ARCHIVED - Experts predict Valencia house price surge in 2022
ARCHIVED ARTICLE
The real estate market in Valencia region is expected to gain "more momentum" with the return to pre-pandemic levels of foreign buyers next year
The price of housing in the region will experience a "significant rise" in 2022, as the market offers signs of "strength and stability", according to the Association of Real Estate Agents (API) of Valencia.
Specialists claim that property prices have risen throughout 2021 due to the improved health situation and economic recovery, but API forecasts "even stronger" property price increases in 2022.
"This trend is due to several factors," explained API spokesman, Vicente Díez, adding: "We are seeing house price rises of more than 10% in Germany and the Netherlands, where they have reached record highs. On the other hand, here we are still 20% below our maximum levels."
In the case of the Valencia region, the residential housing market is expected to gain "even more momentum" when expat buyers return in full and "begin buying again at pre-pandemic" levels by 2022.
Other factors which will impact on house prices, according to API, include the low profitability of financial investment products and the "current favourable" conditions for accessing financing, with fixed-rate mortgages currently being signed in Valencia at around 1% interest.
"Housing prices will continue to rise, especially in consolidated areas such as the city of Valencia, its metropolitan area or towns with single-family homes, which are currently the most sought-after property. There is still a long way to go for house prices, so anyone thinking of buying should not wait too long," advised Díez.
In terms of new construction, prices are also apparently showing a significant upward trend due to the sharp increase in the price of raw materials and the fact that the city of Valencia is running out of land to build on.
"At the moment, there are quite a few developments under construction that are quickly being sold. But whilst there are new builds with high price tags, there are also affordable developments in the metropolitan area of Valencia," said the API spokesman, recommending that any potential buyer/seller seek the advice of qualified professionals before going ahead with any transaction.
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