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MOVING TO SPAIN

REVEALED: The cheapest and most expensive areas to buy or rent in Valencia

If you're thinking of a move to Valencia, you should know that the eastern city is renowned for its relatively cheap cost of living compared to other big cities in Spain. So where are the cheapest and most expensive 'barrios' (neighbourhoods) to rent or buy a home?

REVEALED: The cheapest and most expensive areas to buy or rent in Valencia
Valencia is consistently voted as one of the best cities in Europe in terms of cost of living, including when it comes to property prices. Photo: William Carletti/Unsplash

The Mediterranean coast, climate and diet. A city with history, charm, and bustling with life. Valencia has it all, and that is why so many foreigners make it home.

In fact, over 100,000 foreigners have made the eastern Spanish city their home in recent decades, and for good reason.

But what’s the situation when it comes to renting or buying a property?

Before diving into our neighbourhood property guide, let’s have a look at the big picture and see how Valencia stacks up against other Spanish cities. 

Buying a property in Valencia in 2022 costs an average of around €1,839/m2, which means that if you buy a 80/m2 apartment, it would cost you around €147,000.

That’s cheap – in fact, if we compare the average prices in Valencia to Madrid and Barcelona, you’ll realise just how affordable Valencia can be if you know where to look.

Let’s take, for example, Valencia’s most expensive neighbourhood, l’Eixample, in the city centre, which on average costs €3,024/m2 to buy.

That’s quite a bit more than the city-wide average (in barrios further afield the average is around just €1,400/m2), but pales in comparison to the Salamanca district of Madrid (€6,149/m2) and the Sarrià – Sant Gervasi area of Barcelona (€5,228/m2).

Valencia’s affordability is one of the main reasons why so many foreigners have flooded the market in the last two decades.

More than four out of five foreigners in Valencia (82 percent) believe that housing is affordable in the city, compared to 41 percent globally, according to the annual Expat Insider Survey published by InterNations which recently ranked Valencia as the best city in the world for foreign residents.

READ ALSO: Living in Spain: Why Valencia is officially the best city in the world for foreign residents

And renting is cheap too – international cost of living calculator Numbeo found that Valencianos fork out just 27.7 percent of their monthly budget on paying rent.

Before we continue, it’s worth noting that due to rising inflation in Spain and a lack of available properties in Valencia itself, rent and sale prices have increased, keeping in mind that the data in this article is from February 2022, before Russia’s invasion of Ukraine.

But we know that by general standards Valencia’s is fairly affordable – but where are the most and least expensive neighbourhoods in the city? 

Cheapest neighbourhoods to buy a property in Valencia

According to Spanish property site Kasaz.com, these are the cheapest Valencian barrios to buy in 2022:

  1. Rascanya is the cheapest place to buy an apartment in Valencia. In the north of Valencia and bordered by better known barrios such as Benimaclet to the east, La Saïdia to the south, and Benicalap to the west, Rascanya is really cheap to buy – on average, buyers pay around €1,133/m2.
  2. L’Olivereta comes in at number 2. Located in the west of the city but just a 15 minute walk from downtown, prices in L’Olivereta average out at around €1,302/m2 but it varies quite a bit within the neighbourhood itself. L’Olivereta is home to five neighbourhoods and prices vary depending on where you are: La Fontsanta €862/m2), Tres Forques (€1,017/m2), Soternes (€1,387/m2), La Llum (€1,415/m2), Nou Moles (€1,456/m2).
  3. Jesús district was a historically industrial neighbourhood, and despite many years of housing shortages, prices have stayed low: buyers there pay on average €1,355/m2. However, having 5 neighbourhoods, prices may vary depending on where you are: Sant Marcellí is the cheapest neighbourhood (€1,214/m2), followed by Camí Reial (€1,238/m2), L’Hort de Senabre (€1,306/m2), La Creu Coberta (€1,353/m2) and La Raiosa (€1,453/m2).

    An official map showing Valencia’s city’s neighbourhoods. Map: Valencia City Hall
  4. Benicalap – the fourth cheapest area in Valencia is one of its oldest. Benicalap dates back to 1238 and it even existed as a separate municipality until it was eventually annexed by the city of Valencia in the late-19th century.

    Located in the northern part of Valencia, Benicalap averages out at about €1,408/m2, but within the district are a few neighbourhoods within which prices vary quite a bit. Ciutat Fallera, for example, is very cheap (€1,006/m2), but Nou Benicalap is much pricier, with averages of €2,148/m2.

