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Valencia Symbolises the Revival of the Spanish Property Market


Valencia Symbolises the Revival of the Spanish Property Market

 Do you have a property for sale in Valencia, Spain? Valencia is the third biggest city in Spain, which was hit very badly by the economic recession that followed the global housing crisis of 2008-09.  

This was followed by severe austerity measures imposed by the Spanish government, a massive unemployment problem and repossession of tens of thousands of properties by banks for failure to pay back loans.

Now, though, things have changed for the better. If you’re someone who is looking to sell property in Valencia, Spain online in 2017 and are wondering whether this is the right time to do it, you should listen to what economists and financial experts have to say about the revival in the Spanish economy and the property market.

In fact, just take a look around. As you take a walk around Valencia, the Spanish economic recovery seems to be all around you. Everywhere you look there are new apartment complexes and various types of real estate developments coming up.

 Business confidence is high, tourism hit record levels towards the end of 2016 and real estate companies have reported an increase in the number of enquiries from property investors from across the world.

 Javier Andrés, a professor of economics at Valencia University, says in an interview with the Financial Times, “It’s too early to declare victory. [But] Spain is growing again, and it is creating jobs. It has shown that it can change.”

Valencia is the heart of Spain. It symbolises Spain more than any other city in the country, including Madrid and Barcelona. That’s because when Spain does well, Valencia does well. When Spain suffers, so does Valencia.

This is a city that saw the height of economic boom back in the pre-crisis days of 2006 – 07. Massive real estate developments came up during that period and there were lavish spending to be seen everywhere.

And when the Spanish economy suffered a major reversal, so did Valencia. Everything came crashing down. But since 2014, as Spain as limped back to normalcy, the Valencia has recovered as well.

Raymond Torres, chief economist at Funcas explains, “For the first time in recent history, we have a recovery that is not associated with a deficit in the current account. The economy has been growing strongly for more than two years and still we have a significant surplus.”  

Luis Garicano, a professor at the London School of Economics talks about the importance of solving the banking crisis. He says, “The banking issue was crucial, and it was the root of the crisis. If you don’t restructure the financial system, as Spain and Ireland did after the crisis, it is very difficult to have a real recovery.”

So should you buy or sell? The property market in Valencia right now looks very attractive indeed. It is a great time to buy a house in Valencia, Spain online as prices are on the up, but real estate is still very much undervalued. There are opportunities galore available here, and this is probably the right time to take advantage of it.

 




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