Where is the best place to buy property in Spain depends on your goals, lifestyle and preferences.
In 2024, despite the expected stagnation caused by economic and political reasons, the housing markets in some parts of Spain continue to grow. However, those who plan to invest in real estate can still take the chance to buy it at a better price.
In this post, we are talking about the most popular regions and cities for buying a home in Spain in 2024.
Content:
Costa del Sol
- Population: 1.36 million people.
- Average property price for 1 m2: €2,682.
- Average rental rate: €1,100 per month.
- Average rental yield: 5.15% per annum.
One of Spain's most popular regions, Andalusia's Costa del Sol offers investors, digital nomads and expats the perfect combination of beach and city lifestyles.
The most popular and sought-after cities in this region are Marbella and Puerto Banus, historical Malaga, cultural Mijas and Torremolinos with its endless beaches and modern housing located along a four-kilometer promenade. Another popular destination for home hunters is Sotogrande, a community that can be called a symbol of luxury in Spain with colorful Andalusia and the coastal city of Estepona, where you can enjoy national cultural traditions. With such a variety of interesting locations and a range of properties for sale, it is no surprise that many consider the Costa del Sol to be the best place to buy property in Spain.
Pros of buying property in the Costa del Sol
- High demand and ROI during the tourist season.
- World-class golf courses.
- Resort lifestyle with access to beaches.
- Acquaintance with the national cultural characteristics of the region.
Cons of buying property on the Costa del Sol
- The local leisurely pace of life is not for everyone.
- Tourist locations off season freeze, which can be a minus for investors, but a plus for those who are planning to relocate.
Barcelona
- Population: 1.63 million people.
- Average property price for 1 m2: €5,073.
- Average rental rate: €1,095 per month.
- Average rental yield: 5.42% per annum.
Barcelona is the second largest city in Spain, well known for its colorful architecture, combining medieval Gothic style and modernism. It is also home to vibrant Las Ramblas, Ciutadella Park, the UNESCO World Heritage site of Doctor Pla i Armengol Gardens, the Antoni Gaudí-designed Parc Güell and 4.5 kilometers of picturesque coastline.
In terms of neighborhoods, the city has plenty to look out for. For example, Barceloneta is popular for its beachy vibe while the historic districts of Gotico and Sant Gervasi are known for their peace and quiet.
Pros of buying property in Barcelona
- The perfect combination of beach and city lifestyle.
- A vibrant international community.
- A clean city with many interesting locations that are easy to explore on foot.
Cons of buying property in Barcelona
- One of the most expensive cities in Spain.
- Mass tourism, especially during the high season, this will be a plus for landlords.
Ibiza
- Population: approximately 147,914 people.
- Average property price for 1 m2: €5,400.
- Average rental rate: €1,225 per month.
- Average rental yield: 7.68% per annum.
This Balearic island off the coast of Valencia has many interesting places to visit. For example, the Old Town of Dalt Vila, a UNESCO World Heritage Site, and Ses Salines with its natural beauty. Ibiza also has several harbors such as Eivissa, Santa Eulalia and Botafoch. Healthy lifestyle enthusiasts will find many options for outdoor activities, including cycling, hiking and horseback riding.
In Ibiza, you enjoy two opposite lifestyles: quiet and relaxed on the one hand and vibrant nightlife on the other. This place is ideal for families and people who want to settle in a beautiful place with deep historical and cultural roots and enjoy a leisurely pace of life in traditional towns such as Sant Josep de sa Talaia and Es Cubells.
For those looking for a party atmosphere, the Mediterranean resort has first-class nightclubs that attract wealthy visitors, celebrities and world-famous DJs.
Pros of buying property in Ibiza
- Laid-back lifestyle.
- Great weather all year round.
- A variety of entertainment options for every taste.
Cons of buying property in Ibiza
- Influx of tourists from May to October.
- One of the most expensive places to buy property in Spain.
Madrid
- Population: 3.28 million people.
- Average property price for 1 m2: €4,279.
- Average rental rate: €1,009 per month.
- Average rental yield: 5.85% per annum.
Madrid is both the capital and the largest city in Spain, which harmoniously combines history and modernity. The metropolis consists of 21 districts and more than 100 microdistricts. The city has a well-developed healthcare system.
Popular places to visit around Madrid are Alcobendas, La Navata, Torrelodones, the Royal Cathedral of Saint Sebastian and San Lorenzo de El Escorial.
Pros of buying property in Madrid
- Lively capital.
- Lots of interesting historical and cultural spots.
- Well developed public transport and healthcare systems.
Cons of buying property in Madrid
- One of the most expensive cities in Spain.
- Landlocked.
Majorca
- Population: 923,608 people.
- Average property price for 1 m2: €3,706.
- Average rental rate: €875 per month.
- Average rental yield: 5.78% per annum.
The largest Balearic Island attracts people for many reasons, including well-developed infrastructure, a laid-back atmosphere, ideal golf courses and luxury real estate. The island is dotted with many hidden coves and sandy beaches such as Cala Agulla, Portals Wells and Playa de Canyamel.
Mallorca's real estate market has options for all tastes, it is lively and competitive. Palma is the capital of the island and home to plenty of vibrant bars and fine dining restaurants. Other popular destinations are the traditional postcard town of Andratx and the colorful village of Valldemossa. The island houses an active community of artists, writers and musicians that attracts creative people.
Pros of buying property in Mallorca
- Beautiful landscapes and nature.
- Friendly community.
- Lots of interesting places and outdoor activities.
Cons of buying property in Mallorca
- Distance from the mainland.
- Strict real estate zoning laws.
Costa Blanca
- Population: 3.35 million people.
- Average property price for 1 m2: €1,922.
- Average rental rate: €583 per month.
- Average rental yield: 6.63% per annum.
The Costa Blanca has huge economic and tourism potential, making it one of the best places in Spain to buy property. This region covers over 200 kilometers of unrivaled Mediterranean coastline in the southeast of the country. It is incredibly beautiful, dotted with picturesque bays, mountains covered with pines, and high limestone cliffs.
Property sales are booming here, therefore now is the perfect time to invest in this picturesque part of Spain. The top destinations for property hunters in this region are Benidorm, Altea, Calpe, Denia and others.
Pros of buying property on the Costa Blanca
- Breathtaking scenery, beaches and coves.
- Not crowded with tourists.
- More relaxed atmosphere compared to other parts of the country.
- A thriving expat community.
Cons of buying property on the Costa Blanca
- The local pace of living may not be suitable for lovers of the atmosphere of a bustling big city.
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