The average price of housing for sale in Spain closed 2022 at 1,921 euros/m2, with a year-on-year increase of 5%, according to the year-end report of the real estate portal Idealista. In the same period, the report details that the price of luxury homes, those for sale on the market above €1 million, ended the year with an average price of €7,135/m2 for luxury apartments, and €4,436/m2 for high-end single-family homes.

For single-family homes, the report highlights three major markets: Balearic Islands, Malaga and Alicantelinked 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 analyzed with 5,993 euros/m2 for luxury villas. It is followed, at a distance, by the province of Malaga, with 4,892 euros/m2, after experiencing a rise of 11.3% year-on-year in the fourth quarter,” they emphasize from Idealista.

Alicante is, according to the report, the third largest market for detached housing above one million euros, although with its 3,962 euros/m2 it is surpassed in price by Santa Cruz de Tenerife (4,436 euros/m2), Girona (4,152 euros/m2) or Guipúzcoa (4,008 euros/m2).

The large residential markets of Barcelona and Madrid present average prices of villas, with larger areas for sale, reaching 3,689 euros/m2 and 3,636 euros/m2, respectively in the two provinces.

The report zooms in on provincial capitals and points out that apartments of more than one million euros are the most popular for sale. “In Madrid (7,200 euros/m2) and Barcelona (7,356 euros/m2) prices exceeded 7,000 euros/m2, although it is San Sebastian (7,975 euros/m2) and Palma (7,983 euros/m2) where the highest average price is found,” the report details.

But while in Madrid (3.8%) and Barcelona (0.3%) the prices of these luxury homes remained on the rise, in Palma (-0.3%) and San Sebastian (-2.5%) experienced slight drops in the values offered in the purchase and sale market, according to Idealista.

Apartments for more than one million euros can also be found in Malaga or Valencia, with prices reaching 6,748 euros/m2 in the Andalusian capital and 4,703 euros/m2 in the Valencian capital. In Malaga, prices rose by 7% year-on-year while they fell by 7% in Valencia.

Outside the provincial capitals, the apartments for more than one million euros that stand out the most are in the Balearic Islandswhere the highest price of the whole study is found. In the Balearic archipelago, luxury apartments reach 8,147 euros/m2, ahead of the 7,347 euros/m2 in Barcelona or the 7,345 euros/m2 in Malaga, where the number of apartments of these characteristics outside the capital skyrockets.