Else Beekman
It makes a significant difference where in Spain you invest in property. With a jaw-dropping price gap of €15,675 per square metre, Spain’s housing market reveals extreme contrasts between its most exclusive and most affordable neighbourhoods.
For instance, a charming apartment in Madrid’s Recoletos district costs an average of €16,000 per square metre, while a comparable property in El Pilar-La Estación in Talavera de la Reina is priced at just €325 per square metre. The inequality in the Spanish housing market continues to grow.
Striking price differences between neighbourhoods in Madrid
In Madrid, the price differences between neighbourhoods are particularly striking. Recoletos, located in the prestigious Salamanca district, has prices reaching up to €16,000 per square metre. This surge is attributed to the transformation of existing properties into luxury residences, aimed at wealthy, often foreign, buyers. At the other end of the spectrum is San Cristóbal de los Ángeles, where the average price is just €900 per square metre. This discrepancy of over €15,000 per square metre illustrates the duality of Madrid’s housing market.
Barcelona and San Sebastián: More expensive and as popular as ever
Significant price differences are also evident in other cities. In Barcelona, the iconic Passeig de Gràcia has surpassed the €10,000 per square metre mark, while in San Sebastián, prices in areas such as Plaza de Gipuzkoa and Paseo de Miraconcha have risen to €8,500 per square metre. These increases highlight the appeal of these cities but make it increasingly difficult for average buyers to find a home there.
Explosive price increases in Andalucia
In the province of Málaga, property prices have skyrocketed in recent years. Neighbourhoods such as Torre del Río-La Térmica in Málaga city have reached prices of €9,000 per square metre, marking a 28.5% increase in just one year. This trend is also evident in other parts of the province, such as Estepona and Marbella, where prices are now €7,876 and €6,931 per square metre, respectively. These rises are partly driven by the growing demand from both national and international buyers drawn to the Mediterranean climate and lifestyle.
Smallest price gaps between neighbourhoods in Extremadura
In contrast to the regions mentioned above, Extremadura remains one of the most affordable areas to buy a home. The price gap between the most expensive and cheapest neighbourhoods is the smallest in the country, with a difference of just €1,715 per square metre between the most exclusive areas in Badajoz and the more affordable zones in Cáceres. This stability makes it an attractive option for buyers on a limited budget.
The most expensive neighbourhoods in Spain
Spain’s ten most expensive neighbourhoods are in three cities: Madrid, San Sebastián, and Santa Eulària des Riu in Ibiza. Madrid dominates the list with seven neighbourhoods, including Recoletos, Castellana, and Jerónimos, where prices exceed €10,000 per square metre.
Santa Eulària des Riu (Ibiza) is also an exclusive location, with an average price of €9,500 per square metre. Other expensive neighbourhoods include ‘Área Romántica’ in San Sebastián and Trafalgar in Madrid, both just under €9,000 per square metre. Overall, prices in these exclusive districts are up to four times higher than the national average of €2,389 per square metre.
Additionally, some of the priciest neighbourhoods in Catalonia and the Balearic Islands, such as Diagonal Mar in Barcelona and Portals Nous in Calvià, rank among the top twenty. In Andalusia, the most expensive neighbourhood is Guadalmansa in Estepona.
Also read: 400,000 euro difference between cheapest and most expensive home in Spain