The latest report from the UPV Housing Observatory Chair on the last quarter of 2023 points to a "very small" number of homes in new construction: only 185 in the city of Valencia, a figure "unprecedented in the city" since There are records, says Fernando Cos-Gayón, director of the Chair.
The Observatory's latest balance sheet puts a number on the shortage of new housing and also explains its rapid decline, since it considers that the most alarming thing about the situation is the speed with which it is decreasing, since it stands at 23% in this last quarter. Specifically, in 60 of the 88 neighborhoods of the city of Valencia there are no new housing developments for sale. In two out of every three neighborhoods in Valencia there is no new construction housing, in conclusion.
The analysis takes into account the number of apartments in multi-family properties and confirms that only Quatre Carreres, Patraix or L'Eixample have homes available. In the first district there are 21 homes: 3 in the City of Arts and Sciences neighborhood with an average price of €3,426/m², well above
of the city average, while the neighborhoods of La Punta and Fuente de San Luis register 5 each and the prices
Averages are between €2,689/m² and €2,590/m², respectively.
The Malilla neighborhood has 8 witnesses with an average price of €2,384/m² average price, and this may be due to its distance from the city compared to the rest of the neighborhoods. The summary with these indications shows that an average apartment (90 meters) in the City of Sciences is already paid for more than 308,340 euros, while one in Malilla can be purchased for 214,560 euros.
After the northern area, comes Patraix, where there are currently 16 new homes, 15 in Safranar and one in Patraix. In this district, where there has been a great proliferation of constructions in recent years, is where the Valencia City Council made its first purchase of a complete property to be used for social rental. There, in fact, the Observatory explains that there has been an upward increase of 8% in the average price of housing during the last year. Housing values stand at €3,023/m², exceeding the average prices in the city.
Also in the Eixample district there are 16 units on offer, all in the Ruzafa neighborhood, where "high prices" remain, even above the average price of the city and their average value this quarter stands at €3,910 /m², increasing slightly by 1% compared to the previous quarter.
And if the problem with new housing is evident, it is also evident with residential rentals, since according to the Observatory there are currently 1,114 residential rental homes in the city of Valencia. The Observatory's reference, which has recorded data for four years, shows that there is a fluctuation and for example in this last quarter the rental offer has increased by 5% in the city of Valencia. "The supply cannot be matched to the levels after the covid19 pandemic, having dropped by up to 58% compared to the same period in 2020," he argues. On the other hand, in the metropolitan area this has decreased, in Horta Nord by 38% and in Horta Sud by 19%.
