Real estate in Valencia is reaching its prime as you read this. Some areas are back to full-strength with real estate that equals pre-crash prices. But this is not true for the whole city. The classic hipster-style, gentrifed areas such as Russafa have definitely seen a sharp increase in property prices, but there are some areas that are still waiting, still with prices at rock-bottom, forecast to rise, making them perfect for low-risk, sound investment.
Let us introduce you to Monteolivete: trendy, cheap, and by 2020 will be one the coolest places to buy real estate in Valencia.
Real estate in Valencia right now
There is a very clear opportunity for real estate in Valencia as property is showing movement, and the tourism industry in Spain is back to its record breaking best. In all cases, there is an uptick in the third quarter of 2017. With prices remaining steady to flat since December 2015, we have now seen a 5-6% increase in Q2 and Q3 2017. Savvy investors will be looking at this with glee, the best time to make the investment is now.
Typical properties at low prices with a lot of scope for renovation
Houses and flats in the area are typical of the outskirts of Valencia. All of the properties are flats in buildings of around 6 stories. Mostly 3 bedroomed apartments with tiled flooring (spruced up these floors can be stunning), kitchen and 1 bathroom with a surface area of around 100m2.
An average price for real estate in Valencia like this will be €80,000 – €120,000, definitely worth a look. It is common to see lots of walls in these properties creating many small rooms, and one of the cheapest ways to modernise is to knock through. It is relatively cheap to create a light, open space, with a breakfast bar, perfect for letting out.
Many properties have had lifts fitted within the last 20 years. This is a key consideration, a property without a lift is likely to have an installation in the offing, and will cost €10,000 – €15,000 shared between the owners of the flats.
If you are looking to make an investment on a rental property, or move to Valencia with a budget in mind, Monteolivete is the area we consider to be one of the best right now for a good balance between investment and lifestyle.
Bars and restaurants are opening
Monteolivete has a huge park which makes the centre of a new area for bars and restaurants. Tabernas Fabianos serves up local, Mediterranean style food and makes amazing paellas. And for seafood J.M. restaurant has some of the best seafood in the city. There are new cocktail and karaoke bars interspersed with kebab shops for late-night revellers.
Monteolivete is great place to enjoy the Fallas festival
Monteolivete got its name from the old chapel in what was the old town. Situated right next to Plaça Monteolivete and built in 1767 it’s beautifuc neo-classical church which remains standing and adds the sense of history to the neighbourhood.
But Monteolivete is most famous for the Fallas tradition that it holds dear. The Fallas museum is situated just around the corner from the Chapel. They save the prize winning Fallas monuments all year and have an exhibition of the most prominent monuments from around the city. During the festival itself, Monteolivete is buzzing. With many “casals” in the area, there is always something going on during the five days of Las Fallas, from paella competitions to verbenas (late night street concerts), Monteolivete is a great place to go out, see the sights and have a night out that you’ll never, ever forget.
The next area for growth in Valencia city centre
So all in all, bearing in mind the recent growth in real estate in Valenica, we can see lots of opportunity for growth in Monteolivete. As the areas surrounding it such as Canovas and Russafa are out of range for first-time buyers and investors, Monteolivete will be the next place to see real growth, and with the countrywide forecasts backing this up, it’s likely to be a sound investment.
Contact us for more information regarding real estate in Valencia in general, and the area of Monteolivete in particular.
