Buying an apartment in Ibiza on an average budget is almost impossible. The few properties that fall within a reasonable price range are snapped up instantly. Within hours, they disappear from the market—often without even being advertised, as word of mouth is enough to secure a sale.
The same goes for new developments. Everything sells off-plan, and for some, the business model is simply to resell at a much higher price the moment they receive the keys.
“Sold on the spot,” confirms Jimena Carrión, a salesperson at Windsor & Meyers real estate agency. She explains that price is a key factor in the speed of sales. Even the most expensive and exclusive properties find buyers, though not at the same breakneck pace. “Homes priced up to €400,000 vanish within three days. If the price is right, it sells fast.”
The most searched apartment in Ibiza
The supply is scarce, which is strange, since the island has once again bristled with cranes and new real estate developments follow one after the other without ceasing. “It is that there is a type of product that does not exist. Developers build 70-square-meter, two-bedroom apartments because they are the most profitable,” explains Juan Torres, administrator of the Ibiza TRT company: “But there are other products that you can’t find. I call them the Holy Grail, because nobody has seen them. For example, three-bedroom properties at market price. There are many families who are looking and can’t find them. “If the price is on the market, if it’s not exaggerated, it doesn’t last more than a month. Many of them sell in 24 or 48 hours,” he adds.
According to experts, what is most being built now in Ibiza are apartments of 60-70 square meters, ranging between 350,000 and 450,000 euros. These prices and these dimensions make them disappear from the market at the speed of light. there are some, but you have to find them.
Nothing for the housing crisis in Ibiza
Recently, the central Government announced a battery of initiatives, 12 in total, to improve the access to housing both for renting and buying, in the national territory.
This new State Housing Plan, scheduled for 2026, includes some measures that are already being implemented in the Balearic Islands, while others have been received lukewarmly, as many experts consider that will not stop voracious speculation that the sector is experiencing and that is causing hundreds of thousands of people, especially young people, to be unable to have a home of their own.
Following the presentation of the Housing Plan by Pedro Sánchez, several local associations have expressed their “caution” regarding the effectiveness of these initiatives.
The Sindicato de Inquilinas de Ibiza y Formentera (Ibiza and Formentera Tenants Union) assured in a press release that the State Housing Plan does not imply a drop in the price of rents, soaring in the Pitiusas, so it proposes another type of intervention to reduce them “by half”. In the same way, he said that the measures announced by the president are “insufficient and not very brave”. The initiatives he calls for to alleviate the housing crisis in Ibiza and Formentera are as follows:
- To lower the prices of rents and sale of housing
- To prohibit speculative purchases and by investment funds
- To declare all the municipalities of Ibiza as ‘stressed areas’
- To increase the number of inspectors to detect illegal tourist housing
- To put on the market, at an affordable price, that 20% of empty homes that exist in the Pitiusas.
For the full article, please visit Diario de Ibiza website here.