Garraf
Sitges Rentals
Located in the Garraf region, Sitges is a vibrant and The apartments that are in most demand for rent consist
cosmopolitan town on the coast that enjoys mild tem- of 80 sqm and houses of about 300 sqm in the centre,
peratures all year round. Located 38 km from Barcelona, including in Vinyet and Terramar due to their proximity
it has a great infrastructure for tourism and is a highly to town and sea and for the peace and tranquility. The
sought-after town for main residence or a holiday home. tenants are divided into equal parts between national and
international clients.
The most popular homes are the 100 sqm penthouses
and apartments between 80-110 sqm with terrace and In 2018, the average rent price in Sitges increased to
sea views. The buyer profile is mostly foreigners who between 15 and 17 euros / sqm compared to average price
make up to 65% of purchases compared to 35% of natio- of 13 euros / sqm the year before.
nal customers. Within the international clients, 30% of
buyers are English, 20% are French and the Dutch and Rental prices in Sitges
Americans account for 10% respectively. The rest is (Figures in euros / sqm)
between Belgians, German and other nationals from
Eastern Europe.
Property prices in Sitges Primera linea Minimum Maximum Average
(Figures in euros / sqm) Vinyet 15 20 17
Terramar 14 18 16
Centro 14 18 16
13 17 15
Primera linea Minimum Maximum Average
Vinyet 6.000 9.000 7.000
Terramar 5.000 7.000 5.500
Centro 5.000 7.000 5.500
4.000 5.000 4.500
Market Trends. The Spanish Residential Market | 51
Gerona - Costa Brava
Cadaqués
Roses
Empuria
Brava
Gerona
Gerona
Lloret
de Mar
Blanes
Gerona
Costa Brava
52 | Market Report 2018-19 Spain and Andorra
Gerona - Costa Brava
Gerona
The proximity of Gerona to the sea and the mountain In Gerona, 65% of purchases are made by the Spanish
as well as the French border and Barcelona, with which and the rest are foreign clients led by French, Dutch
it shares excellent connections via the motorway and and the English, who are mainly interested in fincas
AVE, are the decisive factors when choosing this com- (country homes).
fortable city to live in.
Property prices in Gerona
The most popular homes in this city are 2-3 bedroom (Figures in euros / sqm)
flats of between 70 and 100 sqm and close to medical,
educational and shopping centres, especially the ones Centre-Barri Vell Minimum Maximum Average
within proximity to the high speed train station. Eixample 2.666 2.866 2.766
Montjuïc 2.171 3.020 2.531
In the Barri Vell area, the demand is focused on small La Selva 1.650 1.650 1.650
apartments for short stays in the city. After becoming Pla de l’Estany 1.015 1.560 1.287
the fashionable neighbourhood of Gerona, this is an 1.630 2.179 1.904
area highly sought by investors who buy properties to
rent out to tourists and students. There is a very high demand for rental properties, but
the offer in general is very low, which has caused an
The buyer profile of other areas of the centre, such as increase in prices and difficulty in finding a home.
Eixample, Devesa and Montilivi is drawn by families
from the city with access to mortgages. Since last year,
there has been an increase in customers from Barcelona
who choose to live in Gerona, thanks to its excellent
transport connections and affordable house prices.
Eixample is the area with the highest prices in the city,
mainly in the north, where the average price per square
metre exceeds 3,000 euros, with La Salle as the most
sought-after address. Although, Aragó street, in Palau,
has reached an average price of 3,755 euros / sqm.
Market Trends. The Spanish Residential Market | 53
Costa Brava
Cadaqués Roses
The easternmost town of the Iberian Peninsula, which This town in the region of Alt Ampurdán is a well-known
belongs to the region of Alto Ampurdán, bases its eco- tourist destination that also boasts the most prominent
nomy in tourism. It is a characterful Bohemian enclave fishing port on the north coast of Catalonia.
and highly exclusive. The proximity to Barcelona and
France makes Cadaqués a chosen destination to buy a The most popular homes are detached homes between
holiday home for investment or relaxation purposes. 400,000 euros and 700,000 euros with sea views and
south-facing apartments between 70 and 90 sqm with
large terraces of between 250,000 and 450,000 euros.
In both types, the buyer profile is mostly foreigners who
made up 85% of purchases in 2018. However, a growing
interest from national customers was observed last year.
Among the foreigners, the French stand out with (50%),
German (20%) and the Belgians (15%), followed by the
British and Russian buyers.
53% of the property purchases from other nationalities Property prices in Roses
are by the French buyers, compared to 26% of Catalans (Figures in euros / sqm)
and 21% of the Belgians, British, German and other
countries outside of Europe. Roses pueblo Minimum Maximum Average
Canyelles 956 2.800 1.878
The most popular homes are luxury villas with sea views Almadrava 2.300 3.190 2.744
that start from one million euros, but they can sell for Puig Rom 2.060 3.500 2.780
prices above 10,000 euros / sqm in the most exclusive Pau 3.055 3.508 2.181
areas, as well as the apartments in the centre of the town Palau Savardera 2.219 2.219 2.219
for around 350,000 euros. Santa Margarita 885 1.465 1.400
Mas Fumats 164 2.164 2.164
Property prices in Cadaqués Mas Buscà 1.647 1.719 1.683
(Figures in euros / sqm) 1.320 1.393 1.357
Primera línea Minimum Maximum Average
Centro 4.000 10.500 7.000
Port Lligat/Parque 2.500 6.500 4.000
Natural
S'Aguarda 3.500 7.500 5.500
Caials
Sa Conca/Es Quers 2.750 5.000 3.250
2.000 3.250 2.500
2.500 6.500 5.250
54 | Market Report 2018-19 Spain and Andorra
Empuriabrava Lloret de Mar - Blanes
At the top of Ampurdán, just 50 minutes by AVE from The South of the Costa Brava, just one hour from Bar-
Barcelona and only 60 km away by car from France, celona and 20 minutes from Gerona, has some of the
Empuriabrava stands out for being the largest residential most sought-after resorts on the Catalan coast, such as
marina in Europe with more than 30 km of navigable Cala San Francesc in Blanes, Martossa in Tossa de Mar,
waterways that make it possible to moor your boat in and la Mongoda in Lloret. On the other hand, the inner
front of your home. region of the national parks, Montseny and Les Guilleries,
allows you to enjoy nature with utmost privacy without
The homes by the canal, the closest ones to the sea, as being away from the great road connections and the
well as the properties that have their own mooring are nearby beaches of the Costa Brava.
the most in demand. The preference for those who have
a sailboat or yacht focuses on canals that make it easy to The zones are subdivided into three
maneuver or the ones that are just before the bridges.
• The maritime strip, where demand is centred around
The star property in Empuriabrava would be an individua- detached homes close to the sea with prices between
lly-designed house of about 200 sqm with 3-4 bedrooms, 450,000 and 750,000 euros, and apartments in the cen-
a 500 sqm land and with mooring in the wide canal after tre or by the sea ranging between 150,000 and 300,000
of the bridges, where only boats can go up to 2.80 metres. euros. This is where one can find the most expensive
area: Blanes Sant Francesc, one of the most prestigious
This type of property would have a price tag of around urbanisations on the Costa Brava, in which property
650,000 euros, while in the areas close to the canal in prices can reach 8,000 euros / sqm.
front of the bridges, where you can moor sailboats or big
motor yachts, the prices reach 4,500 and 5,500 euros / • The northern zone consists of Montseny-Guilleries,
sqm. 68% of buyers are foreign with the French taking where the demand is mostly focused on farmhouses or
the lead and accounting for 64% of foreign buyers, rural properties and the prices are a maximum of 2,500
followed by the German (20%). The rest is divided euros / sqm.
between the Belgians, Dutch and the British.
• The inner zone, which has detached homes and much
cheaper apartments. As with the rest of the Costa Brava,
the percentage of foreign clients is higher than national
buyers. Up to 60% of purchases are led by the French
(50%) and Russians (20%). y rusos (20%).
Property prices in Costa Brava South
(Figures in euros / sqm)
Property prices in Empuriabrava Minimum Maximum Average
(Figures in euros / sqm) 1.250 6.000 2.800
1.500 6.000 3.000
Canal ancho Minimum Maximum Average Lloret 1.250 8.000 2.500
Canal estrecho 2.500 4.000 3.300 Tossa 800 2.500 1.300
Anteriores a los puentes 2.200 3.900 3.410 Blanes 600 2.300 1.300
Sin canal 3.500 5.500 4.500 Montseny - Guilleries
Castelló d´Empuries 2.000 3.300 2.400 La selva interior
990 1.500 1.200
Market Trends. The Spanish Residential Market | 55
Tarragona
Tarragona
Tarragona
Tarragona
56 | Market Report 2018-19 Spain and Andorra
Tarragona
Tarragona
With 14 kilometres of coastline and a UNESCO World Property prices in Tarragona
Heritage Site, Tarragona has all the amenities residents (Figures in euros / sqm)
can expect from a mid-size city. The awakening of real
estate market has been delayed compared to other pro- Part Alta Minimum Maximum Average
vinces due to the significant property stock existing after Eixample 587 1.871 1.248
the housing bubble burst. Nou Eixample Nord i Sud 1.181 2.481 1.847
Barrios Martítimos 658 1.651 1.390
In 2018, the average property price was in a range of Via Augusta – Músics - Vall 621 1.547 1.166
between 1,166 euros / sqm in the maritime districts and de l’Arrabassada - Antibes
1,847 euros / sqm in Eixample, although in locations, Urb. Cala Romana – 1.466 2.727 1.790
such as Limonium Street in Tamarit, Via Augusta and Boscos – La Mora - Tamarit
Paseo de Rafael de Casanova, prices have reached over 1.071 2.208 1.441
2,000 euros / sqm.
