Valencia is the capital of the province and autonomous community of the same name in Spain. It is the third-most populated municipality in th…Valencia is the capital of the province and autonomous community of the same name in Spain. It is the third-most populated municipality in the country, with 807,693 inhabitants ; 1,582,387 inhabitants live within the metropolitan area. It is located on the banks of the Turia, on the east coast of the Iberian Peninsula on the Mediterranean Sea.