High-end real estate is currently recovering after deals were frozen due to the pandemic. However, it is worth noting that prices did not intend to decrease: the cost of properties remained at the same level or even increased in most quarters and districts of capitals and coastal resorts, which are most popular in the purchase of luxury housing.
To discuss this issue, it is worth using data from the latest idealista price report, which states that the average house price in Spain in October increased by 3.7% year on year. Following this data, we will analyze how prices have changed among sellers of elite housing in those areas where the cost exceeded 4,000 euros / m2 and compare with similar indicators in 2019.
Where did elite housing rise in price the most?
The primary growth in the luxury housing market prices is in the Balearic Islands and Malaga areas. The growth has been particularly noticeable over the past two years in the Genova area of Palma, where prices rose 41.1% and reached 5,881 € / m2 at the end of October.
In the Montemayor-Marbella Club area in the Malaga city of Benahavis, adjacent to Marbella, prices rose by 39.2% to 4,312 euros / m2. For comparison: in the neighbouring area of La Zagaleta-El Madroñal, where one of the most famous luxury urbanizations in Europe is located, the growth was 3.7%. Cala Vignes in Calvia completes the top three in price growth, showing an increase of 37.7% to 4,957 euros / m2.
Areas with a high standard of living with negative dynamics
On the other hand, prices have fallen in some elite real estate areas. For example, in Naut Aran, in Lleid, owners have cut prices by 13.7%. The cost here does not exceed the threshold of 4,000 euros / m2. Barcelona’s two districts, La Nova Esquerra de l’Eixample (-12.7%) and Diagonal Mar and Frontier Maritim del Poblenou (-12.5%), also showed negative dynamics compared to prices observed in October 2019. Nevertheless, the latter area is still the most expensive in Barcelona: prices are kept at 6,202 euros / m2.
It is also worth noting that the Es Cubells District in San Josep de sa Talaia in Ibiza is the most expensive in Spain with a housing price despite a 12.4% decrease in prices compared to the 2019 tag of 8,641 euro / m2. In another well-known area, such as Miraconcha in San Sebastian, the price has dropped by 10.6% compared to two years ago to 7,243 euros / m2.