  5. Patraix – a family friendly area just 3km from the city centre, prices to buy average €1,437/m2.

    READ ALSO: Moving to Valencia: A guide to the best neighbourhoods to live in

Cheapest neighbourhoods to rent in Valencia

  1. Favara – sandwiched between Patriax and Jesús is the small barrio of Favara in the south of the city, where renters on average pay just €6.03/m2 – the cheapest rate in Valencia.
  2. The Torrefiel neighbourhood of Rascanya comes a close second, costing on average just €6.47/m2 to rent.
  3. San Antoni is Valencia’s third cheapest neighbourhood- up in the north of the city and neighbouring Rascanya – where rents average €6.67/m2.
  4. La Llum – on the western outskirts of Valencia lies La Llum, where renting is also a very affordable €6.86/m2.
  5. San Marcelino – a small neighbourhood belonging to the bigger barrio of Jesús, San Marcelino is an old working class area with cheap rents – €6.95/m2 on average.

Renting or buying in Valencia’s old town Ciutat Vella is logically more expensive. Photo: Al Elmes/Unsplash

Most expensive neighbourhoods to buy in Valencia

If money’s no object to you, here’s a quick breakdown of the most expensive parts to buy in Valencia. See a more detailed sub-neighbourhood by sub-neighbourhood breakdown list over at 7televalencia, which includes both the most expensive and cheapest barrios, but be warned, it’s in Valenciano!

  1. L’Eixample – €2,876/m2 – Upscale L’Eixample is filled with wide, leafy streets lined by department stores and posh brunch spots. Pricey, but trendy.
  2. Ciutat Vella – €2,859/m2 – The old town, or casco antuigo in Spanish, is stuffed to the brim with gothic cathedrals and cobblestone side streets. This is the ‘heart’ of Valencia, and living amongst such hustle, bustle, and history comes at a price.
  3. El Pla del Real – €2,487/m2 – Known by some as Valencia’s nicest district, El Pla del Real is full of green spaces and parks, and is a great place to bring up kids.
  4. Campanar – €2,082/m2 – Campanar’s canal walks and vineyards give it a village like quality right in the middle of the city.
  5. Extramurs – €2,062/m2 – Bordering the old town, Extramurs central location mean it’s pricey and brimming with life – the barrio is home to some of Valencia’s best tapas bars and very popular with students. Top tip: visit the university’s botanic garden for an escape from city life.

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MOVING TO SPAIN

CHECKLIST: Everything digital nomads moving to Spain need to consider

Spain’s Startups Law is 100 percent going ahead after its very last ratification by the Senate and Parliament. If you’re a remote worker who’s now planning to come to Spain, there’s a lot more apart from the enticing law to consider beforehand, from costs to location.

CHECKLIST: Everything digital nomads moving to Spain need to consider

Spain’s Startups Law has now been completely ratified by the Spanish Senate and on Thursday December 1st was voted in definitively by Spain’s Parliament in one final vote, meaning that there are no more obstacles for the legislation to jump through.

In other words, it is a reality and there is no looking back or toing and froing for a law which has continued to receive support from all sides of the political spectrum in these very final stages.

In these last stages, the Spanish Senate added several amendments relating to better perks for serial entrepreneurs (people who start multiple businesses), incentives for startups in rural communities of Spain and denying the condition of “startup” to companies that have partners that “present risks”.

In a nutshell, Spain’s Startups Law is considered a first in Europe, with lots of incentives and tax benefits for foreign startups, less bureaucratic obstacles overall and favourable conditions for non-EU remote workers and digital nomads, including a residency visa.

The following two articles cover everything that you should know if you’re looking to benefit from the new law as a startup in Spain, but in this article our focus will be on non-EU remote workers and digital nomads and what to consider with a move to Spain.

Here is a list of what digital nomads should consider if they’re thinking of taking advantage of Spain’s new legislation.

Spanish residency and taxes   

The new digital nomad visa is particularly promising for non-EU digital nomads from countries such as the UK, US or Australia for example, as until now getting a residency permit for remote work hasn’t been at all easy, with the best option being to apply for the self-employment visa which requires a business plan, proof of guaranteed earnings and more. It will also be available for remote workers with a contract for an overseas company.

Digital nomads will be able to benefit from Spain’s Non-Residents Tax (IRNR) at a reduced tax rate of 15 percent for the first four years, even though they can spend more than 183 days a year in Spain and are therefore technically fiscal residents.

