Buying a House in Valencia? Where and How to Buy in 2024

Advice from local property lawyers on buying a house in Valencia. Find out which district would suit you best and which taxes and potential issues could affect you.
Article Last Updated: 11 Jun, 2024 under Property Purchase
Author: Inma A.
Profession: Lawyer
Completed cases: 208
Inma has been helping English-speakers relocate to her home town for more than 20 years. She is a recognised as a local expert and is ready to assist anyone making the move to Valencia.

Valencia is nowadays considered one of the best places to buy in Spain and accordingly, it is no surprise that demand for property in the Valencia region has been increasing steadily over recent years.

This could be a reflection of the increasing interest in the Valencia region's Capital City as offering the perfect balance - all the typical city conveniences but without the crush and claustrophobia experienced by those buying property in Barcelona or Madrid.

That said, relocating abroad is a complex undertaking, so it is always wise to be aware of issues that might arise. Below, you will find an overview of the most important considerations you should make, as well as some information on the most popular areas

1. Understanding the Property Market in Valencia

With its rich culture, beautiful beaches, and vibrant city life, Valencia, is an attractive destination for those interested in relocating to Spain.  it's no wonder the property market is bustling! Before diving into a property purchase, it's essential to understand the nuances of buying a house in Valencia.

According to the property valuators Tinsa, the property market in the main districts of Valencia in late 2023 was as follows:

Districts Euros/m2 Annual Variation (%)
Ciutat Vella  2837 9.5
L'Eixample 2672 10.2
Extramurs 2081 7.3
Campanar 2242 14.2
La Saidia 1620 8.8
El Pla del Real 2345 6.6
L'Olivereta 1382 8.1
Patraix 1608 9.7
Jesus 1530 20.1
Quatre Carreres 1929 12.2
Poblats Maritims 1774 12.4
Camins al Grau 1870 5.7
Algiros 1920 11
Benimaclet 1792 10.1
Rascanya 1339 -1.6
Benicalap 1672 14.6
Poblats del Nord 1296 -3.7
Poblats de l'Oest 1164 2.7
Poblats del Sud 1403 4.7

When buying property in Valencia, there are several legal aspects to consider:

  • Hire a Lawyer: Engaging a local lawyer experienced in Valencia property transactions is crucial. They can navigate the complex legal landscape and ensure all documentation is accurate and complete.
  • Property Registration: Ensure the property is registered correctly with the Land Registry. This step is vital to confirm ownership and identify any existing charges or debts on the property.
  • Contract Terms: Pay close attention to the terms of the sale contract. It should outline the sale price, payment terms, and any conditions precedent to the sale.
  • Buying a house in Spain is complex and requires undivided attention to details to avoid potential problems.

Want to hear what other clients
are saying about us?

3. Commercial Tips for a Smooth Purchase

Just as with any major investment,  the commercial aspects of a property purchase can be challenging. Here are some tips to make the process smoother:

  • Negotiate Wisely: Valencia property prices can be negotiable. Don't hesitate to negotiate with sellers to get the best deal.
  • Understand the Market: The property market in Valencia varies by neighborhood. Research different areas to find the best location that fits your lifestyle and budget.
  • Check for Hidden Costs: Be aware of additional costs such as taxes, notary fees, and registration fees. These can add up, so factor them into your budget.

Loading service...

4. Finding the Right Property in Valencia

Valencia offers a diverse range of properties, from modern apartments in Valencia City to traditional villas in the suburbs. Here’s what you should consider:

  • Location: Whether you prefer the hustle and bustle of city life or a quiet suburban area, Valencia has something to offer. Popular locations include the city center, beachfront properties, and charming villages.
  • Property Type: Decide whether you want an apartment, villa, or townhouse. Each type has its advantages, so choose one that suits your needs and budget.
  • Future Developments: Consider the potential for future developments in the area. New constructions can increase property value but also bring noise and traffic.
     

5. The Role of Real Estate Agents

A reliable real estate agent can be invaluable. They can provide insights into the Valencia property market and help you find properties that meet your criteria. When choosing an agent:

  • Experience Matters: Look for agents with extensive experience in the Valencia market.
  • Local Knowledge: An agent with local knowledge can offer insider tips on the best neighborhoods and properties.
  • Client Reviews: Check reviews and testimonials from previous clients to gauge the agent's reputation and reliability.

Loading service...

6. Tips for International Buyers

If you are an international buyer, there are additional considerations:

  • Currency Exchange: Keep an eye on currency exchange rates. A favorable rate can save you a significant amount of money.
  • Mortgage Options: Explore mortgage options available to non-residents. Some Spanish banks offer attractive mortgage deals to foreign buyers.
  • Residency Status: Understand the residency requirements if you plan to stay in Spain long-term. Buying property can sometimes aid in obtaining residency in Spain.
     

Loading service...