It is these last two streets are nestled between the most
popular areas next to the Rambla Nova neighbourhood
which represent the most prestigious area. For its part,
the proximity to the d’Arrabasada Beach and the centre
of the city has turned Vía Augusta into a sought-after
location, where detached homes come out on top.
The demand for property in Tarragona is mainly from
the national market, where 80% of buyers are national
against 20% foreign. With regards to the foreign buyers,
who are mainly the French and Swiss, the demand is
focused on La Mora and Tamarit, where customers look
for detached holiday homes near the beach.
The momentum of the market will come when the rise
in property investment goes hand in hand with resale
purchases.
Market Trends. The Spanish Residential Market | 57
Catalan Pyrenees - Gerona and Lérida
Valle de Arán
Cerdaña
Cataluña
Valle de Arán
Cerdaña
58 | Market Report 2018-19 Spain and Andorra
Catalan Pyrenees - Gerona and Lérida
Valle de Arán
The privileged Lérida Pyrenees, formed by 33 villages, For its part, Bagergue is the highest village in the valley
is one of the richest valleys in Catalonia thanks to at 1,419 metres above sea level and 4 km from Baqueira,
Baqueira station, an authentic ski resort in the Aran while Arties is one of the most sought-after resorts in
Valley. Valle de Arán thanks to its location - between Baqueira
and Vielha-, mainly because of its gastronomy and
The Aranese real estate market started to recover in the exclusive nightlife.
winter of 2015/16 after four years of hardly any activity.
In 2017, the upward trend allowed an increase in prices
and purchases up until 2018, a year in which home sales
have been mainly among the national client, who alre-
ady account for 80% of purchases. Among the Spanish,
the Valencia and Basque Country locals stand out, while
among foreigners, the predominant nationalities are the
French and British.
At 1,500-1,700 metres above sea level, the most sou-
ght-after areas are Baqueira. the Val de Ruda urbanisa-
tion, as well as in nearby towns close to the ski tracks,
such as Bagergue, Salardú and Arties, where prices have
rebounded on average by 12% compared to previous
year. This is especially the case with the pre-owned
properties and detached houses.
The Val de Ruda region, located at the foot of the
Baqueira-Beret ski resort, is a complex with 500 pro-
perties, three hotels, shopping arcades, schools, ski
equipment rental shops, restaurants, and chairlifts for
easier access to the ski station.
Market Trends. The Spanish Residential Market | 59
Vielha Property prices in Valle de Arán
(Figures in euros / sqm)
The capital of the Aran Valley is the nerve centre of the
region. It is bustling all year and offers all kinds of Baqueira Minimum Maximum Average
properties, from detached homes with gardens, to small Unha - Bagergue - 3.100 7.000 4.700
apartments. In Vielha, there are two of the most presti- Salardú
gious urbanisations in the area: La Solana and Santa Arties 2.800 4.400 3.250
Gemma, both with private villas that are built in typical Vielha y Mijaran 2.611 4.800 3.000
Aranese style. Bajo Arán 1.500 2.800 2.100
Pallars Sobirà - 1.200 1.850 1.575
The area’s commerce, the wide gastronomic offer and Esterri d’Àneu
its variety of bars are perfect for anyone who wants to 1.500 2.000 1.850
enjoy the best ski experience.
60 | Market Report 2018-19 Spain and Andorra
Cerdanya
Located in a long valley east of the Pyrenees that runs A minimum of three bedrooms, two bathrooms plus
along the Segre River and natural border crossing between cloakroom, with a multi-purpose room and garage
Catalonia, France and Andorra, Cerdanya is the chosen between 150 and 200 sqm and with prices below 500,000
destination by the upper class Catalans for their second euros are the most sold homes by Engel & Völkers in
or third residence. Its strategic location, the excellent 2018, although 21% of the sales have been properties
road connections from Barcelona and Gerona and the with prices between 500,000 and 2 million euros against
most number of sunny days throughout the year make it 36% of those with a price tag of less than 300,000 euros.
highly desirable to live or spend your holidays both in
summer and in winter. In fact, practically all (98%) of Despite the difficulty of predicting the second and third
the buyers are national, of which more than 90% are residence market, which depends almost entirely on the
Catalans arriving from Barcelona and Gerona. Catalan customers, Engel &Völkers estimates an
increase of 10% in purchases in 2019 with the prices
The prestigious ski resorts of Cerdanya offer different maintaining the same growth rate as last year.
activities throughout the year including snowboarding,
skiing on all its slopes as well as routes for hiking, Bolvir is still the area with the highest prices, where
trekking, horse riding, mountain biking, etc. To this some of the most sought-after urbanisations are located
variety of activities we must add those you can take part in the prestigious Cerdanya, such as the Royal Golf
in the airfield and the magnificent golf courses. Club, where average prices are up to 3,800 euros/sqm.
The most in-demand properties are the townhouses Property prices in Cerdanya
which account for 40% of the sales carried out, followed (Figures in euros / sqm)
by detached homes and apartments (27%) and plots
(5%). The panoramic views of the valley and the moun- Alp Minimum Maximum Average
tains, with south-facing orientation and in urbanisations Das 1.650 2.570 1.830
with scenic views are the most in-demand features. Fontantals 1.800 2.500 2.325
Bolvir, Real Club de 1.430 2.330 1.880
Golf Cerdaña
Bolvir 3.000 4.000 3.800
Prats, urbanización 2.500 3.500 2.900
El Pla
Llívia 2.000 2.900 2.225
Puigcerdà 1.900 2.300 2.150
Bellver 1.325 2.300 1.800
Ger 1.580 1.750 1.690
Guils de Cerdanya 1.425 1.875 1.650
1.670 2.225 2.050
Market Trends. The Spanish Residential Market | 61
Valencian Community
Valencia
790.201 28.181 EUR 22.922 € 1.942 €/m² 16,4%
Population or number Average Gross Disposable Average Price Interannual
Variation
of inhabitants Income Income 2018
The Valencian Community leads the property According to data from the Property and Land Observa-
resale ranking in Spain. For a few years Valencia was tory under the Ministry of Development, in the second
known for its high number of new-builds. Now, howe- quarter of 2018, the number of house purchases expe-
ver, the Valencian Community leads the ranking in rienced a year-on-year increase of more than 11% at
Spain for the highest home resales. According to the national level and 160,000 purchases were exceeded in
2018 Real Estate Registry Statistics from the College a quarter -; In the Valencian region, this increase rea-
of Registrars, 87% of the total properties sold in this ched 19%, one of the biggest rises in all of Spain.
region already had an owner before.
Valencia also stands out in terms of the rate of sales
The average price per square metre of these properties compared to the number of inhabitants, as it’s the
was 1,589.5 euros, according to the Ministry of Deve- region of Spain with the highest relative real estate
lopment. This is a lower figure registered in the Valen- activity with 4.09 purchases per thousand inhabitants
cian capital, which stood out in the past year due to the by the end of 2018.
significant increase in the price of properties. Specifi-
cally, the city of Turia saw the value of its properties Another fact that suggests the continuity of the upward
rise by 16.4%, going from an average price per square trend in Valencia’s market is that the average time it
metre of 1,668 euros to 1,942 euros. takes to sell a property in the Valencian capital compa-
red to the rest of Spain; 6.5 months compared to almost
Foreign demand will continue to be one of the main eight months from the rest of the country, according to
pillars of real estate business in the Valencian Commu- data from the appraisal company Tinsa. Districts of the
nity this year. International investors accounted for city of Valencia.
26% of total property purchases in the Valencian Com-
munity in 2018, which meant the city became the third
most attractive region for foreigners after the Balearics
Islands and Canary Islands.
62 | Market Report 2018-19 Spain and Andorra
Districts of the city of Valencia
Pobles del Nord
Pobles
de l'Oest
Benicalap Rascanya
Campanar La Saïdia Benimaclet
Algirós
Ciutat Vella El Pla del Real
L'Olivereta Poblats
Patraix Marítims
Extramurs
Eixample Camins al Grau
Jesús Quatre Carreres
Pobles del Sud
Prices in euros/sqm
1.000 € 1.500 € 2.000 € 2.500 € 3.000 € 3.500 € 4.000 € 4.500 € 5.000 € 5.500 € 6.000 €
- - - - - - - - - - -
1.500 € 2.000 € 2.500 € 3.000 € 3.500 € 4.000 € 4.500 € 5.000 € 5.500 € 6.000 € 6.500 €
El Pla del Real 4.823 Camins al Grau 2.571 Rascanya 1.869
Poblats Marítims 3.266 La Saïda 2.343 Algirós 1.787
L’Eixample 3.054 Quatre Carreres 2.080 Benicalap 1.691
Campanar 2.878 Extramurs 2.051 Jesús 1.166
Ciutat Vella 2.877 L’Olivereta 1.920 Pobles de l’Oest 1.000
Benimaclet 2.845 Patraix 1.897
Market Trends. The Spanish Residential Market | 63
The city of Valencia is distributed in 19 districts, subdivi- Beach - Pla del Real, City of Arts and Sciences, Pata-
ded in turn into 89 neighbourhoods and districts. Engel & cona, Malvarrosa, Alboraya, Puig, El Saler as well as the
Völkers covers the best locations in the capital and the municipalities of Puzol and Cullera, among others.
province, grouping them into three large areas: The surroundings - Paterna, Rocafort, Godella, El
Centre - Ciutat Vella, Eixample, Extramurs and La Saïdia. Vedat, Bosque, La Eliana or Betera.
