SHARE
COPY LINK
For members

MOVING TO SPAIN

How much does it really cost to live in Spain’s Valencia in 2024?

Valencia is one of Spain's most popular destinations and cheaper than Barcelona and Madrid. Valencia-based journalist Conor Faulkner breaks down rent, transport, grocery and other costs in this lively coastal city in 2024.

How much does it really cost to live in Spain's Valencia in 2024?
Though property prices are rising in Valencia, they're still considerably lower than in Madrid and Barcelona. Photo: Veerle Contant/Unsplash.

If you’ve visited Valencia on holiday, you’ll know that Spain’s third city is a beautiful coastal place with great food, an international feel, the beach and Mediterranean just a short cycle or drive away, and an abundance of natural parks, famous museums and traditional towns nearby.

With a population of around 800,000, Valencia is big enough to feel like a city but not as intimidating as its bigger neighbours Madrid and Barcelona can feel at times.

All in all, Valencia is a fantastic place to visit and live.

But don’t just take my word for it – in 2020 Valencia was named the most desirable city for foreign residents in the world by the Expat Insider Survey published by InterNations. In fact, over 100,000 foreigners have made the eastern Spanish city their home in recent decades, and for good reason.

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

Valencia has long been a popular holiday destination, but how much does it really cost to live in Valencia?

How does Valencia compare?

According to calculations from Numbeo, for renting, Valencia is 26.1 percent cheaper than in Madrid, and 25.8 percent cheaper than in Barcelona. For transport costs, Valencia is around 25 percent cheaper than Madrid for a monthly travel card, and 16.7 percent cheaper than in Barcelona.

Numbeo estimates that a family of four in Valencia has estimated monthly costs of 2,378.60, not including rent, and a single person 674.70 without rent.

As is the case anywhere in the world, prices vary depending on the barrio (neighbourhood) you live in not only for renting and buying property, but even how much you pay for a beer and sandwich. That being said, we can take a look at some average prices to get a better idea of how much living in Valencia actually costs.

Rent

According to Numbeo, Valencianos fork out 31.5 percent of their monthly budget on paying rent.

Renting a one-bedroom apartment in the centre of Valencia costs an average of €966.08 a month. If you want something a little cheaper, travelling further from the city centre means you’ll be able to find one-bedroom apartments for an average of €716.30.

For a three bed in the city centre, you’d pay on average €1,600 a month, whereas a three-bedroom apartment on the city’s outskirts would set you back around €1,050 a month on average. 

The cheapest barrios to rent in Valencia are generally considered to be Favara, sandwiched between Patriax and Jesús in the south of the city, Torrefiel, in the Rascanya district, and San Antoni, where you can still find apartments to rent for less €6.00/m2.

Buying property

Buying a property in central Valencia in 2024 costs an average of around €2,389.20/m2, which means that if you buy a 80/m2 apartment, it would cost you around €191,136.

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

Let’s take, for example, Valencia’s most expensive neighbourhood, l’Eixample, in the city centre, which on average costs €3.615/m2 to buy, according to Idealista. That’s quite a bit more than the city-wide average, but pales in comparison to the Salamanca district of Madrid (€7.374/m2) and the Sarrià – Sant Gervasi area of Barcelona (€5,666/m2).

Groceries

Like anywhere, prices depend on where you shop. Generally speaking, chain supermarkets like Mercadona, Masymas, and Consum are the cheapest, while larger supermarkets like Carrefour and El Corte Inglés are more expensive.

Looking at the average prices on Numbeo, in Valencia a kilogram of rice costs an average of €1.33. 12 eggs set you back €2.54, and a litre of milk €1.03. A kilogram of tomatoes (likely grown locally) costs an average of €2.11, and a kilo of potatoes just €1.59.

Of the more expensive products, a kilogram of chicken fillets costs around €7.50, and its €9.69 on average for a kilo of local cheese.

Grocery shopping is more expensive in Valencia than it was a couple of years ago. Photo: Jonny James/Unsplash.

Eating out

Valencia is the birthplace of one of Spain’s most iconic dishes, paella, but has a thriving (and very affordable) gastronomical scene that boasts a mix Spanish classics and international cuisine.