7. The Five Most Interesting Areas for Foreigners to Live in Valencia

Of course, all such lists must be subjective by nature, but in any case, Valencia is a city of diverse neighbourhoods, each with its own unique charm and appeal. Here are five areas that I consider particularly attractive for foreigners looking to buy property in Valencia:

1. Ruzafa (L'Eixample)

Ruzafa is the trendy neighborhood of Valencia, blending tradition and modernity. It is well known for its vibrant social and cultural life, Ruzafa attracts families, tourists, and students. The area is packed with restaurants like Canalla Bistro and Nozomi, nightclubs, and pubs. While rental prices are high, the proximity to the city center and excellent public transport connections make it a desirable location.

As of Q1 2024, the average price per square metre in Ruzafa stands at €2,809. This marks a steady rise, reflecting the area's growing popularity among young professionals and expatriates. The year-on-year change shows a robust increase of 10.1%, indicating a strong demand for properties in this district.

Local Points of Interest:

  • Mercado de Ruzafa
  • Numerous cafes and boutique shops
  • Proximity to the city center
Ruzafa Positives
  • Vibrant Social and Cultural Life: Ruzafa is known for its lively social scene, mixing tradition with modernity. It’s a popular spot for families, tourists, and students.
  • Diverse Dining Options: The area boasts a wide variety of restaurants, including famous ones like Canalla Bistro and Nozomi.
  • Nightlife: There are many nightclubs, pubs, and bars, making it a hotspot for nightlife enthusiasts.
  • Proximity to City Centre: Ruzafa is close to the city center, enhancing its attractiveness.
  • Public Transport: Excellent connections via public transport make commuting easy.
Ruzafa Negatives
  • High Rental Prices: The cost of living in Ruzafa is among the highest in Valencia due to its popularity and location.
  • Noisy Environment: The vibrant nightlife can lead to noise, which might not be suitable for those seeking a quieter living environment.
     

Want to hear what other clients
are saying about us?

2. El Carmen

El Carmen is ideal for those who love a youthful and alternative atmosphere. It’s famous for its bustling nightlife, cultural activities, and historic charm. This neighborhood is filled with bars, galleries, and cultural spaces, making it a favorite among artists and students. However, be prepared for lively nights as it’s part of the historic center and known for its vibrant night scene.

The average price per square metre in this district is around €2,216 as of Q1 2024. This area, has a healthy year-on-year growth rate of 9.1%.

Local Points of Interest:

  • Torres de Serranos and Torres de Quart
  • Numerous bars and cultural venues
  • Historic cobblestone streets
El Carmen Positives
  • Youthful and Alternative Atmosphere: El Carmen has a young and alternative vibe, with a mix of students, artists, and bohemians.
  • Rich Cultural Life: The area is full of bars, cultural venues, and a lively night scene, making it ideal for those who enjoy an active social life.
  • Historic Charm: As part of the historic center, it features beautiful old buildings and cobblestone streets.
  • Nightlife: It's one of the main nightlife areas in the city.
El Carmen Negatives
  • Noisy Nights: Due to its active nightlife and central location, El Carmen can be quite noisy, especially at night.

Loading service...

3. Patraix

Patraix is considered one of the best neighborhoods in Valencia, particularly valued for its family-friendly environment. It's close to the city center and offers many amenities, including supermarkets, a major hospital, schools, and parks. The mix of cultures adds to the neighborhood's charm, with a variety of restaurants offering international cuisine.

As of Q1 2024, the average price per square meter in Patraix reached approximately €1,654. This area has become increasingly attractive due to its family-friendly environment and local amenities. The most recent data shows a slight uptick in prices, with a year-on-year growth of 5.9%

Local Points of Interest:

  • Bulevar Sur for outdoor activities
  • Diverse dining options
  • Excellent community facilitie
Patraix Positives
  • Family-Friendly: Patraix is highly valued for its family-friendly environment, with many amenities like supermarkets, schools, parks, and a hospital.
  • Cultural Diversity: The neighborhood offers a mix of cultures, reflected in its variety of international restaurants.
  • Close to City Center: Its proximity to the city center makes it convenient for commuting.
Patraix Negatives
  • Limited Nightlife: Compared to areas like Ruzafa or El Carmen, Patraix might seem quieter and less exciting for those seeking vibrant nightlife.

Loading service...

4. Penya-roja (Camins al Grau)

Penya-roja is notable for its proximity to the City of Arts and Sciences and the old Turia riverbed, now a lush park. Over the past two decades, this area has seen significant development, with new shopping centers like Aqua and El Saler and numerous dining and leisure options. Future connections with the Parque de Desembocadura will further enhance its appeal.

The average price per square metre in this district is about €2,039 as of Q1 2024. Over the past few years, Penya-roja has benefited from continued urban development, with a year-on-year increase of 9.9%

Local Points of Interest:

  • City of Arts and Sciences
  • Turia Gardens
  • Modern shopping centers
Camins al Grau Positives
  • Proximity to Attractions: Close to the City of Arts and Sciences and the Turia Gardens, making it ideal for those who enjoy cultural and recreational activities.
  • Modern Amenities: The area has seen significant development, with modern shopping centers like Aqua and El Saler.
  • Future Developments: Planned future connections with Parque de Desembocadura will enhance its appeal.
Camins al Grau Negatives
  • Growing Popularity: As the area continues to develop, it may face issues like increased traffic and higher property prices.