Centre
This is the most in-demand area of the city, especially • The old town, Ciutat Vella.
the properties in stately areas with generous footage this is the historical, cultural and political centre of the
and three or more bedrooms; the houses with high cei- city. There are many architectural gems like the Cathe-
lings, moldings and handcrafted mosaic floors and top- dral, the Plaza de la Reina and Miguelete located here.
floor flats. The first type, especially between Valencian In this area there is a steady rise in prices, with La
families in their majority as well as the last type of Xerea as the neighbourhood with the most expensive
property is popular among foreigners and young people prices, exceeding 3,000 euros / sqm on average.
with high purchasing power.
• Extramurs, a very family-friendly area.
In 2018, the most expensive property sold by the Engel In one of the most affordable areas of the centre of the
& Völkers Valencia team was a top-floor flat located in city, family-sized apartments of around 100 sqm with
Eixample. It was sold for four million euros. two bathrooms are in high demand, with prices around
150,000 euros for homes that require renovation and
The foreigners who bought more properties in the area 250,000 euros for those that are already renovated.
are the French, German, American and Chinese, to
which other nationalities such as Italians, Dutch, Bel- Property prices in Centre
gians and Russians are added. Europeans and Americans (Figures in euros / sqm)
look for renovated homes with character in order to
make profits from, either through capital appreciation Gran Via Minimum Maximum Average
or by renting it out. Pla del Remei 2.419 3.688 3.098
Ruzafa 2.448 4.069 3.258
In the centre of Valencia there are three very different El Pilar 1.733 3.145 2.428
areas: El Carmen 2.390 3.298 2.500
La Seu 2.212 2.745 2.475
• Eixample, the most exclusive area of Valencia. El Mercat 1.790 3.448 2.761
This is Valencia’s upper class area. With prices ranging La Xerea 1.564 2.784 2.050
from 1,733 euros / sqm to 4,100 euros / sqm, it is Sant Francesc 2.190 3.500 3.011
distributed in three neighbourhoods: Pla de Remei, Extramurs 1.094 3.342 2.200
Gran Via and Ruzafa. In the first two, the most expen- 1.229 2.543 1.891
sive streets of the city are located, with average prices
above 3,200 euros / sqm, such as Jacinto Benavente,
Cirilo Amorós and Gran Vía del Maqués del Turia.
64 | Market Report 2018-19 Spain and Andorra
Alameda - Coast
In this vast and heterogeneous area of Valencia, apart-
ments and houses on the beachfront coexist with flats in
the city. This is a booming district where there has been
significant growth, both in services and prices.
The type of property most in demand are the three-be-
droom and two-bathroom apartments on an area of around
110 sqm, followed by apartments and penthouses. On
the beachfront, the buyer chooses apartments of more
than 80 sqm with two bedrooms or houses with a mini-
mum of 180 sqm and three bedrooms with a pool.
Most in-demand areas Property prices in Alameda - Costa
(Figures in euros / sqm)
• The coastal area consists of Patacona, Cabanyal and
Malvarrosa neighbourhoods. The proximity to the beach Minimum Maximum Average
has turned the district of Cabanyal-Canyamelar into one 1.100
of the fashionable areas of the city to reside in. Trinital, Orriols, 1.850 2.900 1.900
Torrefiel, Ayora 1.600
• Pla del Real area is characterised by its proximity to Albors, Algirós 1.000 3.700 2.700
the Turia gardens as well as the centre of the city. The o la Vega Baixa 1.000
Plaza of the Spanish legion has become the most expen- Pla del Real, Ciudad 1.600 6.400 3.400
sive address with an average price of 3,900 euros / sqm. de las Ciencias o Patacona 600
Poblaciones de Costa Norte 4.600 2.000
• The City of Sciences, as the most modern and avant- de Valencia
garde area of the city, stands out for its international Poblaciones de Costa Sur 4.000 1.800
image and is a chosen destination by foreign buyers and de Valencia
high-purchasing managers and officials. Urbanizaciones
de alto standing
Buyer profile Poblaciones no costeras
75% of buyers are national compared to 25% interna-
tional buyers, led by the French, Russians, British, and
Italians. Most foreigners look for apartments as a holi-
day home in beach areas with a clear preference for
top-floor flats.
4.800 2.200
2.600 1.000
Market Trends. The Spanish Residential Market | 65
Valencia’s Surroundings
This extensive territory into the inner province stands The distribution between national and international
out from the rest of the areas covered by Engel & buyers has been reversed in 2018 and consists of the
Völkers Valencia because it has a unique logistics and first 68% against 32% of foreigners, with the Americans
business location thanks to its proximity to the port and and German in the lead followed by Italians, Belgians,
the road that connects with Madrid, as well as to the French, Chinese, British, Romanian and Dutch.
entire Mediterranean.
Property prices in Valencia’s Surroundings
The most common request by the clients that buy urban (Figures in euros / sqm)
properties in the metropolitan area of the city is that
they must be well connected with the city and with Nou Campanar Minimum Maximum Average
access to multiple services. The profile is made up of L’Eliana 2.400 3.000 2.700
national families with children looking for a larger Betera 1.700 2.300 2.000
home, and even in exclusive and private developments. Vedat-Torrent 1.800 2.600 2.200
Urb. El Bosque 1.650 2.250 1.950
Non-residents seek quiet homes, without the noise Alzira 1.900 2.600 2.250
pollution of large buildings, with swimming pool, La Pobla de Vallbona 1.050 1.300 1.175
nearby amenities and well connected with city, airport Mislata 1.450 1.950 1.700
and beach. 1.600 2.200 1.900
In the urban district, there are two types of properties
that are highly sought: those that have a residential area,
spacious, with three bedrooms and are well connected
to the city, and those properties that investors are inte-
rested in buying with part of their savings and rent out
for profit. These homes must be between 80 and 100
sqm, with good road connection routes, two or three
bedrooms and they must be in a good condition.
In such an extensive area that consists of highly hete-
rogeneous properties based on their municipalities, the
range of prices is extended to a range from just over
1,000 euros / sqm in Alzira to 3,000 euros / sqm in Nou
Campanar.
Campanar, one of the most popular districts outside the
centre, stands out for its recently-built properties and
buildings – less than 20 years ago- and these properties
have communal areas, such as swimming pool, social
club, sports courts and other amenities.
66 | Market Report 2018-19 Spain and Andorra
Rentals
The rental market in Valencia remains at its full capacity, The highest in demand properties
but expectations may change with the housing plan laws
in terms of rentals. The average price per square metre The star property for rent in Valencia is drawn by 3-4
of the apartments for rent is 10 euros, although it ranges bedrooms and two bathroom apartment distributed in 140
from a maximum of 14 euros / sqm in Eixample and sqm, located in Eixample and with a monthly cost of
Ciutat Vella to the minimum of 7 euros / sqm that can be around 2,000 euros- preferably on the top floor with
found in areas such as La Eliana. terrace or balconies and an absolute preference for attic-
type homes.
Engel & Völkers predicts a growth in Valencia’s rental
market by up to 20% in 2019, a significant but more Throughout 2018, there has been an increase in demand
moderate growth than the increase of 30% registered in in residential buildings of the two- and four-bedroom
the number of purchases during 2018. residential center in areas from 90 sqm to 150 sqm,
although 25% of Engel & Völkers’ customers have
In Valencia, the average term of the rental contracts is requested independent detached homes. with private gar-
between one or two years, with very few tenants who are den and pool with a minimum of 200 sqm.
rented for three years in the same home.
Rental prices in Valencia
Profile of the tenant (Figures in euros / sqm)
There are three distinct profiles: families with children Eixample Minimum Maximum Average
of medium-high purchasing power, foreigners with high Ciudad de las Ciencias 9 14 11
purchasing power who reside in Spain for a limited period Ciutat Vella 8 12 10
of time and couples without children or single people. Pla del Real 8 14 11
Extramurs 9 13 11
It is worth noting the increase of foreign tenants with a Playa de valencia 8 11 9
very high purchasing power, in large part managers of Betera (Mas 8 13 10
large multinationals, up to hoarding 56% of the rents of camarena – T. Conill)
the city. They are mostly French, Italian, British and Eliana 8 14 11
North American. Godella - Campolivar 7 11 9
Rocafort – Sta. Barbara 8 13 11
The areas with the most demand for rent in Valencia are 9 14 11
five: The City of Sciences, the Valencian Parliament, the
beach of Valencia, Eixample and Campolivar and Santa
Bárbara. The beach of Valencia, driven by the new urban
development project of the city, which arouses the interest
of foreign clients and investors, already recorded a sig-
nificant increase in prices and demand in 2017, which
has been maintained over the past year.
