Real estate prices in Valencia , contrary to expectations, are still not falling – some barrios are even showing a healthy growth.
Real estate prices in Valencia are still not falling. At least according to the Idealista database, probably the biggest property database in the whole of Spain. For the last 20 years, Idealista has been publishing month to month data, and although it is only an indication of the asking price, it follows the trends in the market to the letter.
According to the latest Idealista stats, property prices across Valencia Comunidad have increased 1.6% since August this year, and 0.1% in Valencia City. But, the year to year increase in Turia Capital is an impressive 2.2%, which is huge, considering what we are going through. So, the conclusion is that there is no real drop in property prices yet. Maybe it is imminent, maybe it is not, but yet to be seen.
Valencia, itself, is a mixed bunch of winners and losers. The highest growth in prices, compared to a year ago was recorded in Rascaña ( +9,2%), particularly its Els Orriols part, known until recently for very affordable prices of the property. Poblats Maritims comes in second with a yearly increase of 6.2%. A star of this barrio is Natzaret, with an increase of 14,7%, although Betero (10,2%) and Cabanyal (6,7%) are doing good too. This is a trend that has continued for a while now.
Prices in Ciutat Vella have increased 3.1% since last September, mostly because of the Sant Francesc area. The biggest price drop has occurred in Benimaclet (8.9%), followed by Benicalap (-5,1%), LÉixample (-5.0%) and El Pla de Real (-4,9%).
Within Eixample, the highest reduction in price was experienced in El Pla del Remei (-8,9%), Russafa (-4,2%) while Gran Via was the best performing part with a drop of 2,5%.
In El Pla de Real, asking prices in Exposicio have dropped by 6%, in Mestalla by 5%, while they have gone up by a whopping 13,7% in Ciutat Universitaria.
At this moment it is very hard to estimate where will the property prices in Valencia go. There are not so many buyers around and the things on the Pandemic front are changing every day. But, they keep surprising, that is for sure.