We consistently get asked questions by clients and many of those questions we get over and over again. So once more it’s time to answer some of your questions and also some of the questions we see regularly on social media especially in Facebook groups where they get answered by “Experts*” and yes we have a footnote for that.
Summer has arrived in Valencia with the accompanying heat both of the weather and the property market. The hot weather, well, the truth is we expect it in Spain but maybe not when it’s this hot. Equally, the market we often describe as hot in the summer but maybe not this hot. Even though banks are starting to raise interest rates bit by bit to try and make more money from the current situation in the market, they have just announced record quarterly profits too, buyers are still buying and many are still quite happy to apply for a mortgage even though interest rates are 1% higher than a month or so ago. So in this post we are going to look at the heat of the market and the weather and how to keep cool in both of them.
This week there wasn’t supposed to be a blog post. The writer of these posts, that’ll be me, Graham, was supposed to be away lapping up the cool, cloudy weather of Asturias in Northern Spain, eating too much, pouring cider from a great height and generally swithching off. However, despite what many people think Covid is still around and it’s back big time in Spain this week. It probably got brought back to my house last week from my wife’s school and Covid in its infinite wisdom decided to hit the whole family at once, meaning that we didn’t have to self isolate in a room at home at least.
I got riled by Facebook this week. I know, I know, I should just avoid it like an increasing number of people are doing but I couldn’t let it lie this time.
Apparently, according to people in Facebook groups at least, you cannot go to see properties in Valencia at the weekend because, and I quote, “all agents are a bunch of workshy cowboys who don’t do anything to justify the commission payments they receive on making sales”. And as you know people in Facebook groups are reasonable people with considered opinions who are not know-alls at all and know everything about everything despite never having worked in any of the industries they opine on so it must be true right?
This isn’t going to be an epic long post like some of our recent ones but it is quite important as it explains a concept that we have mentioned in passing before but as it is now becoming more the norm you should know more about it. We are talking here about the concept of the reserve payment to take something off the market while the owner considers an offer.
Traditionally the process of buying a Spanish property, which you can read more about at the link, was simple, make an offer, wait until it is accepted or negotiated and then put a deposit down in the Arras contract. Things have changed because of the market which is blowing really hot.
Today’s post looks at whether you are getting value for money when buying a property in Valencia. To decide this we must look at what we mean by the term value for money because it means different things to different people. What is the measure we are going to use? To determine this we are going to use four metrics.
1) Reference Values
2) Comparative Methods
3) Space and M2 Price
4) National and International Comparisons
Finally, we have arrived in Spring in Valencia and the sun is out and the temperatures have risen. It’s unusually late this year but we are now looking forward to a long warm spring and summer. Here at Valencia Property we are really busy as always and we start the week tomorrow (Because today, Monday, is yet another holiday in the city) with a day at the notary and afternoon visits to properties.
The refrain we are constantly repeating on every call we receive asking us whether we have anything to rent is as follows:
“I’m sorry, we haven’t got anything”
Every day we receive calls, Whatsapps and mail asking us whether there are any flats for rental and we haven’t got anything. Now and again we get an apartment for rental and we are renting it out in days without a problem. As a potential Valencia Property buyer looking to acquire a property for rental this is good news of course as you have a large pool of potential tenants looking to move into your apartments.
Those of you who listen to the podcast will have heard about the timelines you need for buying Valencia Property back in episode one (You can get it here and while there listen to our other episodes and subscribe). However, we know that there are some people who prefer reading to listening and therefore today we are going into a deep dive about the timelines you should be thinking about when looking to buy property in Valencia. Now this is an overview and for some people the timeline will change but as a general rule of thumb these are the stages and actions you should be thinking about.
With the move towards townhouses and towns and villages outside the city, whether caused by the pandemic or otherwise, we have been asked many times what is it like to live in a Valencian village or town. Today therefore we thought we would take a look at the aspects that make up a Valencian town.
Civic pride is a big thing with Valencian towns and villages and any local council that doesn’t work on the physical aspects of a town, and even more importantly the fiestas, will have little chance of being re-elected when the next turn at the urns comes. There are many common themes that we can see in what makes a town so let’s look at them in turn.
For years we have been pushing the claims of townhouses as alternatives to villas or apartments for living in and around Valencia. Not many people have agreed with us as apartments, especially those in the city, and villas have continued to make up well over 90% of our sales to buyers of property in Valencia.
Could this be changing though?
We are starting to see an uptick of interest in townhouses, especially those with back patios and terraces, and we are also seeing a greater desire to be in one of the villages or towns around Valencia with easy access into the city.
We are well into Autumn now in Valencia with the colours of the trees turning and giving a verdant and golden backdrop both inside and outside the city and temperatures dropping to give those lovely evenings when you take a jacket out with you just in case as you sit on the outside cafes and terraces.
As we mentioned in our Valencia Property market report last week, which you can read at the link, the market continues to be wild and we continue to make sales regardless of the tight supply of properties. And one of the reasons we are making those sales is just because of that tight supply. It’s known as the Paradox of choice. If you don’t know what it is then let me tell you a story and then apply that to the Valencia property market
Last year I did this post about Autumn in the Valencia Property market in 2020. It was really well received and the video was well watched too. This year I’m not sure about putting the time into making a video in the same way but I may do in a few days, what does need repeating is the news about the Valencia Property market in Autumn/Fall 2021 and comparing the situation with last year. Things have changed and things have stayed the same. Read on for more information.
No, this is not a blog about Bezos, Musk and Branson and their rather pathetic attempts to go into sub-orbit and call it space travel when their money could do so much more good by solving world hunger or trying to avoid climate change, this is about the flight towards more space in properties in Valencia which reflects the news coming out of other countries.
For those with the luxury of doing so, the pandemic has made us all think about the way we live. Less travel, zero commuting, larger spaces, an office room, fast internet, zoom calls, teleworking and a host of other previously marginal ideas have become mainstream. Of course this has been reflected in the property market in Valencia and Spain as a whole.
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There are many reasons that a person decides to settle in a place to live. Family ties, inertia and work are three of the obvious ones. However over recent years Lifestyle Design has become much more important. As we become more mobile and the world is shrunk by better communications in terms of both the internet and transport connections we have greater choice in life. If you are able to make a choice and are not tied down to your traditional hometown or a life driven by work and commuting why would you choose Valencia? Well, we have put together a not so short list for you. Let’s present, just for you, 112 Reasons to move to Valencia.