Market Trends. The Spanish Residential Market | 67
Alicante-Costa Blanca
Alfaz del Pi
Benidorm
Alicante
Alicante
Alicante
Costa Blanca
68 | Market Report 2018-19 Spain and Andorra
Alicante-Costa Blanca
Alicante
Alicante is much more than just one of the most impor- Property prices in Alicante
tant tourist destinations in Spain. The economic rebound (Figures in euros / sqm)
experienced in the heat of its excellent infrastructures - it
has an international airport and AVE - and the attractive Alicante Centro Minimum Maximum Average
prices in relation to other cities of the Community have Alicante casco antiguo 1.800 4.000 2.625
placed it in one of the preferred options for real estate Alicante Cabo Huertas 1.650 2.640 1.950
investment and it has become the first province in num- Alicante Golf 1.300 5.000 3.150
ber of purchases ahead of Valencia and Castellón. Playa San Juan 1.000 2.750 1.875
Vistahermosa 1.600 4.500 3.050
This dynamism, driven in equal parts by the national and La Font 1.000 2.500 1.750
international buyer, focuses on properties with a mini- El Campello – Playas 1.000 2.300 1.650
mum of three bedrooms and two bathrooms overlooking El Campello – 1.000 4.150 2.575
the sea. The most in-demand types of properties in the Coveta – La Nuza
city are the penthouses and flats facing the sea or the port 1.500 3.000 2.250
with terrace located on beaches such as San Juan, Alma-
drava or Muchavista. For its part, in the coastal areas
such as Cabo Huertas, El Campello, Covetá Fumá, the
most in-demand properties are the villas.
It is precisely in Cabo Huertas, where the highest price
is recorded, reaching maximums of 5,000 euros / sqm,
followed by Playa San Juan (4,500 euros / sqm) and El
Campello (4,150 euros / sqm). All of these are prices in
very exclusive homes that double the average of the rest
of the zones.
In Alicante there are several nationalities that give the
city a cosmopolitan and multicultural vibe. Among the
countries with the highest number of homebuyers, we
can highlight Germany, France, the United Kingdom,
Belgium, Switzerland, the Netherlands, Scandinavian
countries and the USA.
Market Trends. The Spanish Residential Market | 69
Rentals Costa Blanca
The real estate dynamism of Alicante the last year has Benidorm
also been noticed in the rental segment where the ave-
rage prices have been placed in a range between 8 and Also known as the New York of the Mediterranean, this
10.75 euros / sqm. is the town with more skyscrapers per inhabitant and
the third with more hotel beds in Spain after Madrid
As with the buying and selling market, the most expen- and Barcelona. For all these reasons, it is considered to
sive addresses are located in Cabo Huertas and Playa be the capital of Costa Blanca.
San Juan, although there is a strong demand with prices
that can reach 20 euros / sqm in the city centre, speci- The most in-demand properties in Benidorm are those
fically in Explanada de España and Avenida Doctor located on the beachfront, penthouses, with good views,
Ramón y Cajal. new or renovated homes and residential complexes with
communal areas. While the demand for flats is centred
Rental prices in Alicante on the first or second line of the beach, the highest stan-
(Figures in euros / sqm) ding is dominated by luxury villas with sea views that
give the owner privacy.
Alicante Centro Minimum Maximum Average
Cabo Huertas 7,70 15,00 10,50 The city of Benidorm itself is one of the most sought-af-
Alicante Golf 4,50 11,60 8,00 ter locations with beachfront properties and its most
Playa San Juan 4,50 11,60 8,00 expensive addresses are concentrated on Poniente beach,
El Campello Playas 9,00 12,50 10,75 in Vicente Llorca Alós Street where average prices reach
El Campello Coveta 4,50 11,60 8,00 4,100 euros / sqm, and in the streets of Madrid and
4,50 11,60 8,00 Alcoy on the Levante beach.
65% of the buyers are foreigners, 50% distributed
among citizens of Belgium, Luxembourg and the
Netherlands and the other 50% among German, Swiss,
Scandinavians and Russians. On the contrary, 80% of
the sellers are Spanish.
The main buyers are retirees who want a second home,
but also families and single buyers.
70 | Market Report 2018-19 Spain and Andorra
Property prices in Benidorm Alfaz del Pi
(Figures in euros / sqm)
This is one of the most popular tourist destinations in
Playa de Levante Minimum Maximum Average the Alicante town of Costa Blanca. The average price
Rincón de Loix 1.590 4.150 2.870 of property is around 1,875 euros / sqm, with a conti-
Playa de Poniente 1.309 3.195 2.394 nuous increase since 2015 of around 4% per year.
Villajoyosa Playas 1.497 4.400 2.660
y Puerto The main market is divided into two types of properties:
Finestrat 1.416 2.727 2.200 individual houses that were constructed 10 years ago
Urbanizaciones and apartments with two or three bedrooms with an
993 2.982 2.106 average age of 15 years. The first ones are used as main
homes, while the apartments are used as holiday rentals.
The most in-demand areas are El Albir, La Nucía and
Alfaz del Pi, especially in the urbanisations of the well
connected and high standing surroundings. In all of
them, foreign retirees together with couples and fami-
lies draw the profile of the buyers. For its part, Polop
is considered a sleepy town in the coastal resort of
Benidorm.
85% of the buyers are foreigners, with a significant pre-
sence of Norwegians and Dutch who seek rural and
newly built detached homes as well as other nationali-
ties such as British, French, Belgian and Swiss.
15% of Spaniards look for newly built detached or
semi-detached houses, preferably on the beach of El
Albir, where the most expensive addresses of Alfaz
del Pi are located. Specifically, the Musicians Boule-
vard and Camí Vell del Far have prices higher than
4,500 euros / sqm.
Finestrat and Villajoyosa, lower property prices Property prices in Alfaz del Pi
(Figures in euros / sqm)
The urbanisation of Sierra Cortina in Finestrat is one of
the fashionable locations thanks to its offer of new-build Playa El Albir Minimum Maximum Average
villas, its proximity to the sea, the mountains, and golf Alfaz del Pi/La Nucía 2.000 4.200 3.100
courses. Although it is also a holiday resort, it is highly Polop 1.450 2.500 1.875
sought by families who are looking for their first home. 1.450 1.950 1.700
For its part, Villajoyosa offers a beachfront, an urban
centre and a large port and yacht club. On the supply
side, new-builds for sale predominate. On the demand
side, the buyers are foreign retirees looking for a holi-
day home.
Market Trends. The Spanish Residential Market | 71
Andalusia-Costa del Sol
Málaga
Málaga
Benalmádena
Puerto Banús Golden Mile Mijas
and Golf Valley
Marbella
Costa del Sol
72 | Market Report 2018-19 Spain and Andorra
Andalusia-Costa del Sol
Málaga
The capital of Costa del Sol has been one of the great Among foreigners, it should be noted that there is no
revelations of 2018, as per the market report of Engel & nationality that prevails over the others, although the
Völkers. Its wide cultural offer, continuous innovation, a Nordics, Dutch, Belgians, French, British, Irish and
strong business network and solid infrastructures have German take the lead, to a lesser extent, there are also
made Malaga the target of many real estate investors. Iranians, Brazilians, Swiss, and Americans that must be
added to the list.
In a market where foreigners account for 60% of pur-
chases, prices have reached an average of more than Property prices in Málaga
3,000 euros / sqm in 2018 in La Malagueta, the historic (Figures in euros / sqm)
centre and Limonar, the most sought after areas of the
city. This huge influx of international investors in search Oeste Minimum Maximum Average
of second properties has triggered the maximum price Centro histórico/Soho 1.800 5.000 2.500
in central areas by up to 8,000 euros / sqm. Malagueta 2.800 8.000 3.800
Limonar 3.000 9.000 3.900
But it is in La Malagueta where the highest price is Cerrado de Calderón 2.200 6.500 3.200
reached with maximums of 9,000 euros / sqm. Its loca- Pedregalejo 2.000 3.800 2.600
tion on the beachfront and the shortage of land have Palo 2.000 4.200 3.000
caused a mismatch between supply and demand that --- 4.000 2.000
has triggered the price increases, mainly in the most
sought-after addresses such as Paseo La Farola, Reding
and the Ciudad de Melilla Promenade.
Although the price growth is observed throughout the
city and the forecasts for 2019 point to a more moderate
increase in both prices and number of purchases being
around 7-10%, there are still areas in the price range of
of 2,000-2,600 euros / sqm, such as Cerrado de Calde-
rón and Palo.
The most in-demand types of properties in Málaga are
divided into two according to the nationality of the
buyer. While foreigners prefer attic-type flats, terraced
and single-family apartments, Spaniards choose flats
and townhouses.
Market Trends. The Spanish Residential Market | 73
Rentals Rental prices in Málaga
(Figures in euros / sqm)
The rental market registered a strong boost in the city
thanks to an offer well below demand. By 2019, this is Oeste Minimum Maximum Average
expected to increase. The reason for this greater offer Centro histórico/Soho 7 17 10
is that many owners re-let their homes for long periods Malagueta 9 18 12
instead of opting for holiday rentals. Limonar 9 20 10
Cerrado de Calderón 9 18 11
The average price of a house for rent is between 9 and Pedregalejo 8 12 10
12 euros / sqm, although as in the sale, there are Palo 8 15 11
addresses in the centre, La Malagueta, Larios Street 7 15 9
and Paseo Ciudad de Melilla, respectively, that reach
15 euros / sqm.
