How would you sum up 2015 in your region?
I would define 2015 as the year of stabilization in the property market. Finally, after several years, the price of homes in Valencia has stopped falling and as a general rule the prices are remaining stable, with some subtle increases in a handful of locations.
The number of transactions have increased as the year has gone on, indicating a definite upturn in the housing market. The surge in demand has been met with a significant increase in supply, adding greater dynamism to the market.
Who are the key buyers and where?
Throughout the economic downturn, movement occurred at opposite ends of the property spectrum – it was either extremely high end luxury property or the most affordable property that was selling. At the moment, it is the mid-priced homes that are selling well. The most in-demand areas are currently the central districts such as the Eixample as well as coastal areas such as La Patacona.
What types of property are proving most popular and why?
The most coveted properties are currently spacious Modernista apartments, ideally with a terrace in the city centre. Contemporary apartments with communal amenities by the beach are also drawing a great deal of interest.
Have you noticed any significant nationality trends? And why?
In Valencia there are a wide range of nationalities. At the moment, one is equally likely to come across a buyer from Georgia, as much as a Lebanese or American buyer. The city is fast becoming a magnet for those seeking Valencia’s numerous lifestyle benefits. In general, the greatest influx of buyers come from European nations such as France and Italy.
What is the outlook for 2016?
As the real estate sector is sensitive to economic confidence and the evolution of economic data, all indicators point to a postive year ahead. 2016 is set to be a very good year for the real estate sector in general, continuing the upward trends we have seen in the growing number of sales transactions and even a small upturn in prices by around 3-4%. It is also expected that for the first time since 2008, construction of new homes will recommence in the city.