Learn how Spain’s Luxury Property prices are developing and why you should invest now!
Spain’s Luxury Property prices are closed with an average of €1,921/m2 in 2022, with a year-on-year increase of 5%, according to the year-end report by idealista, the real estate marketplace in southern Europe. In the same period, the price of luxury homes, i.e. those on the market for over €1 m, ended the year with an average price of €7,135/m2 for luxury apartments and €4,436/m2 for single-family homes with high purchasing power.
With data from the last quarter of 2022, we review the price evolution of these luxury homes in the most prominent residential markets by province (villas) and capital cities (apartments).
The Balearic Islands, Malaga and Santa Cruz de Tenerife: the three provinces with the highest prices for villas
For single-family homes, three large markets stand out – the Balearic Islands, Malaga and Alicante – given their connections to sun and beach tourism and the ownership of primary or secondary homes near the coast. The Balearic archipelago has the highest average price of the provinces analysed at €5,993/m2 for luxury villas. It is remotely followed by the province of Malaga, with €4,892/m2, after experiencing a year-on-year increase of 11.3% in the fourth quarter.
Alicante is the third largest market for detached housing over €1 m, although, with its €3,962/m2, it is overtaken in price by Santa Cruz de Tenerife (€4,436/m2), Girona (€4,152/m2) and Guipúzcoa (€4,008/m2).
The large residential markets of Barcelona and Madrid have average prices for villas, with larger surfaces for sale, reaching €3,689/m2 and €3,636/m2, respectively in each province.
But there is also a noticeable market for single-family homes for more than €1 m in the provinces of Valencia (€2,513/m2), Granada (€3,298/m2), Cádiz (€3,457/m2) or Las Palmas (€3,639/m2).
Luxury apartments in major markets exceed €7,000 per square metre
Zooming in on the provincial capitals, apartments worth more than €1 million are the most popular for sale. In Madrid (€7,200/m2) and Barcelona (€7,356/m2), prices exceed €7,000/m2, although it is San Sebastian (€7,975/m2) and Palma (€7,983/m2) where the highest average price is to be found.
But while in Madrid (3.8%) and Barcelona (0.3%) luxury homes prices remained on the rise, in Palma (-0.3%) and San Sebastian (-2.5%), there were slight falls in the values offered on the property market.
Properties for more than €1 million can also be found in Malaga and Valencia, with prices reaching €6,748/m2 in Malaga and €4,703/m2 in Valencia. Prices rose by 7% year-on-year in Malaga, while they fell by 7% in Valencia.
The Balearic Islands are home to the most expensive apartments and Barcelona has the most outstanding luxury villas
Outside the provincial capitals, the most outstanding properties for more than €1 million are in the Balearic Islands, where the highest prices of the entire study are. In the Balearic archipelago, luxury flats reached €8,147/m2, ahead of the €7,347/m2 in Barcelona or the €7,345/m2 in Malaga, where the number of properties with these characteristics outside of the capital skyrocketed.
In addition to the province of Madrid (€7,038/m2), the luxury apartment market can also be seen in the provinces of Alicante (€5,587/m2), Vizcaya (€5,430/m2) and Cadiz (€5,123/m2).
On the other hand, Barcelona city has the most expensive luxury villas among the provincial capitals, with €5,439/m2, followed by Palma (€5,278/m2) and Madrid (€4,124/m2).
But there are also villas for €1 m in Malaga (€2,981/m2), Alicante (€2,945/m2), Granada (€3,208/m2) and Seville (€3,250/m2).