Buying a house or flat in the Valencian community is 37% cheaper now than before the crisis, in 2006, although it has risen 11% in 5 years
The cumulative price of homes for sale has risen in the Valencian Community by 11% in 5 years but has fallen by -37% in 15 years (2006). If three decades ago an average of 181,600 euros was paid a flat with 80 square meters, now 113,700 euros would be the average price. This is reflected in the study 'Cumulative variation of housing in Spain 2021' prepared by the Fotocasa Real Estate Index.
However, if we analyse what was paid for a home for sale 5 years ago, the average price per square meter of the home has increased by 11% in the Valencian Community, from 1,281 euros / m2 in June 2016 to 1,422 euros / m2 in June 2021. Thus, Valencians 5 years ago had to pay an average of € 102,480 for an 80 m2 home, compared to €113,768 that would be paid now.
With regard to the province capitals, the cumulative increase in sales from highest to lowest in the Region in the last 5 years (since 2016) is 29% in Valencia capital, 12% in Alicante and 10% in Castellón de la Plana.
Despite the 29% increase in the sale price in Valencia capital since 2016, the fall in these 15 years stands at -28%. Thus, for a home with 80 square meters, 231,177 euros would have been paid 15 years ago, while in 2016 they would have paid 129,686 euros and in 2021 they would pay 167,154 euros.
In the city of Alicante, the price of homes for sale has risen 12% in the last five years, although the fall in 15 years stands at -26%. Thus, if 15 years ago an average of 175,448 euros was paid for an 80 m2 apartment, 5 years ago 114,881 euros would have been paid and now 129,132 euros.
As for Castellón de la Plana, it has risen by 10% in five years but fallen by -42% in 15 years, meaning one would have paid an average of 177,086 euros in 2006 for an 80 m2 apartment, 93,532 euros in 2016 and 102,466 in 2021.
The price of second-hand homes has fluctuated a lot over the last 15 years. Since it reached the maximum price in April 2007, the current price is 37% below. However, although the price of second-hand housing is still very far from the prices of the real estate bubble, it has increased in the last 5 years by an average of 16%, explains the Director of Studies and Spokesperson for Fotocasa. According to the expert, at the moment, the price is quite stable and we will not see big increases or decreases in price during 2021.