The rental market is also shared between 60% of
foreigners and 40% of Spaniards.
74 | Market Report 2018-19 Spain and Andorra
Benalmádena Mijas
Since 2018, Engel & Völkers began operating in this This municipality located on the western region of Costa
municipality located in the heart of the Costa del Sol del Sol is deep in the foothills of Sierra Blanca, about
due to its great real estate potential. The varied offer 450 metres above sea level. This is where Mijas Pueblo
with a wide range of prices and the quality of its infras- is located, with its centre being declared as a historical
tructures and properties have placed Benalmádena in and artistic complex. This municipality is in a privileged
one of the most in-demand towns as a holiday destina- location overlooking the Mediterranean between the
tion on the coast of Malaga. coasts of Fuengirola and Marbella.
The penthouses and houses near the beach or overloo- This coastal region has 14 kilometres of beaches that are
king the sea are the most in-demand types of homes, in high demand by both international and domestic buyers.
mainly among international buyers who are the main The investor’s appetite in this town, which has doubled its
investors in the area, led by the Nordic, German, French, population in the last decade, has boosted prices to levels
Belgian and British. of up to 8,000-9,000 euros / square metres in the towns of
Calahonda, Atalaya and Cala de Mijas.
For their part, Spaniards opt for apartments with two
bedrooms and two bathrooms located in well-connec- The most sought-after types of properties are divided into
ted areas, with quality services and offering large lei- two categories. On the one hand, attic-type flats or apart-
sure areas. ments with two or three bedrooms near the beach with a
price of between 350,000 and 400,000 euros and, on the
Puerto Marina and El Higuerón make up the most exclu- other, townhouses with prices of up to 650,000 euros are
sive offer in Benalmádena, where the most valued highly sought among foreign property seekers.
addresses are sought by buyers with average prices
above 3,000 euros / sqm.
Property prices in Mijas
(Figures in euros / sqm)
Property prices in Benalmádena Minimum Maximum Average
(Figures in euros / sqm) 700 9.000 2.100
700 5.400 1.800
Torrequebrada, Puerto Minimum Maximum Average Calahonda-Atalaya 800 7.800 2.500
Marina, Parque de la Riviera del Sol 950 8.100 2.400
Paloma y Torremuelle 1.100 6.400 2.500 El Faro/Calaburra
Arroyo de la Miel 900 4.400 1.800 La Cala de Mijas
y Santángelo 960 5.100 2.100
Montealto y 1.000 6.100 2.600
Benalmádena Pueblo
Capellanía-Higuerón
Market Trends. The Spanish Residential Market | 75
Marbella
Known as the European California, Marbella is a true Rental prices in West Marbella
real estate oasis synonymous with international luxury, (Figures in euros / sqm)
not only because it is one of the most popular tourist
destinations in Andalusia, but also because it has a high Guadalmina Baja Minimum Maximum Average
occupancy all year round. After a few years of business Guadalmina Alta 2.500 10.000 4.675
paralysis, the town has resurfaced as an investment des- San Pedro de Alcántara 2.000 4.000 1.955
tination for Europeans and clients from Arab countries. Los Flamingos 2.000 5.000 3.000
Among the first, the ‘boom’ of Russian buyers has given 1.800 5.500 3.000
way to more Spanish, German, Swiss, Belgian, Dutch,
French and Scandinavians buyers with a rejuvenated East Marbella - El Rosario
profile that places the age range between 35 and 55 years.
The properties most in demand are the newly built villas
West Marbella and the most sought after areas, Los Monteros, Río Real
Playa and the urbanisations of Las Chapas and Marbesa.
The amenities of this destination together with the exce- Elviria also stands out, where Acacias Street registers
llent infrastructures, the international schools in the area an average price of 7,000 euros / square metres, well
and the security it enjoys make this area one of the most below the 25,000 and 10,000 euros / square metres in
sought after in the country. the first two mentioned areas.
82% of buyers are foreigners, led by German, British Most of the clients are foreigners, up to 93% of purcha-
and Scandinavians who look for a modern detached ses compared to 7% of Spaniards. Among the interna-
villa, preferably newly built that includes the latest tech- tional buyers, the British, German, Nordics, French and
nologies in home automation, with radiant floor heating, the Netherlands also stand out.
on surfaces of about 400 square metres and gardens of
at least 1,200 square metres. These buyers especially Property prices in East Marbella – El Rosario
value the southwest facing properties with views to the (Figures in euros / sqm)
sea and the proximity to golf courses.
Rio Real Minimum Maximum Average
All these features combined with other amenities such Altos de Los Monteros 2.500 10.000 4.000
as an elevator, a cinema room, a spa and open-plan kit- Bahia de Marbella 2.500 5.500 4.000
chen place the prices of these villas between 2 million Los Monteros 3.500 8.000 5.000
and 2.5 million euros. Costabella 4.500 25.000 6.500
Chapas Playa 2.000 8.000 2.750
In recent years, more and more investors have made El Rosario 2.500 8.500 4.000
purchases in this area. These buyers normally look for Elviria 2.000 5.700 3.500
a property that’s in need of renovation in a good location Hcd las Chapas 2.000 7.950 3.750
so they can sell it for a profit later on. Cabopino 3.500 15.000 4.500
2.500 5.000 3.500
76 | Market Report 2018-19 Spain and Andorra
Golden Mile Puerto Banús and Golf Valley
The territory that forms the Golden Mile of Marbella com- Located between the city of Marbella and San Pedro de
prises five kilometres of coastal strip. Symbol of luxury, Alcántara, it is considered the largest luxury resort in
this is one of the most exclusive and highly-sought real southern Spain. The most requested and exclusive areas
estate markets in Europe, which has been noted in the are Puerto Banus, Nueva Andalusia and La Zagaleta,
increase in the number of homes purchased by investors. all with average prices above 5,000 euros / square
metres. More than 80% of buyers are foreigners, with
The areas with the highest prices are Puente Romano, an increase in arrivals from northern Europe. In Nueva
Sierra Blanca and Marbella Club, where the profile of Andalusia most are British and Scandinavian buyers.
the buyer is drawn by investors and families looking
for a second home, preferably villas or apartments near
the beach that are new and modern.
80% of the buyers are foreigners, highlighting a
growing interest in recent years from the Belgians, the
Swiss and Norwegians.
Property prices in Golden Mile
(Figures in euros / sqm)
Nagüeles Minimum Maximum Average The former prefer semi-detached houses and apart-
Casablanca 1.500 5.500 3.200 ments, while buyers from northern Europe look for
Puerto Romano 1.500 6.000 4.000 villas. In Puerto Banús, the demand for Arabs and
Alto de Puente Romano 1.800 6.000 3.800 French is very high.
Sierra Blanca 1.800 5.400 3.125
Camajan 2.800 9.000 6.200 Engel & Völkers foresees an increase of 25% in pur-
La Carolina 2.500 8.000 5.500 chases in 2019.
Loma de Marbella Club 3.300 5.500 4.000
Río Verde Bajo 1.500 3.650 2.700
2.500 4.150 3.300
Property prices in Puerto Banús
and Golf Valley
(Figures in euros / sqm)
Puerto Banús Minimum Maximum Average
Nueva Andalucía 2.000 9.000 4.000
Benahavís 1.300 8.000 3.100
La Quinta 1.200 9.000 2.200
La Zagaleta 1.800 5.000 3.000
El Madronal 3.500 9.000 5.000
2.500 4.500 3.000
Market Trends. The Spanish Residential Market | 77
Northwest of Spain- Galicia
La Coruña Gijón Santander
Galicia Oviedo Cantabria
Pontevedra Asturias
Vigo
Valladolid
Castile and León
Galicia
Cantabria
Asturias
Castile and León
78 | Market Report 2018-19 Spain and Andorra
Galicia
La Coruña
La Coruña concentrates half of all business wealth in Gali- The most expensive streets to buy a house in La Coruña
cia. Closely linked to the fashion industry, the herculine are in Ciudad Vieja: Tabernas, Plaza de Azcárraga and El
city also has one of the most important ports in Spain. Parrote, with an average price of 3,300 euros / square
metres, as well as in the Ensanche area, in the streets of
The real estate market in La Coruña began its recovery in Juan Flórez and Federico Tapia, where the properties reach
2017 with a growth in prices that has been progressive an average cost of 2,700 euros / square metres. In this last
throughout the past year and which is expected to be expo- area, in which the streets are located very close to each
nential throughout 2019, mainly driven by the increase in other, there has been a slow but progressive rise in prices
demand. An increase led by the variety in the type of pro- compared to 2017. It is an area with increasing prices,
perties, focusing on the city in apartments and flats, and mainly due to the high demand and the scarce supply.
in the municipality of Oleiros, in the outskirts, in detached
homes both independent and attached to urbanisations. Property prices in La Coruña
(Figures in euros / sqm)
The Ensanche and the centre of La Coruña are where the
properties reach the highest average price with a maximum Ensanche/Centro Minimum Maximum Average
that reaches 4,000 euros. The profile of the buyer is that Ciudad Vieja/Pescadería 2.000 4.000 2.600
of an investor looking for a property to renovate and rent Oleiros/Alrededores 1.900 3.700 2.300
out later, as well as families with high purchasing power. 753 1.369 1.150
The most demanded by all of them are the penthouses with
terrace and floors of 120 to 160 square metres.
