The luxury housing market in Spain has grown steadily in recent years, accompanied by rising prices and an increase in purchase transactions against the backdrop of the broader post-pandemic residential property market.
Strong foreign interest in Spain has also attracted premium buyers who are looking to settle not only in the country’s largest cities, but also in the most refined and exclusive locations on the Mediterranean coast and on both archipelagos.
According to listings on idealista, Mallorca, Ibiza and the Costa del Sol lead Spain’s luxury housing rankings, but the absolute benchmark is the Salamanca district in Madrid.
Madrid: Salamanca remains the main benchmark for luxury housing
The national ranking is led by Recoletos, located in this district, with an average price of 11,111 euros/m², although it recorded a slight annual decline of 0.6%.
It is followed by Castellana – 11,093 euros/m², up 6.9% – and Lista – 10,612 euros/m², up 6.2%.
However, the luxury housing market in Madrid is not limited to the Salamanca district.
In Almagro, in the Chamberí district, the average price reaches 10,582 euros/m², up 3.3%, while in Goya it stands at 10,390 euros/m².
Even more impressive are the figures for the neighbourhoods with the strongest annual growth – above 13.5%: Arapiles in Chamberí and Bernabéu-Hispanoamérica in Chamartín.
Prices there range from 8,500 to 8,650 euros/m².
In El Viso and Nueva España, both located in Chamartín, prices rose by more than 12% year-on-year.
In the former they reached 9,618 euros/m², and in the latter 8,706 euros/m².
Barcelona: the premium segment gains strength by the sea
The Catalan capital also has an established luxury housing market, although average prices are somewhat lower than in Madrid.
The city’s most dynamic asset is Diagonal Mar and the Poblenou seafront in Sant Martí: 9,062 euros/m² with annual growth of 15.7%, one of the highest price increases among all areas in the ranking.
Next comes Pedralbes in the Les Corts district – 8,473 euros/m², up 12.7%.
Seafront property and the redevelopment of the coastal area are giving Barcelona new arguments to compete in the premium segment.
La Dreta de l’Eixample follows slightly behind in price, reaching a new high of 7,928 euros/m² after annual growth of almost 4%.
The neighbourhoods of Sarrià-Sant Gervasi, such as Sant Gervasi-Galvany – 7,786 euros/m², Sarrià – 7,568 euros/m² – and Les Tres Torres – 7,335 euros/m², complete the luxury housing segment in the Catalan capital.
San Sebastián retains its status as the most expensive city for resale housing
San Sebastián, meanwhile, confirms its status in the luxury property segment as the city with the highest average price for resale housing in Spain – 6,415 euros/m².
The most expensive housing – 8,478 euros/m² – is found in Centro-Miraconcha, while Área Romántica stands out among the other neighbourhoods at 8,819 euros/m² with annual growth of 5.1%.
The Old Town – 7,222 euros/m² – and Antiguo – 7,695 euros/m² – grew faster, by 8.7% and 12.3% year-on-year respectively, strengthening their position in San Sebastián’s luxury housing segment.
Palma de Mallorca: urban neighbourhoods compete with resort areas
Palma de Mallorca is the gateway to an island that is home to some of the most exclusive locations in the country.
In the Balearic capital itself, the La Seu-Cort and Monti-Sion neighbourhoods in the Old Town, Ciutat Antiga, show prices of 8,508 euros/m² after growth of 14.7% – one of the highest annual figures among all municipalities in the list.
They are joined by Son Vida – 8,477 euros/m², the island’s most iconic residential estate.
Other areas and neighbourhoods of Palma also stand out for their prices: Portixol-Molinar – 7,589 euros/m², the seafront area of Santa Catalina-Son Armadans-Marítim – 7,577 euros/m² – and La Llotja in the Old Town – 7,511 euros/m².
Mallorca, Ibiza and Formentera lead among island destinations
If the urban market impresses with its prices, the coast stands out for the wide range of options available to buyers interested in luxury housing.
According to idealista, Costa d’En Blanes in the municipality of Calvià, Mallorca, ranks first, with a price of 10,026 euros/m² and annual growth of 12.2%.
It is the only coastal area to exceed the 10,000 euros/m² mark and enter the national top 10 alongside Madrid’s most exclusive districts.
Port d’Andratx, Andratx, Mallorca, reached 9,426 euros/m² with growth of 7%, while Portals Nous-Bendinat, Calvià, stood at 8,899 euros/m², up 4.2%.
Formentera – 9,002 euros/m², up 2.5% – confirms its reputation as the most expensive island in the archipelago by average price, although growth there is more moderate than in the areas listed above.
The largest number of luxury areas is concentrated in Ibiza: Sant Josep – 8,712 euros/m², Sant Jordi de Ses Salines – 8,097 euros/m², Cala Vedella-Cala Tarida-Cala Conta – 8,007 euros/m² – in the municipality of Sant Josep de Sa Talaia, together with Jesús/Nuestra Señora de Jesús – 8,447 euros/m² – and Sant Carles – 8,156 euros/m² – in Santa Eulària des Riu.
Costa del Sol: Marbella and Estepona strengthen the premium segment
On the Costa del Sol, Los Monteros in Marbella remains at 8,651 euros/m² with a slight decline of 0.2%, while the Guadalmanza beach area in Estepona shows growth of 7.2% to 8,407 euros/m².
Also in Estepona is Punta Plata, where the average price stands at 7,753 euros/m² after growth of more than 30% over the past year.
In the province of Malaga, demand for luxury property is shifting towards new destinations among the more established Marbella markets – such as Lomas de Marbella Club-Puente Romano, 7,695 euros/m², and Sierra Blanca, 7,359 euros/m², both located on the so-called Golden Mile.
Photo: JJFarq / Shutterstock.com
