Valencia: 19 percent rise in residential property market

The port city of Valencia on the southeast coast is Spain’s third largest city, with some 800,000  inhabitants. Its many arts-related attractions make this Mediterranean metropolis the second largest  cultural centre in Spain after Barcelona. “Valencia is one of the up-and-coming regions and, after the  Balearic Islands and Canary Islands, it is also one of the most popular locations for international buyers. 

In 2018, sale prices for residential property rose by 19 percent compared to the previous year,” said Miguel Ángel Cantos, Managing Director of the Market Center Valencia.

L’Eixample: High international demand 

The most exclusive properties are located in the city centre of Valencia. There is high demand from international buyers here: French, German, American and Chinese clients are looking to invest in renovated properties either for rental or as a capital investment. This area is also very popular with local buyers on Valencia’s property market. Families tend to prefer luxury houses here with several bedrooms. The central district of L’Eixample is one of the most expensive locations in the city, with prices of up to 4,100 euros per square metre. In 2018, Engel & Völkers achieved the highest sale price for an exclusive property here, at 4 million euros. 

Growing demand for residential properties as first and second homes 

In recent years, the coastal districts of Patacona, Cabanyal-Canyamelar and Malvarossa have become highly desirable among buyers. Property prices have also risen. Modern freehold apartments and large villas directly on the coast or with sea views are particularly sought after. In 2018, they commanded top prices of up to 6,400 euros per square metre. The area of Ciutat de les Arts i les Ciències (the City of Arts and Sciences) is also one of the most desirable and modern areas to live in Valencia. It has an international flair and is very popular with local buyers. The market in Valencia is dominated by a national clientele, which accounts for around 75 percent of sales. The remaining 25 percent of search clients come from France, Russia, the UK and Italy. The latter are particularly interested in exclusive villas and freehold apartments for use as second homes. 

Outlook: Price rises on Valencia’s property market also forecast in 2019

According to Engel & Völkers, the residential property market in Valencia will continue to see positive growth. The rise in demand from international and national prospective buyers remains consistently high. “We are expecting property prices to keep on rising year-on-year, especially in the centre of Valencia,” said Miguel Ángel Cantos.

More information about the residential property market in Valencia can be found in the Engel & Völkers “Market Report for Spain 2018-2019”.