“The beginning of 2017 has seen a continued recovery of the real estate market that began in the middle of 2014, when property prices stopped falling and the number of sales began to recover. Prices throughout Valencia have increased in a more decisive way than in 2016, due to the increasing demand and international interest in the city. Foreigners are increasingly appreciating the quality of life the city of Valencia has to offer.
Despite Brexit, interest from the United Kingdom remains high. The British and their European neighbours are discovering a city with a lot of charm, excellent gastronomy and competitive living costs. In addition to the beach they are beginning to value the city’s other cultural and gastronomic services.
In principle the outlook for the rest of 2017 is positive. A strong demand is expected in the heat of a reactivation of the mortgage market and due to the search for good opportunities. The supply of re-sale properties is continuing to grow to meet this demand and an increasing number of New Developments are coming onto the market. The international market is expected to grow, with buyers looking for high quality properties to both buy and rent.”
Juan Luis Herrero
Partner, Lucas Fox Valencia
Valencia Property Sales Transactions
According to the National Institute of Statistics (INE), sales transactions in the city and surrounding area of Valencia in the first two months of 2017 (for which the latest data is available) saw an annual growth rate of 9.4%, with a total of 4,132 transactions, up from 3,776 in the same period in 2016.
Valencia Property Prices
Having shown a slight decrease in the last quarter of 2016, Valencia average property prices have risen again, according to leading property portal Idealista (which bases its figures on asking prices). Average property prices ended the first quarter of 2017 on €1,538 per square metre, representing an annual growth rate of 4.6%. Average property prices in the Old Town (Ciutat Vella) showed an even larger increase, ending Q1 2017 on €2,452 per square metre, representing an annual growth rate of 8.9%.
Lucas Fox Valencia Sales
The total value of sales transactions by the Lucas Fox Valencia office increased substantially, showing an annual growth rate of 111.9%.
Lucas Fox Website Interest
The national market continues to dominate in Valencia, with over a third of Lucas Fox website visitors looking at Valencia properties in the first quarter of 2017 coming from Spain. Amongst international buyers Valencia properties saw interest primarily from the United Kingdom (18.4%) and the United States (8.4%), although British interest has dropped from 28.7% in the same period of 2016.
View properties for sale in Valencia with Lucas Fox