Luxury housing is a global business that highlights the attraction of a geographical area and generates wealth and employment wherever it is developed. And while it is true that the luxury real estate market shines throughout Spainbut some regions dazzle with a particularly special intensity. There is Ibiza, in the top ten of the most attractive areas in this area, while at the same time many citizens have no access to housing and end up living in caravans.
According to data updated by idealista as of August 1, 2023, Spain boasts an impressive total of 40.375 homes listed in this category. All 50 Spanish provinces have at least, one property that exceeds one million euros. If there is one segment that knows no recession, it is luxury housing. It continues at a good pace and experts predict its growth during the second quarter of 2024.
The price per square meter in premium (from 1.5 to 3 million euros), luxury (from 3 to 10 million) and super-luxury (from 10 million) homes has increased by more than 10% since 2021. The average price in that year was around 6,700 €/m2, while in 2023 it stood at 8,110 €/m2, according to Grupo Tecnitasa.
That Madrid and Barcelona concentrate almost 80% of the luxury demand is nothing new, “but also highlight the areas of Andalusia and Levante on the coast, and archipelagos such as the Balearic Islands (especially Mallorca and Ibiza) and the Canary Islands (with Tenerife), for its climatic conditions, which especially attract foreign buyers,” says the CEO of Arum Group in Idealista, Jesús Abellán.
Ibiza, a spectacular case
The undisputed stars of the luxury market in Spain are Balearic Islands, Malaga, Madrid and Barcelona. These provinces are not only home to the most expensive housing, but together they account for the largest share of the total 70% of all properties priced over one million eurosaccording to Expansión.
Balearic Islands is crowned as the leader in this segment, with a 23,8% of the total number of ads on Idealista. Málaga follows closely behind with a 22,5%. While Madrid y Barcelona are presented with a 12,1% and a 11,2% respectively, adds the economic newspaper.
The truth is that analyzing the luxury housing rental market in the Balearic Islands we find that in the portal of sale and purchase in Ibiza there are about 500 properties (482 exactly), while in Palma (Mallorca), an island that is six times larger than the largest of the Pitiusas, has 711 luxury homes for rent.
The most expensive luxury rental in Ibiza
In Idealista the most expensive luxury home found for rent is a villa in Jesus for 150,000 euros per month. The house has six bedrooms built on 1,000 square meters of living space.
The second most expensive that appears is a villa in Sant Josep that rents for 130,000 euros per month that includes 8 bedrooms, two swimming pools, and all the amenities anyone can imagine.
In terms of buying and selling of luxury housing the panorama in Ibiza changes, as it does not exceed that of Mallorca, although it is one of the most powerful in Spain. While in Ibiza in Idealista there are about 3,000 premium homes for sale (at 35 million euros the most expensive), on the neighboring island the volume reaches 22,000 properties (being 79 million euros the highest price).
For the full article, please visit Diario de Ibiza website here.