Although the trends in the real estate market are more or less the same in different areas of Spain, the price of real estate can vary significantly. For example, the regions near the Mediterranean coast are traditionally the most expensive in the country, which becomes especially noticeable when compared with prices in the depths of the peninsula. Let's turn to the Idealista report for Q4 2022.
According to the report, the ranking of the most expensive cities in Spain has not changed since the end of the third quarter (September 2022). Andalusian cities still occupy the first places in the top ten. Several more cities of the community are present in the list of the 25 most expensive cities in the country. They are all united by their coastal location near the Mediterranean Sea.
Cities with housing prices above one million euros
Two cities in Malaga, the province of Andalusia, overcame the millionth milestone in prices by the end of last year. Benaavis, a mountain village with spectacular views of the Costa del Sol (the region is located just 7 kilometers from the settlement), continues to lead in the high cost of local real estate.
The average house price in Benaavis has already exceeded 1,868,000 euros — the highest figure in Spain. At the same time, the permanent population of the village is only 8,000 people, although it increases many times during the holiday season. Due to the high demand from wealthy local and international tourists, Benaavis is home to one of the most luxurious urbanizations in the country.
Another Spanish record holder is the municipality of Calvia, located on the island of Mallorca in the Balearic Archipelago. The population of Calvia is almost 50,000 people. The average price tag for housing here is 300,000 euros lower than in Benaavis. Marbella, traditionally associated with luxury and exclusivity, has become another leader in Spain in terms of prices. Here prices have almost reached 1,320,000 euros.
With prices below one million in the ranking, the Sotogrande urbanization of the municipality of San Roque in Cadiz is in the top positions. It is also washed by the waters of the Mediterranean Sea. In just a quarter, housing prices here increased by 40,000 euros, so by the end of the year, the average cost of buying residential real estate in Sotogrande reached 962,000 euros
Let's pay attention to several municipalities from the list of the 30 most expensive real estate markets in Spain. In 14th place is Estepona, a summer town in Malaga, which has lost one of its positions, but still shows an average price tag of 563,000 euros. Another interesting municipality is Adeje on the island of Tenerife. The island is one of the main tourist destinations of the Canary Islands. By the way, this is the only city out of the 15 most expensive in Spain that is not located on the Mediterranean coast.
Also noteworthy are: Mijas (20th place), Alaurin de la Torre (22nd place), Benalmadena (23rd place), Fuengirola (26th place), Rincon de la Victoria (28th place) and Almunecar (30th place), all of them are located on the Costa delSalt, with the exception of the last one, which is located in Granada and is the beginning of the Costa Tropical.