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State of the Real Estate Market in the First Quarter of 2019

The sales price of pre-owned homes rose by 6.26% in Valencia and rentals, by 9.62%.

The purchase price of pre-owned housing in the Valencia Community rose by 6.26% during the first quarter of 2019 compared to the same period last year, going from an average of 1,005.40 euro per square meter to 1,068.30. The monthly home rental rate experienced an increase of 9.62% in the same period, from 5.20 euro per square metre to 5.70. Average prices also registered increases in the autonomous region, from 114,759 euro to 122,203.30 in the case of sales (6.49%), and from 554.20 to 580.90 in the case of rentals (4.82%). Pre- owned homes acquired throughout the quarter in the Valencia Community had an average size of 114.4 square meters and 3 rooms. The figures are part of the real estate market’s state balance in the first quarter of 2019 that was released today by the Realtors Association of the Valencia Community (ASICVAL, in its Spanish acronym).

“The continuous rise in the sales and rental prices is due, particularly, to the shortage of supply, coupled with an increased demand as a result of economic recovery and, in the second case, of low interest rates as well” said the president of ASICVAL, Nora García Donet.

Sale of pre-owned housing by provinces and provincial capitals

By province, Alacant is the territory with the highest price per square metre in the sale of pre-owned housing, which amounted to 1,202.10 euro in the first quarter of 2019, 9.28% more than the 1,100 euro recorded in the same period last year. It is followed by Valencia, with 943.30 euro per square metre, 5.06% more than the 897.90 of a year ago; and Castelló, with 832.20 euro per square metre, 10.84% more than the 750.80 euro of 2018. The average price in Alacant evolved from 118,999.90 euro to 136,589.70 euro (an increase of 14.78%); in Valencia, from 111,445.60 to 109,415 (1.82% less); and in Castelló, from 87,798.80 to 91,877.70 (4.65% more). The pre-owned homes acquired in the province of Alacant have an average of 2.8 rooms and 113.6 square meters, in Valencia, 3.1 rooms and 116 square meters, and in Castelló, 3 rooms and 110.4 square meters.

By provincial capitals, Valencia is the city that has registered a higher sales price per square meter in the same period, which amounted to 1,391.30 euro, 3.19% more than the 1,348.30 of the first quarter of 2018. Alacant follows it with 1,254.80 euro per square meter, 17.02% more than the 1,072.30 of the previous year, and Castelló, with 844 euro per square meter, 2.19% more than the 825.90 of 2018. The average price in the city of Alacant evolved from 118,391.60 euro to 134,790.80 (an increase of 13.85%); in Valencia, from 144,003.40 to 131,939.20 (8.38% less); and in Castelló, from 90,467 to 93,016.70 (2.82% more). The pre-owned houses acquired in the city of Valencia have an average of 2.9 rooms and 94.8 square meters, in Alacant, 2.9 rooms and 107.4 square meters, and in Castelló, 3 rooms and 110.2 square meters.

New rentals of housing by provinces and provincial capitals

By provinces, Alacant is also the territory with the highest price per square metre in new operations of housing rentals, which amounted to 5.80 euro in the first quarter of 2019, 18.37% more than the 4.90 euro per square metre recorded in the same period of the previous year. It is followed by Valencia, with 5.70 euro per square metre, 1.79% more than the 5.60 of a year ago; and Castelló, with 4.90 euro per square metre, 22.50% more than the 4 euro of 2018. The average price in the province of Valencia evolved from 583.20 to 609 euro (an increase of 4.42%); in Alacant, from 539.40 to 569.70 (5.62% more); and in Castelló, from 412.70 to 433.20 (4.97% more). The rented properties in the province of Alacant have an average of 2.5 rooms and 98.2 square meters; in Valencia, 2.8 rooms and 107 square meters; and in Castelló, 2.5 rooms and 88 square meters.

By provincial capitals, Valencia is the city that has registered a higher price per square meter in new operations of housing rentals, which amounted to 7.50 euro, 7.14% more than the 7 euro of the first quarter of 2018. Alacant follows it with 6.50 euro per square meter, 14% more than the 5.70 of the previous year, and Castelló, with 5.20 euro per square meter, 13% more than the 4.60 of 2018. The average price in the city of Valencia evolved from 696.80 to 753 (an increase of 8.07%); in Alacant, from 581.50 to 625.40 (7.55% more); and in Castelló, from 433.60 to 438.60 (1.15% more). The pre-owned properties rented in the city of Valencia have an average of 2.7 rooms and 100.5 square meters; in Alacant, 2.5 rooms and 96.7 square meters; and in Castelló, 2.5 rooms and 85.1 square meters.

Data handled
The real estate market’s state balance in the first quarter of 2019 has been drawn up from the prices of the 2,138 pre-owned homes sales transactions and the 1,203 rental transactions recorded during that period by the real estate agencies of the Valencia Community that manage their operations through the Inmovilla system, a CRM (customer relationship management software) widely implemented in the industry.

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