A meal in an inexpensive restaurant in Valencia costs around €12.75, whereas a three-course meal for two people sets you back an average of €45.

For those of you who enjoy fast food, or use the classic ‘Big Mac Index’ to gage a city’s cost of living, a combo meal in McDonalds costs €9 on average.

Having a caña (a beer in a small glass) costs on average €2.50 whereas Spain’s classic menú del día three-course lunch menu is €12.80, similar to the national average, but can be considerably higher in the city centre.

Transport

A one-way ticket on local buses or metro costs around €1.50, and a monthly pass €31.50 on average. 

However, like in many parts of Spain, the Valencian local government offers substantial discounts on public transport. The SUMA card, which integrates all the routes of Metrovalencia, Metrobus, EMT and Cercanías, has been cut considerably. The cost of a 10 trip SUMA top-up in Zone 1 starts from just €4 and passes for Zones 1 and 2 from €6, and increases the further out you go.

Those of you who have spent time in Valencia probably noticed that the city is absolutely covered in cycle lanes. Valencia is an incredibly bike friendly city, and the majority of people there (tourists and locals alike) use the public bike rental scheme Valenbisi.

It’s also incredibly cheap – a weekly subscription costs just €13.30, and the annual pass is a steal at €29.21. The first 30 minutes are always free (and it must be said, most journeys in the city centre don’t take half an hour) and after that you pay around €1 or €0.50 per half hour after that, depending on your tariff. 

Member comments

Log in here to leave a comment.
Become a Member to leave a comment.
For members

READER QUESTIONS

Do I have to do Spain’s annual tax declaration if I arrived recently?

There’s less than a month left to file Spain’s annual tax return, so where do new arrivals stand regarding this? Are they already tax residents? What if they didn’t work in Spain last year and only arrived in 2024?

Do I have to do Spain's annual tax declaration if I arrived recently?

The Spanish tax system can seem a little complicated at times. This is especially true if you’ve just arrived in the country and don’t speak the language.

A common question among newcomers to Spain is whether or not you’ll need to do an annual tax declaration if you recently arrived in the country.

The Local has covered the tax declaration, known simply as la renta in Spanish, in considerable detail before. You can find our collection of tax articles here

But do you have to do Spain’s annual tax declaration if you arrived recently?

The Local Spain spoke to lawyer Maryem Essadik, CEO of Spain-based Marfour International Law Firm, to find out more. 

Do people who have recently arrived in Spain have to file an income tax return?

“It depends on your status as a tax resident or non-resident in Spain, which will be determined based on the requirements provided for in Article 9 of Law 35/2006, of November 28, on Personal Income Tax (LIRPF). 

“If considered a tax resident, that person will be required to submit a Personal Income Tax return, provided that they obtain the minimum amounts to be required to submit it.”

READ ALSO:

Spanish tax residence begins after 183 days in the country. Are there any circumstances in which a person who has recently arrived in Spain (less than 183 days) has to do it?

“If a person stays less than 183 days in Spain during the fiscal year, they will generally be considered a non-tax resident in Spain, and it must be taken into account that “sporadic absences” abroad could be part of said calculation, in accordance with Article 9 of the LIRPF. 

“Additionally, a person may be considered a tax resident in Spain (even if they do not remain in Spanish territory for more than 183 days during the fiscal year) if their base of activities or centre of economic interests is located in Spain, or when your family are considered tax residents in Spain, unless the opposite is duly proven.

“The person who is considered a non-tax resident will only pay tax in Spain on the Spanish-source income obtained during the corresponding fiscal year. 

“Your obligation to file an income tax return will depend on the type of income obtained and whether the payer has applied and paid the corresponding withholding/payment on account, to the extent that they are required to do so.”

READ ALSO:

Keeping in mind that the 2024 Declaración de la Renta applies to the previous year, would they have to pay taxes in Spain for their 2023 income if for example they arrived in March 2024?

On the basis that in 2023 that person did not reside in Spain, in principle they would be considered a tax non-resident in said country. 

Therefore, as mentioned, they should only be taxed in Spain in 2023 if they obtain any income from a Spanish source.

READ ALSO: 

SHOW COMMENTS