Valencia

Country

Population

787,808

Renting

3 Things...

1. Valencia is home to the world's largest fallas festival, Las Fallas, which takes place every March. The festival features elaborate sculptures made of papier-mâché that are ultimately burned in a spectacular display, attracting thousands of visitors each year. 2. The city has a unique architectural blend, featuring both historic buildings and modern structures. Notably, the City of Arts and Sciences, designed by Santiago Calatrava, is an iconic example of contemporary architecture that stands out against Valencia's traditional skyline. 3. Valencia is known for its rich culinary heritage, particularly as the birthplace of paella. The city hosts a variety of cooking classes and food tours that allow visitors to learn about and taste authentic Valencian cuisine.

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Population (AI)

814,208

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Last edited

Sep 30, 2024 6:49 PM

Category

Local programs

Housing Market

The housing market in Valencia, Spain, is experiencing a significant crisis, characterized by a severe shortage of rental properties and rising prices. The pandemic and the influence of Airbnb have exacerbated this issue, leading to a competitive market where available rentals are scarce and often unaffordable. The city's rental crisis is marked by a lack of incentives for investors to enter the rental market, with many properties being left empty by banks and investment funds awaiting optimal selling conditions. Valencia's housing crisis is further complicated by the high demand for rentals, both from locals and those relocating to the city. The situation is worsened by the conversion of long-term rentals into short-term holiday rentals, which has significantly reduced the available stock of affordable housing. To address this crisis, the city is exploring various solutions, including government action to compel large property holders to rent out their apartments and increasing social housing with fair rents. However, these measures require significant time and financial investment, making immediate relief challenging.

Further Actors?

Cooperatives

Housing cooperatives in Valencia play a significant role in providing affordable and sustainable housing solutions. The city promotes cooperative housing through various initiatives. For instance, the European Investment Bank (EIB) has provided a loan of up to €27 million to finance the construction of over 320 new affordable rental units, with a focus on near-zero-energy buildings. This project is part of the European Fund for Strategic Investments (EFSI) and aims to increase the stock of affordable public rental housing in Valencia. While specific data on the market share of housing cooperatives in Valencia is not available, the city's efforts to support cooperative housing are evident through such large-scale projects. These initiatives not only create new housing units but also generate employment opportunities during the construction phase. The city council's collaboration with the EIB underscores a commitment to promoting affordable and sustainable housing solutions, making cooperative housing a viable option for residents.