Agents in Valencia believe that the real estate industry is quite stable and reliable
This was proved during the Mediterranean Real Estate Fair Urbe which was successfully held in October. It featured 50 exhibitors and offered buyers more than 5,000 real estate properties. As part of the fair the fourth seminar on real estate was also conducted. It discussed the industry’s prospects. Over 200 specialists attended the seminar.
One of the speakers at the seminar was BBVA Bank economist Felix Lores. He presented a macroeconomic forecast in which he noted a slight decrease in the number of sales “due to uncertainty”. But in general Mr. Lores said that the industry remains stable.
As proof, he cited the following data. 368,000 real estate properties were sold from January to July 2019, which is 5.4% less than last year for the same period of time. It might be because of the uncertainty in legislative reforms consequences. “Nevertheless, we have a better prepared economy than 10 years ago. The Valencia economy will grow in 2019 but the statistics will only reflect it in 2020”, he said.
Jaime Echegoyen, the president of SAREB (Company for the Management of Assets proceeding from Restructuring of the Banking System), confirms that they plan to invest a total of 236 million in the Valencian Community. This organization sold 1.3% of the total number of objects in the community.
During the fair local promoters and investment funds representatives were working on the issues they encountered due to delays in state administrations. They discussed the need to speed up the process of issuing building permits. “We need more flexibility to accelerate productivity,” they said, emphasizing that Valencia’s “many attractions” made it the “most interesting” city in the country with regard to investments.