The star property in the Old Town and Pescadería is one
that has 150 square metres, renovated with great quality
materials, with views of the dock and a price that varies
from 350,000 to 380,000 euros. This area is preferred by
people or young couples with a good income who value
the character and uniqueness of the area. The greatest
demand for properties is concentrated in apartments loca-
ted in buildings with a high historical value of a minimum
of 100 square metres, three bedrooms and without archi-
tectural obstacles.
Market Trends. The Spanish Residential Market | 79
Oleiros, which is just eight kilometres from La Coruña, The area with the highest rental prices is Ciudad Vieja
is a residential municipality with numerous detached where the properties have an average value of 8.90
homes. It has a wide range of services and public facili- euros / square metres and the most demanded streets are
ties and a privileged natural setting that, together with the ones that are well-connected and have lots of ameni-
its excellent road connection with the herculine city, ties. The Ensanche is more focused on families and Ciu-
makes this area the preferred place for many couples with dad Vieja / Pescadería attract mostly young people.
children who opt for villas with three to four bedrooms,
with about 300 square metres and a price of between As for Oleiros, the comfort of the urbanisations is
300,000 to 375,000 euros. highky sought, with private security, school transport
and sports facilities. Most of the demand is centered on
Rentals detached houses of 250 square metres, four bedrooms
and with excellent road connections with the city.
The increase in the prices of properties for rent in La
Coruña has been remarkable in 2018. A rise that has Rental prices in La Coruña
gone hand in hand with an exponential rise in demand, (Figures in euros / sqm)
with more and more foreign markets and young fami-
lies choosing to rent before the possibility of being Ensanche/Centro Minimum Maximum Average
transferred by their companies. The foreigners have Ciudad Vieja/Pescadería 7 9,2 8,72
already taken up almost 25% of the rentals, with the Oleiros/Alrededores 6,5 9,5 8,90
British and Germans in the lead. On the other hand, 4 7,2 5,51
the average time it takes for a property to be rented out
has been reduced from one month to just three weeks.
80 | Market Report 2018-19 Spain and Andorra
Vigo
The most populated city of Galicia stands out for its Rentals
industrial character, as well as for being a top-class tou-
rist destination thanks to a privileged climate and its The most sought-after property for rent in Vigo has
renowned gastronomy. about 50 square metres, a separate bedroom and a price
of 450 euros per month. The downtown district is the
The areas most in demand for buying a property are most expensive to rent a property in Vigo. As far as
concentrated in Plaza de Compostela, Arenal, Casco property rentals go, Plaza de Compostela is the one that
Vello and Plaza Independencia, although the type of registers the highest prices, with an average price of 11
property that buyers look for varies. While the most euros / sqm, and a high demand for apartments of 90
popular properties in the first area is a flat of more than square metres with two bedrooms.
200 sqm, with a minimum of four bedrooms; in Arenal,
the search focuses on apartments of more than 100 sqm, For its part, in Alcabre, Coruxo, Oia and Saiáns the
with three bedrooms and a garage. For its part, the apart- demand is concentrated in chalets with pool and garden
ments and penthouses of between 100 and 150 square of 200 sqm at an average price of 9 euros / square
metres are the most in-demand in Casco Vello and in metres, and in the areas of Nigrán and Baiona, where
Independencia are the three-bedroom apartments with the average prices are set at around 8 euros / sqm. The
a garage for families with children. apartments with three bedrooms and detached houses
of up to 120 sqm are the most in-demand by tenants.
Plaza de Compostela, where the average price of homes
reaches 3,800 euros / square metres, is one of the most
representative streets and where the flats are the highest
prices in the city.
90% of buyers are Spanish compared to 10% of foreig-
ners, among which the German, the British and the
Swedish nationalities stand out.
Property prices in Vigo
(Figures in euros / sqm)
Plaza de Compostela Minimum Maximum Average Rental prices in Vigo
Arenal-García Barbón 3.500 4.200 3.800 (Figures in euros / sqm)
Venezuela-Corte Inglés 2.000 2.500 2.400
Progreso 2.300 2.800 2.500 Minimum Maximum Average
Casco Vello 1.800 2.200 2.000 7
Plaza Independencia 1.800 2.000 2.000 Centro 6 15,38 9,5
2.200 2.700 2.500 Alcabre -Coruxo-Oia-Saiáns 5
Nigrán 5 12 9
Baiona
11 8
11 8
Market Trends. The Spanish Residential Market | 81
Pontevedra
Pontevedra, considered to be the most comfortable city
to live in Europe. It received the UN International
Dubai Prize that recognises the best practices to
improve the living conditions of its inhabitants. The
New York-based Bloomberg Foundation has also prai-
sed this area’s urban model.
The most popular homes in Pontevedra are two to three
bedroom apartments, with two bathrooms, parking
space, storage room and well located, with a price ran-
ging between 150,000 and 250,000 euros. The majority
of the house buyers in this town are young couples.
The average price of property in this town is 1,275 euros
/ square metres, as in Poio, a separate coastal area of
Pontevedra by the estuary. In Sanxenxo, located about
20 km from the capital, the price reaches 1,600 euros /
square metres. The profile of the buyer in both Sanxenxo
and Poio consists of a person looking for a second home
or a buy-to-let property, mostly couples from 45 years
of age with a medium to high spending power.
Property prices in Pontevedra Rentals
(Figures in euros / sqm)
The most sought-after types of properties for rent in
Poio Minimum Maximum Average Pontevedra are drawn by flats with two or more
Pontevedra capital 1.050 1.500 1.275 bedrooms, two bathrooms, close to the centre and a
Sanxenxo 1.275 1.275 1.275 montly rate of between 450 and 700 euros. This is a
1.103 1.900 1.600 price that goes up if the property is located in the Bar-
celos area, which, with an average price of 7.5 euros /
sqm, is the most expensive area.
The coastal area is the most sought after in Pontevedra Rental prices in Pontevedra
and where the most expensive streets are located to buy (Figures in euros / sqm)
a house in. Specifically, Sanxenxo, on the first beach
line of Silgar, and O Grove, in la Toja, are the addresses Zona Barcelos (Pontevedra) Minimum Maximum Average
where an average price of 2,500 euros / square metres La Parda 6 9 7,50
is reached. 5 6 5,50
82 | Market Report 2018-19 Spain and Andorra
Cantabria
Santander
Santander is one of the stately and elegant towns of the The profile of the buyer in Santander can be divided in
north coast of the country. Based around its natural port, two. On the one hand, the couples between 40 and 55
it covers an area of 34 km2 on which sits a population years of age who make up 80% of the demand and, on
close to 185,000 inhabitants. The nineteenth-century the other hand, singles who look for properties with a
buildings, its spectacular bay and activities related to low price range. The most demanded property is one that
culture, leisure and tourism are the great attractions of has three or four bedrooms with a price of around
the city and the basis of its economy. 400,000- 700,000 euros.
The most demanded areas of the city to buy a house in The majority of the customer’s is national, which
are the following four: the centre, Sardinero, Paseo de accounts for 96% against 4% of the international buyers
Pereda and Valdenoja. The centre is the most sought-af- led by Mexicans, Americans, British and German.
ter district; with old homes that mostly require mostly
renovation. While Sardinero is the area near the best Property prices in Santander
beaches and much in demand by foreigners and tourists (Figures in euros / sqm)
and where the highest average price of the city is reached
to maximums of 6,000 euros / square metres in streets Minimum Maximum Average
like Reina Victoria, the most sought after location. 900
Centro 1.800 2.600 1.700
Paseo de Pereda, on the other hand, is a neighbourhood Paseo de Pereda/Castelar 1.900
much in demand by the buyer with high purchasing Sardinero 5.900 2.345
power, while the progress of the city of Valdenoja San Martín -
offers new homes and residential infrastructures within Menéndez Pelayo 6.000 3.980
developments. Camilo Alonso Vega -
Cisneros 1.080 2.880 1.550
C. Burgos - C. Alta
C. Castilla - 800 1.550 1.200
Marqués de la Hermida
Valdenoja 600 1.400 1.160
900 1.550 1.330
1.000 2.500 2.100
Market Trends. The Spanish Residential Market | 83
Asturias
Oviedo and Gijón
The Principality of Asturias, which has seven biosphere Although the average price of property in the two main
reserves in its territory, has its capital in Oviedo and its Asturian cities does not reach 2,000 euros / square
most populated municipality in Gijón. The first is the metres, it should be noted that in the most exclusive
commercial, university and administrative centre of the streets such as Juan Benito Argüelles, in Oviedo, and
principality with an economy focused on services; while Professor Pérez Pimentel, in Gijón, they exceed 4,000
the second is an eminently industrial city, which in recent euros / square metres.
years has given a greater role to tourism.
