Purchasing a home near the Sardinero beach in Santander, Cantabria, will cost more than buying a home near the Sagrada Familia in central Barcelona, the world's largest unfinished Catholic church.
According to a study by iAhorro, a mortgage consulting company, in the first case, the house price is at the level of 4,730 euros per sq.m., while housing near the temple costs about 4,470 euros per sq.m.
Only a small number of people can afford living in an elite area. However, if houses in the central districts of large cities and close to architectural monuments used to be a usual point of interest, today the focus has notably shifted. This is not least due to the COVID-19 pandemic.
Representatives of the Fotocasa real estate platform say in an interview with iAhorro: “The pandemic has completely changed the residential requirements of the Spanish people. Currently, many residents escape the major cities, their central areas, and tourism centers, such as famous architectural monuments.”
And what good did that do? It led to the natural decline in property prices. Before the pandemic, real estate was in demand and had an extremely high prices.
However, Simone Colombelli, the Director of mortgage lending at iAhorro, points out that the differences between the Cantabrian capital and the Catalan capital are not as "striking" as it may seem: "We compare one of the most "elite"areas of Cantabria with an “elite” area in Barcelona, but it not enough to call this area elite compared to the most expensive and luxurious districts".
Colombelli also notes that properties close to the beach tend to be more attractive.
In the area surrounding the Santiago Bernabeu Stadium, a home of Real Madrid Football Club, the price of residential real estate is 5,958 euros per sq.m. Because of this, the property prices in the area are usually around 900,000 euros. In Bilbao, to the north and next to the Guggenheim Museum, the average price is 5,300 euros per sq.m. On average, real estate units are sold at a price of 571,600 euros.
According to Colombelli: “[These districts] attract various investors because there are many offices nearby. However, they also attract family buyers because they offer big mansions and many services are available in the area.”
All this allows prices to rise above the average for Spain in such areas.
On the other hand, there are places like Palma de Mallorca. They are in high demand among the Spanish and foreign tourists. A house in this region will cost 3,200 euros per sq.m. on average. This price is significantly lower than in San Josep de sa Talaia in Ibiza, where housing costs around 4,900 euros per sq.m.
In Mercado de Colon, Valencia, a home will cost 742,500 euros or even more. The average price is 4,150 euros per sq. m. In Seville, next to the La Giralda church, the price drops to 464,200 euros. In this area, the average price is 3,280 euros per sq.m.
We can also refer to Las Palmas de Gran Canaria. In the Las Canteras beach area, the residential real estate price reaches 291,200 euros. The approximate cost is 3,300 euros per sq. m. And in Pamplona, close to the famous Plaza Consistorial, a residential unit costs about 2,930 euros per sq.m.
Last but not least is Murcia. This is one of the most affordable cities to acquire residential property. A building in the city’s central area is sold for 1,330 euros per sq.m. on average. Even more affordable house is put on sale in Merida and the area of the Roman theater. A buyer will pay 114,700 euros for a property unit or 1,120 euros per sq.m.