You can read in more detail about what digital nomads stand to gain in terms of taxes and a residency visa in the article directly below.

READ MORE: Spain’s new digital nomad visa – Everything we know so far

Where to move to in Spain as a digital nomad

This will be one of the most important decisions that you have to make, but again we have you covered.

From the best places for co-working and digital nomad culture to the best place for cost of living and for integrating into Spanish culture, the article below gives you an overview of some of the most popular destinations for nómadas digitales.

FIND OUT: Ten of the best cities for digital nomads to move to in Spain

Then again, you may be interested in enjoying a quieter life in rural Spain. You’ll sometimes see news stories about the offer of free accommodation in quaint Spanish villages that want remote workers, but these quickly get filled.

One of the best ways of finding the right place is by searching yourself, the article below explains how to do it.

FIND OUT: How to find Spanish villages that are helping people to move there

And do you really know what life in rural Spain will be like? Here are some points to consider.

READ MORE: Nine things you should know before moving to rural Spain

Rental costs

Spain is generally seen as having a very affordable cost of living, but it greatly depends on where you move to in the country. 

According to Spain’s leading property search portal Idealista, who released a report earlier this year, the most expensive cities to rent in Spain are San Sebastián and Bilbao at around €901 a month, followed by Barcelona and Madrid with €875 and €848 a month respectively.

The Balearics, the rest of the Basque Country and the area around Marbella also have above-average rental prices.

The cheapest places to rent are in the interior of the country around Teruel, Cuenca, Ciudad Real, Zamora and Palencia, while Almería and Huelva were the cheapest coastal cities averaging €504 and €477 a month.

As inflation rises, rents are increasing, so you may find that they are higher come January 2023.

You’ll also have to consider temporary accommodation for when you first arrive in Spain, the article below should help you with that.

READ MORE: How to find temporary accommodation in Spain when you first arrive 

General costs of living

As with rent, the general cost of living varies greatly, depending on where you want to base yourself within Spain. Barcelona, Madrid and places in the Basque Country generally have the highest cost of living, while places in central Spain and inland Andalusia have some of the lowest prices.

It’s worth keeping in mind that if you choose Barcelona, the cost of living has risen by 31 percent in the last five years. According to the annual report by the Metropolitan Area of ​​Barcelona (AMB), the minimum wage needed to be able to live comfortably in Barcelona is €1,435 gross per month.

You will need similar amounts for Madrid and the major Basque cities but will be able to get away with earning less in some of the smaller towns and cities.

Keep in mind as well that Spain is yet to disclose what the minimum income will be for digital nomads to be able to access the visa.

READ ALSO: 

Costs of co-working spaces

You’ll find co-working spaces all over Spain, mostly in the main cities but, even in small villages that are trying to attract more people because of depopulation. 

According to the latest report on the Status of Coworking in Spain in 2020-2021, Barcelona has the most coworking spaces, followed by Madrid.

Málaga, Seville and Granada, however, have the greatest offer of coworking spaces at the most affordable prices.

Co-working spaces are available to rent in Spain by the hour, day or month and also have the option for private offices for meetings and calls. 

According to the report, in 2021 the average price of a desk in a co-working space was €188 per month.

If you want to find out more about renting in Spain, check out The Local’s page on renting here

Internet speeds

Internet speeds are generally good in Spain, across much of the country, even in small villages. 

According to the Speedtest Global Index, Spain has an average broadband download speed of 154Mbps and an upload speed of 107Mbps.

For mobile speeds, the average download speed was 35Mbps and the upload speed was 10Mbps. Phone internet speeds were slightly faster in the bigger cities such as Barcelona and Madrid.

Healthcare in Spain

Even though the Startups Law will not be tweaked anymore and all that needs to happen is that it comes into force, one of the matters that still hasn’t been mentioned by Spanish authorities is what healthcare options will be available to holders of digital nomad visas. 

Will they need to get a private healthcare scheme as is required for non-lucrative visa applicants which can be expensive especially if you have pre-existing conditions? Will they be able to pay social security fees or the convenio especial pay-in scheme to access public healthcare? 

Whatever the outcome, Spanish healthcare has a good reputation although in recent times there have been protests about the lack of doctors and health workers in the country and consequently longer waiting times. 

Private healthcare options are affordable for people with no pre-existing health conditions.

READ ALSO:

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