New houses and developments in Valencia

New developments in Valencia

The city of Valencia currently has around 110 new development projects in its various districts, mostly concentrated in the Quatre Carreres area. With a year-on-year increase of 6.9% in housing prices, the average cost per square meter in the first quarter of 2022 was almost €1,700, according to Tinsa.

Currently, in March 2022, the average value per square meter in Valencia's capital is just over €1,900, with the most expensive area being L'Eixample, with a cost of around €3,000 per square meter, followed by the districts of Ciutat Vella, Pla del Real, and Campanar, with prices around €2,850/m², €2,580/m², and €2,430/m², respectively. These are very exclusive and central areas of the city. In other districts of Valencia, such as Quatre Carreres, near the City of Arts and Sciences, the cost per square meter is around €1,800, followed closely by the 11th district, Poblats Marítims, near the coast and beach, where the price is around €1,780/m². The most economical area is Rascanya, with a cost of €1,150/m².

Where are the largest number of new developments currently under construction?

Currently, the largest volume of new development projects in Valencia is concentrated in the 10th district of Quatre Carreres, an area near the City of Arts and Sciences that includes the neighbourhoods of Monteolivete, En Corts, Malilla, Fuente San Luis, Na Rovella, and La Punta. The 16th district of Benicalap has 14 projects, and the Patraix neighbourhood has around 12.

In which beach areas are the main new development projects located?

The Poblats Maritims area, in the 11th district, where the beaches of Malvarrosa and Cabanyal are located, has the highest number of new housing developments.

What influences the price of new construction in the city of Valencia?

The price per square meter generally depends on supply and demand. The type of housing, square meters, features, materials, quality, finishes, location, orientation, communal facilities and services, as well as height (the cost of a floor increases by between €3,000 and €6,000 per floor, according to Tinsa), are factors that determine and influence the value of properties.

Many homes are part of developments equipped with communal facilities such as a pool, gardens, sports facilities, and in some cases, a gym. This requires a special mention since buying a home or apartment in residential complex is not the same as buying a new detached house or villa, with costs varying in this situation, being communal in the former and private and personal in the latter.

The economic and labour situation of the city, population density, foreign investment, and tourism in the area are components that also affect the price of housing. One of the best options, if you are interested in buying a property, is to do so while it is still in the planning phase, that is, before construction starts, as it offers advantages such as personalization of the home, choosing the floor that interests you most in terms of height and orientation, as well as greater payment flexibility. If this is not possible, it is recommended to make the purchase in the early stages of construction, as the price may be reduced by up to 30%.

What is the situation of the real estate market in Valencia?

The real estate market in the city of Valencia is evolving positively. The average price of housing in the first quarter of 2022 is 0.7% higher than the same period last year, according to Tinsa.

Promotions are quite evenly distributed, indicating the importance of urban activity in the capital. However, the districts that stand out the most for their wide range of offers are Quatre Carreres with about 32 promotions, Benicalp with 14, and Patrix with 12. Generally, they are one to four-bedroom independent and semi-detached houses. Likewise, there is also a certain preference among buyers for the city centre, with Ciutat Vella and Eixample being the most in demand. Another preference is for single-family homes with more square meters, a spacious terrace or balcony, low-consumption renewable energy functionality, and a garden area.

What is the importance of buying new-build developments compared to second-hand properties in the city of Valencia?

The real estate market is on the rise in the city of Valencia, especially in the district of Quatre Carreres, an area with a lot of tourism.

These properties are a guarantee of purchase compared to second-hand ones, since, among other factors, they offer the possibility of customization, quality assurance and warranty due to being newly built. Additionally, there is a reduction in costs and the availability of energy efficiency. The development of facilities and common areas that include a swimming pool, garden area, playground, tennis and paddle courts, and a gym in some cases are features that have been enhanced in recent promotions.

Where to buy new developments in the city of Valencia?

The area with the most expansion in this type of housing is located in Quatre Carrers. There, a 143 m² home in an urbanization with a swimming pool can cost €358,000, or 132 m² for a price of €285,500. In the Manila neighborhood, a flat can cost €344,000 in an exclusive urbanization. It is also possible to acquire a 94 m² home for around €227,000 in this neighborhood.

In Benicalap, homes in urbanizations with a swimming pool and garden area cost around €249,750 and €208,000 for 124 m² and 91 m², respectively. Patraix has about 10 new-build promotions with homes that cost between €244,500 and €177,000.

In the Poblats Maritims area, about 200 meters from Malvarrosa Beach and near the Cabanyal neighborhood, there is a residential area project in an urbanization with 59 homes. Another promotion is for a building of 25 homes and 5 penthouses. An independent terraced chalet of 132 m² facing the Malvarrosa Beach promenade has a price of €474,000.

In the center of Valencia, a 99 m² flat can cost €360,000. A very exclusive design home, with high-quality materials and finishes, and 240 m² in the center of the capital, costs around €1,240,000. The most affordable area is Rascanya, where new properties are priced between €178,500 and €146,000.