Recently published data proves that the property market in Spain is on the way to recovery with prices going back into positive territory. Data from the Spanish Land Registrars's Association shows that prices went up over 9 percent in the first quarter. The official government index reflects valuations of just over 2.5 percent.
During the month of March, the index went up by 0.4 percent according to the Association of Spanish Notaires.
Numbers from the month of April show growth of nearly 5.5 percent from the Tinsa valuations company.
Prices bottomed out in late 2014, but the registrar's data now shows that prices have risen over 25 percent since then.
They are still down by 18 percent from their peak back in 2007.
Tinsa breaks down figures more to show that prices increased in the major cities by 8.7 percent in April year over year. Prices in the Canary Islands and the Balearics went up by 5.6 percent but Mediterranean coast prices were only up by 0.3 percent.
A partner at Lupain says that the national indices do not reveal anything about local markets. He says that they do give everyone an idea of where the property market cycle is at.
Spanish houses are back in the positive territory, however, no matter what index you refer to.
Idealista, a popular Spanish property website, shows Valencia properties are less than half that of Madrid or Barcelona.
The market in Spain's third city is growing.
Transactions for the first four months of the year 2018 rose 20 percent over the same timeframe from 2017.
Spain's National Institute of Statistics or INE shows data that indicates a similar trend with home sales of the first four months of the year. This is up by 17 percent compared to 2017 during the same period.
In Valencia, prices in 2017 overall were higher by 13 percent year on year. The region's foreign buyers report which include El Pla de Real and Eixample, had prices go up 13 percent and 10 percent.
Lucas Fox's Valencia information shows how foreign buyer purchases have increased by 10 percent in the first quarter of 2017. This year, that number was 33 percent. The figures Lucas Fox has also show that almost 60 percent of buyers were purchasing homes as primary residences in Valencia.
Only 25 percent were investing in second homes and 8 percent as straight investments.
A partner of Lucas Fox Valencia, Juan Luis Herrero states that the city has all the amenities and conveniences anyone would expect from Spain's third city. But, its smaller size appeals to those from the foreign market. Families also like the northeast beaches where there are plenty of townhomes and apartments with communal pools and playgrounds.
Herrero also pointed out that the area is a thriving hub for innovation and businesses. It is home to big companies like BP, Ford, Mercadona, and Caixabank. This seals the city's destiny, he believes, as one day being as globally familliar as Barcelona or Madrid.
One other sign of property recovery in Valencia is the many cranes that are hanging over the city. New homes are always in demand with a 5 percent rise in Valencia of the number of new home sales in 2017 compared to the year before.
Herrero concludes with additional observations that the property recovery has been slower in Valencia than in Madrid or Barcelona, but there is going to be a noticeable change in the market's pace in the coming years because of the demand for new homes.