The average price of second-hand homes in Spain stands at €2,203 per square meter. However, a select group of cities has surpassed the €6,000 per square meter barrier, setting a new record in the Spanish real estate market.
In December 2023, four cities located in the Balearic Islands and the Basque Country reached their historical maximum prices. Topping the list is Eivissa (Ibiza) with an impressive selling price of €6,403 per square meter. Following closely is Donostia (San Sebastián) in second place with €6,120 per square meter. In third place is Zarautz (Guipúzcoa) with €6,029 per square meter, and in fourth place is Santa Eulària des Riu (Ibiza) with €5,997 per square meter in December 2023, having reached €6,010 per square meter in November of the same year.
Other locations nearing the €6,000 per square meter mark include La Moraleja in Madrid (€5,700 per square meter), Calvià in Mallorca (€5,526 per square meter), Andratx in Mallorca (€5,496 per square meter), Sant Josep de sa Talaia in Ibiza (€5,304 per square meter), Sitges in Barcelona (€5,192 per square meter), and Sant Cugat del Vallés in Barcelona (€4,938 per square meter). Surprisingly, 50% of the ten municipalities with the highest prices belong to the Balearic Islands.
Over the past nine years, Eivissa has experienced a 110% increase in its price, rising from €3,416 per square meter to the current €6,403 per square meter. Donostia has increased its value by 47%, Zarautz by 25.5%, and Santa Eulalia has recorded a remarkable 152% increase since 2014.
This rise in property prices in Ibiza is attributed to the growing tourist demand, mainly from foreigners with higher purchasing power than the local demand. This situation hinders access to housing, especially since the Balearic Islands lack almost entirely public social housing. On the other hand, in the cities of the Basque Country, the limited housing supply puts pressure on prices, returning to levels from 2006, before the real estate bubble. The two factors, high demand and low supply, are the main reasons that place Sitges among the most expensive locations in Spain. This scenario adds prestige to the town of Sitges and makes it a secure investment, but these high prices make it unaffordable for everyone to live in Sitges, pushing its residents to seek housing in nearby towns such as Olivella or Sant Pere de Ribes.
If you are looking for your new home, do not hesitate to contact Living Sitges Inmobiliaria. Within this landscape of high prices, we have properties of all price ranges and in different areas. We also work with the surrounding towns.
Living Sitges Article