THE main house buyers in the Valencian Community last year were local residents with the non-EU market decreasing.
A study of 69 regional real estate agencies and their transactions was conducted by the National Federation of Real Estate Associations(FAI) and the Association of Valencian Community Real Estate Agents(Asicval).
It said that 62.3% of deals were for main or second homes, while just over 29% of sales were for investment purposes.
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The purchase of properties by foreign buyers fell- especially from countries outside the EU.
Valencian buyers for primary residences accounted for 21.81% compared to 34.23% in 2023.
Those for second homes totalled 38.4%, down from 62% in 2023 while those bought for investment went from 58.8% in 2023 to 23% last year.
Non-EU buyers including those from the UK accounted for 10% of primary residence transactions in 2024, compared to 24.6% the previous year.
In the case of second homes, that fell from 36% to 11.5%, and in purchases for investment, they went down from 38.2% in 2023 to 9.5%.
Asicval president, Nora Garcia Donet, said: “The scarce availability of second-hand housing also affects foreign buyers, who hardly find anything on real estate portals.”
“However, local investors have faster access to the opportunities that real estate professionals get hold off and we are talking of individual private investors,” she added.
The profile of an average majority buyer in 2024 was a Valencian resident with an average age of 40.5 years, with main group of buyers between 30 and 40 years.
Although couples continue to predominate, in the last year a profile of a couple without children stood out (42.1%), compared to 38.2% of couples with children.
The main reasons for a purchase of a primary home was for leaving a parental property(35.4% compared to 22.6% in 2023) and switching from renting(30.2% compared to 16.4% in 2023).
The percentage of owners who changed their home fell (34.3% compared to 60.8%).
The sharp decline in replacements is a reflection on price rise and the lack of supply, while first-time home purchases are growing. driven by young people and families with financial support.
Nora Garcia Donet commented: “At the moment, those who can buy, buy, and here we have young people who save by living with their parents to those who receive family help for the down payment or seek to replace the rent, because rental prices have skyrocketed.”
“In these cases, a mortgage always be more profitable, especially with the drop in rates in recent months. And we also have individuals, who decide to invest in housing as a safe bet as market profitability rises,” she added.
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