When a person with an average salary starts the adventure of trying to buy housing on Ibiza, it is not long before they discover that they have embarked on a mission that may not have a happy ending.
The average apartments, between 70 and 90 square meters, are beyond the economic possibilities of a worker with a ‘normal’ salary. After the first disappointment, the option is to look for smaller housing, thinking that the less square meters, the lower the value. Sometimes this theory is correct, but sometimes it is not.
This is the case for most of the studios offered for sale on the most popular buying and selling platforms.
Housing prices typical of Fifth Ave.
In the center of Ibiza, in the Marina district, there are three studios with prices that are typical of New York’s Fifth Avenue. One of them, barely 35 square meters, is for sale for 345,000 euros. The seller describes it as “an exclusive, ‘like new’ studio, with great taste and all kinds of details so that in within the area you have the feeling of spaciousness and freedom”.
Housing on Ibiza: 35 square meters for 345,000 eurosAlso in this same area, although closer to Dalt Vila, an apartment of 65 square meters (without bedroom) is for sale for 410,000 euros. It is a third floor without elevator.
Housing on Ibiza: 65 square meters for 410.000 eurosMuch less central than in Vila, a studio of 38 square meters (33 useful) in Portinatx is sold for 325.000 euros. It is located on the beachfront and is renovated, taking into account that the building dates back to 1978. With this price, the square meterage of this tiny-house reaches 8.553 euros.
Housing on Ibiza: 33 square meters for 325,000 eurosIn Santa Eulària an apartment of 35 square meters is up for sale for 230,000 euros, without any renovation. “Owning an apartment on beautiful Ibiza and earning money from the rental income… is what most second home buyers are looking for” explains the seller in their ad.
Housing on Ibiza: 35 meters for 230,000 eurosIn the area of the port of Ibiza – Talamanca, a 40 square meter studio is on sale for 290,000 euros. The ad explains that the price has been lowered by 40,000, so it was originally on sale for 330,000€. Despite this reduction it doesn’t seem like a bargain, especially considering that not even the bathroom has any privacy.
Housing on Ibiza: 40 square meters at 290,000 euros