5. Pla del Real

Pla del Real offers an ideal location with all necessary services, near the expansive Jardín del Turia. This area is perfect for those looking to live close to the university and enjoy a vibrant social scene. It also houses Valencia CF’s stadium, adding excitement during football matches.

The average price per square metre in Pla del Real is €2,514 in Q1 2024. This area has seen a stable increase in prices over the past few years, with recent data showing continued growth of 5.1% year-on-year.

Local Points of Interest:

  • Jardín del Turia
  • Valencia CF’s Mestalla Stadium
  • Variety of bars and restaurants
Pla del Real Positives
  • Excellent Location: Situated near Jardín del Turia, offering green spaces and recreational areas.
  • Good for Students: Close to the university area, making it convenient for students.
  • Sports and Leisure: Home to Valencia CF’s Mestalla Stadium, adding excitement during football matches.
  • Comprehensive Services: Offers all necessary services, including bars, restaurants, and cinemas.
Pla del Real Negatives
  • Football Crowds: The presence of the stadium can lead to heavy traffic and noise on match days.

Loading service...

  1. You can apply for your NIE (Foreign identification number), which is the number granted by the Spanish authorities necessary to carry out any economic transaction in Spain.
  2. You can open a Spanish bank account, since you will also need it at the time of purchase, so it is better to start the process as soon as possible. Furthermore, you may need some documents to open a bank account in Spain to demonstrate your income like payslips, tax return, bank statements, etc. because the bank must comply with regulations from the EU regarding money laundering.
  3. When you find the property that interests you, I recommend that you do not sign any reservation document or anything similar before your lawyer checks the property.
  4. Once the price of the property has been agreed, the lawyer carries out due-diligence on the property, to ensure that the property has no charges, liens or mortgages and the sellers are able to sell the property and all expenses related to the property have been paid (taxes, utilities, etc.), as well as that the property complies with all the legal requirements. This may take approximately 2/3 days.
  5. Since the legal status of the property has been verified, you may sign the private deposit contract (arras contract) where the buyer and the seller agree the price of the sale, the expenses of the purchase, deadline to sign the final purchase and also, other conditions of the purchase may be added. It is very important that this contract is clear to both parties because this is the basis of the final purchase.
  6. Usually, at this time, you will pay anything from 3.000.-euros to 10% of the purchase price to the seller to take the property off the market.
  7. When everything is prepared, the public deed of sale will be signed before the Notary. On that day, sellers and buyers meet in the Notary’s office and the buyers pay the balance of the price to the seller and the expenses from the purchase, and the seller will give the buyers the keys and also, some documents which states that all the expenses from the property has been paid until that date. A certificate of Energetic Efficiency is mandatory to be issued too.
  8. Expenses related to the purchase of a house in Valencia: In the Valencian Community (Valencia, Castellón and Alicante) these expenses are as follows (based on a purchase price of 200.000.-euros):
    • Purchase taxes (ITP and AJD) 10% of the purchase price = 20.000.-euros
    • Notary fees: 500.-euros approx.
    • Land Registry fees: 600.-euros approx.
    • Lawyer fees 1% of the purchase price: 2.000.-euros plus VAT
    • Estate agent´s fees: their commission depends on each case, so I recommend you always ask when you are visiting the property, just in case it is expected that you pay this also. Usually it is from 2% to 4% of the purchase price, plus VAT.
    • If you are not planning to relocate to Valencia, your property will be subject to Spanish non-resident property tax.
  9. The deed of sale has to be registered in the Land Registry once the Taxes of the purchase has been paid. This process could take 2/3 months and after that, you can pick up the original copy of the deeds. I recommend that you keep with you until you wish to sell the property and four years minimum after that, because you may need it for tax purposes.
  10. Once you are the owner of your home in Spain, there will be a minimum level of expenses relating to the property, which will vary depending on the type of property, location etc-as follows:
    • Rates (IBI), to be paid once a year. Also, if you buy a house in the countryside, you may have to pay some additional taxes for rubbish collection.
    • A minimum of the utilities (electricity, water, etc.) each month
    • property owners' association (if your property is one of many in a building) each quarter
    • Non-resident Taxes (IRNR) or, if you become resident in Spain, Income Taxes (IRPF). You pay such taxes once a year.

Loading service...

Wrapping up, being assisted by a specialised English-speaking lawyer when undertaking a property purchase in Valencia is vital and should be seen as an investment to ensure a stress-free process. 

Our Lawyers

Inma, Lawyer in Valencia ...
Inmaculada has assisted individuals and corporations in the Valencia region with the legal and tax matters for over 30 years. From offices in Valencia City and Castellón de la Plana, Inmaculada provides expert legal advice and assistance to English-speakers in Property matters, Contract Breaches/Debt Recovery, Family law and Business formation and bookkeeping service.
We were very happy with the legal services Inma provided. She was extremely helpful, efficient and professional, and we would not hesitate to use her in future or to recommend to others.
Peter Barnett
Peter Barnett
05 Jun 2024
Trustpilot Review
208 completed cases
Speaks languages
Call Us
Email Us
Loading form...

Call us Now

Office hours: 9am - 9pm CET Monday - Friday