Valencia Property Blog

We have talked before about the rental crisis in the market in Valencia and we have told you that you will have limited options on your purchase if you are clear about what you want because there will never be more than a handful of options available to you at any one time.

What if we told you though that those options are reducing even further? And because of this we will now give you the most convincing case ever for using a buyer’s agent?

We also present the latest Valencia Property podcast in which we have the third and final part of the Valencia Story of the financial crisis and beyond.

What’s the situation?

Two years ago there were over 11000 properties for sale in Valencia on Idealista, the major property portal in Spain. This week we are touching 4500. And of course there aren’t really 4500. We are finding more and more that when we contact the agent then the conversation goes like this…

“It’s sold”

Have you got anything else?

“No, but we have to leave it online as otherwise we are paying idealista a lot of money for no ads!!”

Weird right?

So after this happened in about 50% of cases last week with agents, developers and private sellers we decided that really there are around 50% of those 4500 properties for sale and of course then there’s the issue of repeat listings. Most properties are not exclusive to an agent and you see repeated various times on Idealista, sometimes at different prices…

What else do you need to know? Lots of agents are leaving Idealista as Idealista has just put up their prices. They are getting to be a monopoly and therefore they are allowing themselves to start putting up the price. For agents with just a few properties then they are getting off the platform. This of course means that there are even fewer properties advertised on Idealista but there are actually more properties for sale… you just won’t see them.

And here is where your buyer’s agent comes in.

We know those agents, we know what properties are available and we have a good relationship with the agents in the local area who are members of Asicval, the local estate agents association. They generally let us know when they have something available that may suit our clients because they have made previous sales with us.

We have written before about how to work with Valencia Property as your buyers agent and it is becoming more and more important to make your appointments well before coming over to Valencia and to let us know EXACTLY what it is that you are looking for. Fill in the form on this post.

However… don’t be surprised if what you are looking for doesn’t exist…

In the last week only we have had clients with 750k and 600k going home empty handed because what they want just isn’t available at the moment even if they up their price point. (And they could do that) We told them to be patient. Equally we have had a client who bought last year and modernised using our services who keeps telling us that every day they are sure they got the right place for them because they haven’t seen anything better come onto the market since they bought and we found a hidden gem for them (It’s true we did)

Another thing to bear in mind is that we are blunt to the point of rudeness. If you come to us with a budget of 150k and we tell you that you won’t get what you want in Valencia for that price, because you won’t, then telling us “Well, we have seen various places on Idealista that will suit us!” doesn’t mean we don’t know what we are talking about. It means one or more of the following

It’s VPO and you can’t buy it.
It’s a bank property in a “bad” building and you can’t buy it.
It’s not in a place you’d necessarily want to be
It has “special considerations” meaning it’s occupied or has structural issues such as aluminosis.

Now I’m not saying that 100% there is nothing for sale under 150k in Valencia that is decent now but it’s close. You need to have a budget of at least 200k in the city now and in many areas you’ll need 250-300k to even have a choice.

But…

There is good news.

I live outside the city and spend most days in Valencia. It’s easy to get into and out of and you can find property in my town, La Pobla de Vallbona, at very good prices. My son has just bought a place outside Valencia to the north at a great price and he is in the centre in 15-20 minutes too. Some of our clients have just got some brilliant properties in Ribarroja, La Pobla and other places close to the city. This is the case of most of the towns around Valencia, you can read more about some of these places here.

Equally, it might mean that you can actually get a house with garden, pool and more for the same price that you would pay in Valencia for an apartment. There are some great options here and all of them are under half an hour into the city and you will get a whole lot more for your money. Having said that we do have a similar issue with a lack of supply in those towns too.

Nevertheless you also need a buyers agent here too because you need to know the best towns, the best transport connections, the best facilities, the best areas of those towns, the healthcare, the leisure facilities, how easy it is to get around and more… Also local knowledge is key in these places. We have that of course.

Will the situation change?

Of course, at some stage there will be more people wanting to sell, there’ll be more availability and prices will change too, either up or down. However, as Covid taught us all, if not now then when? We don’t know when the market will turn, currently prices continue to rise, demand continues to rise and supply is drying up more and more. One of two things can happen then. One, the market stops. Highly unlikely. Two, prices of what is available continues to rise until supply and demand are equalled out. Highly likely.

Until there is a huge flow of sales ready to greet you and give you unlimited choices then the buyers agent job is paramount even if we tell you to wait for now. Even if you go home empty handed you would still be in our thoughts because we don’t like failing to find the right place for our clients. When that perfect place comes up for you we’ll let you know and a video call, the fact you have all your ducks in a row and you are ready to go makes all the difference. You’ll be able to jump on it. That’s where your buyer’s agent is even more important.

The Rise of Airbnb and More in the Latest Valencia Property Podcast

In this episode of the Valencia Property Podcast, team members from Valencia Property and myself delve into the real estate landscape amid a financial crisis the rise of Airbnb post 2014 and a recent building fire in Campanar.

Dave, Gavin, and Paul, all part of the Valencia Property team, answer questions about their ideal clients, the dos and don'ts for buyers, their favorite areas in and around Valencia, their most gratifying sales, and their top tips for purchasing property in Valencia. They also reflect on their personal enjoyment of the job, offering a comprehensive view of the property buying experience in Valencia.