Property prices in Asturias
84% of home buyers in both municipalities are natio- (Figures in euros / sqm)
nal. Foreigners, among whom none of the nationalities
stand out, have opted to buy detached homes as a Oviedo Minimum Maximum Average
second residence. Gijón 1.474 1.641 1.625
Llanes 1.000 2.706 1.559
The star property in Oviedo is one that is located in the 1.454 1.677 1.517
centre and has between 150 and 200 square metres, three
bedrooms, two bathrooms and a garage with direct access. Surroundings
The profile of the buyer consists of young families in the
city, although as we enter the old town, the profile is more Located to the east of the principality, Llanes enjoys its
that of an investor. proximity to the Picos de Europa and numerous beaches
that, together with the great conservation of its monu-
In Gijón, the most valued property is the detached house mental heritage, encourages an incipient tourism.
in the area of Somió with a price between 400,000 and
500,000 euros, of 250 square metres distributed in four The detached properties between 250,000 and 300,000
bedrooms and three bathrooms, all on the same floor and euros, which could reach half a million euros if they
on a plot of 1,000 sqm. In Paseo del Muro there is a have sea views, with 200 square metres distributed in
demand for all types of properties between 250,000 and three bedrooms, two bathrooms and located on a plot
500,000 euros provided they have a view of the sea and of 500 to 1,000 sqm, is the star property in Llanes defen-
are a little high up. While in streets close to the sea the dant, mainly used as a second or third residence.
price range goes from 140,000 to 200,000 euros depen-
ding on the size of the property.
84 | Market Report 2018-19 Spain and Andorra
Castilla and León
Valladolid
The capital of Castile and Leon, with just over 300,000 Property prices in Valladolid
inhabitants, composes of nearly 60% of the population (Figures in euros / sqm)
of the province, although in recent years there has been
a continuous transfer to the 24 municipalities that toge- Minimum Maximum Average
ther make them account for nearly 80% of the total 1.910
province. Centro 1.325 3.150 2.350
Covaresa/Parque Alameda 1.475
The trend of the real estate market in Valladolid is Las Villas/Santa Ana 1.376 2.150 1.653
clearly bullish with increases in prices of around 5% in Pº Zorrilla - Cuatro de 1.350
2018. However, in a 100% national market, the recovery Marzo - Campo Grande 2.420 1.845
is focused on customers of a certain age looking to move Parquesol 1.350
to a new home and to a lesser extent in first-time buyers San Juan - Batallas - 1.640 3.000 1.716
who are of young age. Circular - Vadillos
Villa del Prado 2.190 1.680
The most in-demand types of properties in Valladolid
are divided, on the one hand, into three or four bedroom 2.290 1.685
homes for families with children who seek more space 2.700 2.050
and location, amenities and facilities, and, on the other,
in one or two bedroom apartments sought by owners of
villas in the suburbs that want to return to the centre
and by investors who want to rent them out.
The star property of Valladolid would be a high-rise flat
or attic-style apartment, with three bedrooms and two
bathrooms, with garage and storage, without architec-
tural obstacles and a price around 240,000 euros. A
price that would rise in the downtown area, the most
sought-after in the city with prices that exceed 3,000
euros / square metres, mainly in the streets of Santiago,
Miguel Íscar, Acera Recoletos, Paseo de Isabel la Cató-
lica and Paseo de Zorrilla.
Market Trends. The Spanish Residential Market | 85
Northeast of Spain
Bilbao - Getxo Hondarribia - Irún
San Sebastian
Basque Country
Vitoria - Gasteiz
Pamplona
Navarre
Basque Country
Navarre
86 | Market Report 2018-19 Spain and Andorra
Basque Country
Vitoria - Gasteiz
As the administrative capital of the Basque Country and
seat of its Parliament, Vitoria is known as a friendly city
to enjoy a comfortable life in. Replete with natural spa-
ces that make up the Green Belt, in 2018 the exodus to
central areas of the city has continued due to an econo-
mically settled buyer profile. It is mostly families loo-
king for apartments with three bedrooms and a direct
parking in areas near the centre of the town.
Beyond the centre, there are highly sought after neigh-
bourhoods like Batán - Mendizorroza where you can
find all types of homes from detached houses, townhou-
ses and apartments with communal areas at an average
price of 3,400 euros / square metres. However, the most
exclusive homes located in Residential Areitio reach
5,500 euros / square metres, a price that competes very
closely with central Paseo de la Música.
Other addresses in the city with maximum prices of
4,500 euros / square metres are Santa Bárbara and Rena-
cimiento squares, both located in Desamparados. Also
around 4,000 euros / sqm are the avenue of Gasteiz and
adjacent streets such as Adriano VI, Los Pintores, Paseo
de la Música, as well as Paseo Cervantes, San Prudencio
Street and Paseo del Batán.
At Engel & Völkers, we have noticed a great demand
for attic-type properties of about 130 sqm, with large
terraces, southwest orientation, garage with direct access
and all the fully maintained communal areas.
98% of the buyers are nationals compared to 2% of
foreigners who come from the European Union, while
100% of the sellers are national, mostly from Vitoria.
Market Trends. The Spanish Residential Market | 87
Property prices in Vitoria Rentals
(Figures in euros / sqm)
Vitoria, in addition to being the seat of the Basque Par-
Centro Minimum Maximum Average liament and all the institutions, has a strong industrial
Desamparados 1.750 5.000 2.800 structure that generates a high turnover of workers who
Lovaina/Aranzabal 1.600 4.500 2.700 are in a high socioeconomic level. However, most of
Avenida/San Martín 2.200 6.000 3.800 them opt for purchasing a property rather than renting
Batán/Mendizorroza 2.300 4.000 3.000 due, on the one hand, to the low supply in the rental
Armentia 1.750 5.500 3.400 market and, secondly, because most of the homes that
2.400 4.200 3.000 are rented out but not renovated.
The greatest demand is focused on apartments with a
minimum of two bedrooms, modern aesthetics, and for
a price of 850-900 euros per month. This is a price that
falls within the average range of the city between the
maximum of 1,500 euros for the villas in residential
areas and the minimum of about 650 euros per month
that are paid for a studio in the area of the old town.
88 | Market Report 2018-19 Spain and Andorra
San Sebastian
Internationally recognised for the elegance of its bay, Rentals
its film festival, the charm of its beaches and gastro-
nomy, the capital of the province of Guipúzcoa is a The star property for rent in San Sebastian focuses on
small town that makes it easy to get around in its streets, two types: apartments of about 50 sqm and two-bedroom
which have big city infrastructures. The most in-demand apartments between 80 and 100 sqm. Both types are
areas to buy a home are Área Romántica, Miraconcha, rented by young couples or temping professionals as
Ondarreta, Casco histórico, Gros and Aiete. well as families or elderly couples seeking properties
in the flatter areas of the city.
Known as one of the most expensive cities in Spain,
San Sebastian concentrates its most exclusive addresses 98% of the rentals are taken up by domestic customers
in Centro and Miraconcha, where the price exceeds compared to 2% of international clients.
10,000 euros / sqm.
The houses located in the central streets of Hernani and
Peñaflorida, in the heart of the city and overlooking the
sea, reach up to 12,000 euros / sqm; while in the streets
located in front of the bay of La Concha, Miraconcha
and Zubieta they are around 10,000 euros / sqm.
Despite being a cosmopolitan city, only 6% of home-
buyers in San Sebastian are foreigners, who are mostly
Americans, French, British, German, Arabs, Swiss and
Russians.
Property prices in San Sebastián
(Figures in euros / sqm)
Miramón Minimum Maximum Average Rental prices in San Sebastián
Gros 4.000 7.000 5.500 (Figures in euros / sqm)
Berio 6.000 8.000 7.000
Miraconcha 5.000 7.000 6.000 Centro Minimum Maximum Average
Centro/Área Romántica 9.000 11.000 10.000 Ondarreta 16 27,7 21,5
Ondarreta 6.000 10.000 8.000 15 24 19,5
Parte Vieja 4.000 7.000 5.500
Aiete 5.500 7.000 6.250
Intxaurrondo 4.500 6.000 5.250
3.500 4.500 4.000
Market Trends. The Spanish Residential Market | 89
Hondarribia – Irún
Located less than 25 km from San Sebastian and full of For its part, Irún is an important hub of communications
history that stems from the war it experienced due to its with Europe that also stands out for its commerce, tourism
border location with France, these two municipalities and gastronomy. This is why Engel & Völkers is currently
present an attractive real estate sector, which is why Engel offering properties in the most prime areas such as Men-
& Völkers has started operating in this area. dibil, with an average price of 4,200 euros / sqm.
Property prices in Hondarrabia - Irún
(Figures in euros / sqm)
Hondarribia Norte Minimum Maximum Average
Hondarribia Centro 2.800 4.400 3.500
Hondarribia Sur/Parte 2.900 5.100 3.900
Vieja
Hondarribia is known to be one of the most beautiful Irún 2.600 3.600 3.152
towns in Spain. A holiday destination par excellence, 1.727 4.500 2.654
the real estate market is highly seasonal both in type
and customer profile. Although the demand is focused Rentals
on properties near the sea of about 100 sqm distributed
in three bedrooms and a maximum price of 600,000 The rental market in these municipalities is divided
euros, it can be divided into four according to the type equally between national and international clients,
of buyer: although in Hondarribia it is more about holiday rentals
rather than all-year-round.
• Flats facing the sea in the most premium area that can
reach one million euros. The buyers are foreign or Spa- The demand varies more depending on the price than
nish customers who usually spend the summer in Hon- the type of housing. Thus, Spaniards looking for a house
darribia and decide to settle in the municipality. as their main residence and foreigners who look for a
property for work reasons prefer flats of two or three
• Flats in the old part bought as an investment by national bedrooms for about 700-800 euros per month.
or foreign couples.
However, among the luxury holiday rentals, the biggest
• Basque hamlets, highly sought by investors or entre- requirement is that the property, in many cases villas
preneurs who want to convert these properties into rural with some land, must be located near the sea.
houses or restaurants.
