Home sales reach levels not seen since 2007 in Costa Blanca and Valencia areas of Spain

Home sales reach levels not seen since 2007 in Costa Blanca and Valencia areas of Spain
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HOME sales in the Valencian Community in the third quarter of 2022 have reached levels not seen since before the bursting of the real estate bubble.

Sale increases have come in tandem with house price hikes despite the current economic situation.

The Association of Valencia Real Estate Agents said there were 26,343 sales between July and September- the highest since the same period in 2007 and just ahead of the following year’s massive property downturn.

Sales are up 18.79% on a year ago and a rise of 5.7% on the previous quarter.

The overwhelming number of deals(22,953) involved second-hand properties.

96,878 have been registered over the last year, meaning an annual rise of 29.48% with an average price increase of 5.90%.

28.34% of purchases in the Valencian Community in the last quarter came from foreign buyers- a 26.54% year-on-year rise.

Alicante Province had the biggest number of non-Spanish purchasers, accounting for 42% of the area’s property deals, with Valencia Province having 10.8% of buyers from abroad.

Real Estate market specialist, Luis Fabra, from Zaragoza University, said: “Despite these good results we must be aware of changing economic factors like growth and interest rates which may have a future negative impact on the property market.”

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Alex Trelinski

Alex worked for 30 years for the BBC as a presenter, producer and manager. He covered a variety of areas specialising in sport, news and politics. After moving to the Costa Blanca over a decade ago, he edited a newspaper for 5 years and worked on local radio.

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