By August 1, 2022, there were more than 40,200 luxury homes for sale in the Spanish residential real estate market. The price of each home exceeds 1 million euros. If we consider the offers' distribution by regions of the country, the Basque Country occupies a leading place in the number of properties for sale.
There are 288 premium villas in the Basque Country of Biscay, which is 0.7% of the total number of luxury villas in Spain. Gipuzkoa has 198 villas, or 0.5% of the total. On the other hand, only 11 properties can be found for sale in the province of Alava. This is one of the lowest provincial results in the whole country. These figures are based on open offers on the Idealista real estate portal.
Prices range from 1 to 3 million euros. The property falls into the ultra-luxurious category if this indicator is exceeded. Biscay has 21 residential properties in this category, and Gipuzkoa has 5. This is 0.3% and 0.1% of the country’s total ultra-elite properties (approx. 7,775 properties). Alava once again demonstrates a weak result, or rather, a lack of it, because there is not a single residence for sale at a price higher than 3 million euros in the province.
The most expensive offer — 7.8 million euros
The most expensive house in Biscay is located in Bilbao, Iturralda. Its area is 435 sq. m., and the price is more than 7.8 million euros. The building has nine bedrooms. The most expensive real estate in Gipuzkoa will cost 3.3 million euros. It is called Lanperna (note: Villa-Lanperna) and it is situated in Igeldo. The residence occupies an area of 650 sq. m.
The unique feature of the villa is that it can be rented for 800 euros per night on sites like Airbnb. But it is true that the competition for booking this house is extremely high. Summer is the most popular season, so reservations for rentals must start as early as December.
The lowest prices in the Basque Country are expected to be in Alava. The most expensive house in this province will cost 1.5 million euros. The area of the home reaches 520 sq. m., and it is located in the village of Armentia, not far from Vitoria-Gasteiz.
Despite the fact that these houses are affordable for a very narrow circle of people, in reality, this is the price category that moves the Spanish market forward today. The Society for the Appraisal of Residential Real Estate in the Basque Country’s most recent analysis of the industry, which was released in early August of this year, draws its principal conclusion from this.
Throughout 2022, the market was characterised by a strong increase in the speed of home sales, a supply reduction, and a large growth in prices. Until the end of 2022, there will be a pronounced dynamic of “acceleration” on the market and a further rise in price, which will be accompanied by a low number of new project launches. Pressure from issues like the shortage and rising costs of construction materials, as well as issues with raw materials and energy carriers, will be placed on the newly begun construction projects.