid however have risen considerably. In the last two years average villa prices have gone up by around 25%, apartments in the city have gone up by 40% and apartments outside the city by 14% compared with sales made in 2019. This does not mean that market prices have risen by that much as we are dealing with numbers derived from our clients and we have made a move to more upmarket properties in many cases on the site.
Nevertheless, the official figures do tend to point in the same direction. As an example we have pointed out before on these pages the prices of one bedroomed apartments in Valencia city rose by 41% in 2020 alone. We hardly get any enquiries for one bedroom apartments as international buyers always assume they will have visitors wanting to stay with them. Nevertheless, looking on the property portals and official reports it seems that there are similar increases reported since 2019 with city centre apartments having risen even more in price and villas in the most popular areas surrounding the city also rising higher than others.
As we have sold 100% more properties than in 2020 and 33% more than 2019 which were both considered very decent years we can safely say that Valencia is not only maintaining its attractiveness for international buyers but increasing its attraction exponentially. Just talking about enquiries we are up over 200% compared with 2020 which was obviously a different type of year due to the onset of Covid and travel restrctions. However we are also up 140% on 2019. These numbers show that the demand for property in Valencia remains strong and getting stronger so if you too are looking for a property in Valencia you are not alone. We look forward to welcoming you and working for you exclusively as your buying agent in Valencia. Remember to let us know well in advance before coming over and to have calls with us before as we are extremely busy with demand from all over the world. Book your call with us here.
Valencia Property Deal of the Week
No Golden Visa property of the week again as we have not listed anything new. However, we do have this rather excellent deal of the week. Priced at 167k this four bedroom apartment in La Zaidia is on the eighth floor, and yes there is a lift of course. This gives you plenty of light and decent views across the rooftops of the city including pretty impressive sunsets over the tower blocks on Benicalap on the main avenue, soon to include the tallest building in Valencia, the Ikon tower. Click on the link or the image to see more photos of this property. It’s a very decent deal in a good area.
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