Lucas Fox Valencia saw the volume of its sales and rentals soar in 2017, increasing by 86% and 59% respectively compared to 2016.
According to the company’s latest sales data, 40% of transactions in 2017 were to international buyers, up from 33% in 2016, with the majority coming from France, the United Kingdom and the United States.
A third of Lucas Fox buyers purchased property as a main home and a third purchased as a secondary residence, with the remainder buying for either investment or relocation purposes.
The average price of a property sold by Lucas Fox in Valencia city in 2017 was €461,635. The Spanish Department of Development (Fomento) shows the average of a home sold in Valencia Province was just over €100,000 in the third quarter of 2017.
In a bid to meet growing international demand, Lucas Fox recently opened a new Property Lounge in Calle de Mar in the heart of Valencia Old Town, the company’s third base in the city.
“The property recovery in Valencia has really taken hold in the last two to three years,” comments Lucas Fox Valencia Partner Juan Luis Herrero. “Since summer 2014, the number of transactions and prices have been rising steadily and there is now a lot of movement in the market. This has contributed to greater interest from foreign buyers, which has more than doubled since 2011.”
Lucas Fox Valencia’s growth in property sales reflects the trends shown by official figures. Data from the Spanish Institute of Statistics (INE) shows that the number of homes sold in 2017 in Valencia Province rose by 21% compared to 2016, averaging 2,226 sales per month.
Sales of new homes in Valencia Province increased by 6% in 2017 compared to 2016, according to INE, making up 13% of total sales. In Barcelona Province, new home sales rose by 19% and in the Community of Madrid by 18% but Mr Herrero believes 2018 could be a pivotal year for this market.
“In previous boom years around 3,000 new homes were being sold every year in Valencia city but last year this figure was only just over 400. Now Valencia Town Hall is granting licences for the construction of 1,500 new homes and the initial projects are selling well thanks to their competitive pricing and this will further spur on more projects.”
With regards to property prices, Valencia city showed an annual increase of 11% at the end of 2017, with prices in the Old Town, Eixample and El Pla del Real rising by 13%, 15% and 9% respectively, according to Idealista. Average rental prices in Valencia Province showed an annual increase of 9%.
2017 was also another strong year for tourism in Valencia. Over 6.7 million passengers arrived at Valencia airport in 2017, an increase of 16% compared to 2016.
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