The real estate market of Granada and its province continues to grow steadily. And it does not seem to have reached its peak yet, which plays into the hands of sellers in the short term, but does not bode well for buyers in the long term. Opportunities to find a property at a satisfactory price are becoming less and less perceptible. Prices have become elusive in the luxury real estate segment, which is especially favored by foreign buyers.
This sector is extremely specific, it is poorly exposed to the situation with the availability and cheapness of mortgage loans, the economic development of the region. Buyers here are wealthy; they rarely use borrowed funds for purchases and such offers are of maximum investment interest only in the role of "piggy banks" of large savings. Otherwise, these are purchases for status or for life.
According to the Idealista real estate portal, the demand for luxury housing in Granada is steadily growing, as well as prices, which have increased by 3% over the year and reached 3,298 euros per square meter. Such indicators are not far from the record holders of Spain: Madrid, the capital of the country, and Barcelona, the capital of Catalonia, as well as a number of other districts.
The list of these areas includes the Balearic Islands, Malaga and Alicante, the key elite markets of Spain. They are very popular with foreigners, using their location along the coast and the role of the largest tourist destinations in the country. You can also mention Santa Cruz de Tenerife, Girona and Gipuzkoa.
Thanks to the prices in these regions, as well as Madrid and Barcelona, the national average was "twisted" to 4,436 euros per square meter. Therefore, Granada even seems to be a fairly affordable option. Nevertheless, there are more than 100 villas in it at a price of more than a million euros, although it is difficult to name the exact number.
In the Balearic Archipelago, the average price per square meter of an elite villa is 5,993 euros. In Malaga, we are talking about 4,892 euros per square meter and an increase of 11.3% in prices in the last quarter of 2022. Santa Cruz de Tenerife, Girona and Gipuzkoa offer luxury villas at a price of 4,436, 4,152 and 4,008 euros per square meter, respectively. Alicante offers luxury housing at an average price of 3,962 euros per square meter.
Madrid and Barcelona are close to Granada. The capital of the country offers luxury villas at an average price of 3,689 euros per square meter, and Barcelona offers square meters for 3,636 euros. Recall that the level of Granada is 3,298 euros per square meter.
You may notice that much has been said above about villas, but not a word about luxury apartments. Idealista separates villas and apartments in its market analysis. In the list, she selects regions where there are at least 100 elite facilities for one local family. There are enough luxury villas in Granada to get into the analysis, but there are very few luxury apartments to include them in the study. Therefore, Idealista did not provide data and comparative analysis of Granada with other regions.