Real estate in Valencia: a profitable investment for foreigners
Along with Madrid and Barcelona, Valencia is considered an important tourist centre in Spain. Thousands of foreigners come here every month to spend time on the famous beach areas and visit numerous nature reserves. The mild Mediterranean climate and excellent weather make it possible to spend a pleasant and useful time in the Spanish city throughout the whole year. The period from March to November is especially advantageous for visiting the resort because the temperature keeps at the 30 degrees Celsius mark.
The Spanish city is famous for a lot of historically and culturally significant sights. One of the most visited attractions is the local Cathedral, where the Holy Grail is kept. Tourists are equally interested in the Bullfighting Museum and the Central Square of the Old Maid, surrounded by orange trees and fountains.
Who can buy a property in Valencia?
Buying a home in the Spanish city can be a worthwhile investment for all foreigners. The advantages of buying a property in Valencia are obvious:
- a purchased apartment or house can be rented out to tourists all year round, which will in 5-7 years recoup the cost of housing;
- all real estate in Valencia regularly increases in value by 10-15% per year. With such a jump in prices, one can profitably resell apartments in a few years;
- for the housing maintenance in Valencia, a low tax of only 0.4-1.1% of the accommodation cost is set. This is much less than in other European countries.
The immovables cost in Valencia
Real estate prices in the Spanish city vary greatly. The cost is affected by such details as the class of housing in Valencia, the location of the apartment in relation to the sea and other factors. On average, real estate prices are about €3-4 thousand per square meter. For this money, one can buy a luxury villa with a private pool and access to the sea.
Much cheaper housing in Valencia is in multi-storey buildings. For example, a one-room apartment with an average renovation can sum up to €1-1.5 thousand per square meter. In general, despite the increased rates in recent years, the cost of real estate in Valencia is considered average in the country.