Rental prices in Hondarrabia - Irún
• Golf Villas, highly sought by foreigners with high pur- (Figures in euros / sqm)
chasing power and national clients looking for a quiet
residential area. Hondarribia Minimum Maximum Average
Irún 9 19 13
With an average price of 3,500 euros / sqm, in Honda-
rribia there are two very exclusive addresses that far 9,38 17,56 11,67
exceed this price: Paseo Butrón and Higuer Bidea with
prices that exceed € 5,500 / sqm.
90 | Market Report 2018-19 Spain and Andorra
Bilbao - Getxo
Named as the best European city in 2018 by the British Property prices in Bilbao - Getxo
Academy of Urbanism, Bilbao is an urban reference (Figures in euros / sqm)
internationally recognised for uniting the strength of an
avant-garde led by the Guggenheim Museum with an Abandoibarra Minimum Maximum Average
industrial past based on its economy. Indautxu 5.000 6.500 5.300
Ensanche 3.700 4.000 3.850
After a few years of paralysis in its real estate market, in Casco Viejo 3.790 4.480 3.900
2018 there was a steady recovery that paved the way for Neguri 2.125 3.400 2.300
the construction of new homes on the scarcely available Las Arenas 4.800 8.450 5.900
plots of land in the city. Algorta 2.500 5.100 3.200
Zona de costa cercana 2.500 3.050 2.900
A high percentage of buyers seek apartments in the cen- 3.125 4.800 3.300
tre with up to 120 sqm distributed in three bedrooms and
with a garage. Although there is a clear preference for Plaza Euskadi underwent an important transformation
properties less than 10 years old, there are clients who between 2005 and 2009, going from being a non-urba-
value the aesthetics of the building more over practical nised area to one of the most modern and highly sought
aspects, sacrificing a certain comfort for uniqueness and place in the city, with prices at the time of construction
the wide spaces. Also worth noting is the high demand that in some cases exceeded 8,000 euros / sqm. At present
for attic-type flats and terraces, which is very difficult to it remains the most expensive address in the city with
fulfill due to the low supply. average prices at 6,500 euros / sqm, followed by Gran
Vía (5,500 euros / sqm).
The profile of the buyer of housing in Bilbao is that of a
family with children and an age between 45-55 years. These are prices that compete with Getxo’s most exclu-
On the other hand, the clients that request the most sin- sive addresses such as Avenida de Neguri, Churruca and
gular properties (in historical buildings, mainly located Zugazarte Avenue. To be precise, Neguri is the premium
in the Ensanche of Bilbao) are independent professionals area par excellence, where there is an abundance of lar-
or professional athletes, all with great purchasing power ge-size apartments, in excess of 300 sqm.
and in most cases to be occupied by two people.
Market Trends. The Spanish Residential Market | 91
Rentals Rental prices in Bilbao - Getxo
(Figures in euros / sqm)
The demand for rental properties in Bilbao focuses on
the areas of Ensanche and Abandoibarra. 90% of the Abandoibarra Minimum Maximum Average
clients look for recently built unfurnished apartments, Indautxu 11 13 12
except for those that move to the city for a specific time, Ensanche 11 19 17
and specifically require the property to come with a Casco Viejo 14 18 17
parking space and be located close to the centre. Neguri 11 13 11
Las Arenas 14 20 16
95% of the market is owned by Spaniards compared to Algorta 12 15 13
a mere 5% of foreigners, mainly British and German 10 12 11
who have moved to Bilbao due to the recent purchase
of Gamesa by Siemens. In Getxo, the rental portion is shared between 80% of
Spaniards and 20% of foreigners of the same nationa-
The star property for rent would be a flat of about 200 lities as in Bilbao. In both cases they seek apartments
sqm in Plaza Euskadi distributed in 4 bedrooms, 3 of less than 150 sqm, near the sea with a garage.
bathrooms and living room overlooking the Gugenheim
Museum, in a 10 year-old building and with all kinds
of facilities and services. The price of such apartment
with parking space would be about 2,850 euros.
92 | Market Report 2018-19 Spain and Andorra
Navarra
Pamplona
World-famous for the Sanfermines, the capital of the Property prices in Pamplona
Comunidad Foral de Navarra is a modern and welcoming (Figures in euros / sqm)
city full of history that enjoys prestigious health care and
educational services. Located in a strategic enclave that Casco Viejo Minimum Maximum Average
is part of the road to Santiago, Pamplona is just an hour 1º Ensanche 1.200 3.500 1.500
away from the beaches of San Sebastian and some of the 2º Ensanche 2.100 3.800 2.430
most emblematic sites of the French coast as Biarritz and Milagrosa 1.800 3.500 2.080
San Juan de Luz. Iturrama 1.250 2.200 1.470
Mendebaldea 2.100 3.200 2.600
The Navarre real estate market began a strong revival in Barañain 2.100 3.000 2.340
2017 until it became one of the autonomous communities San Juan 1.650 2.100 1.860
that grew the most in the number of property purchases, Berrioplano/Artica 1.550 1.900 1.730
with Pamplona leading the way. 1.350 1.900 1.580
National customers account for 80% of the purchases
made through Engel & Völkers in Pamplona, compared
to 20% of the international ones led by the French, Bri-
tish, German and South Americans. Both of these profi-
les look for two types of property:
• Flats between 170-200 sqm distributed in three or four
bedrooms, two bathrooms and in an excellent location,
for a price between 350,000 and 500,000 euros.
• Chalets of around 300-350 square metres, located on
plots of between 500 and 700 sqm, for a maximum price
of 550,000 euros.
Carlos III and Monte Monjardín, both located in the
second stretch, are the most expensive addresses in the
city with average prices above 2,500 euros / sqm, followed
by Paseo Sarasate in the old quarter and Roncesvalles
Street in the first extension.
Market Trends. The Spanish Residential Market | 93
Canary Islands
Canary Islands
Tenerife
Canary Islands
94 | Market Report 2018-19 Spain and Andorra
Tenerife
Adeje
Located in the southwest of Tenerife, Adeje has become • Detached houses or villas with private pool, garden, sea
one of the preferred holiday destinations in Europe. Tou- views, near the golf course starting from 150 sqm, with
rism is the basis of the economy of this municipality with prices between one and two million euros and a family
more than 26 kilometres of coastline where 82% of the profile of marked international character.
clients from Engel & Völkers who were looking for a
property in 2018 were foreigners. Of these, 55% were • Townhouses of about 100 sqm in the Costa Adeje area,
German, Swiss and Austrians, compared to 20% of Bri- with prices between 300,000 and 600,000 euros for
tons and 10% of Belgians, Dutch and French. The rest residents of the island.
came from other countries.
• Finally, the properties under the market value that
The areas most in demand by international buyers are require renovation, resales, and farmhouses with land
Costa Adeje, La Caleta and Golf Costa Adeje, where as well as holiday lets are highly sought by investors.
prices have risen by 20-30% in the last two years and
continue to rise. Precisely in Golf Costa Adeje the most Property prices in South Tenerife
expensive addresses of the coast are located with average (Figures in euros / sqm)
prices between 5,000 and 6,000 euros / sqm.
Minimum Maximum Average
Regarding the most sought-after types of homes, it is 3.500
worth highlighting the distinction according to the profile Costa Adeje 1.800 5.000 5.000
of the buyer: Golf Costa Adeje 2.500
Madroñal/Roque del Conde 3.500 6.000 2.000
• Apartments of about 80 sqm with one or two bedrooms, Palm Mar 2.500
two bathrooms and terrace overlooking the sea and near San Eugenio alto 1.500 2.700 5.000
the tourist resorts, with prices around 300,000 euros to Guia de Isora/Abama Resort 2.200
500,000 euros, much sought after by retired couples Callao Salvaje/Playa Paraiso 1.400 4.000 360
looking for a holiday home to use between the months Golf Costa Adeje Terrenos 1.800
of October and April. Los Gigantes 1.600 3.100 3.500
La Caleta
4.000 6.000
1.700 2.500
225 462
1.500 3.000
2.200 5.000
Market Trends. The Spanish Residential Market | 95
Balearic Islands
Menorca
Mallorca
Balearic Islands
Ibiza
Balearic Islands
96 | Market Report 2018-19 Spain and Andorra
Balearic Islands
The real estate market of the Balearic Islands has tions carried out by foreigners in the islands. In 2018,
always been an object of desire for European investors 56% of purchases were hoarded by German, followed
seeking both a first home and a holiday home. Engel & by British (13%) and Spanish and Scandinavian, which
Völkers has 22 stores in the archipelago, from which it accounted for 9% of home purchases.
controls approximately 30% of the real estate opera-
Mallorca
Palma de Mallorca Palma’s Surroundings & Son Vida
The capital of Majorca, one of the best-connected Medi- Three golf courses, an international school, the best hotels
terranean cities, is the main focus of foreign investment and the proximity to the city centre and the airport charac-
where the volume of purchases brokered by Engel & terise Palma, where Son Vida is the most exclusive area of
Völkers over the past five years has doubled to close to this resort. The houses near the golf courses and / or over-
1,200 million euros in 2018. looking the sea are the most demanded by international
buyers, mainly German, British and Swiss, who seek luxury
The most popular homes are the penthouses and apart- properties in the area. The average price of a villa in Son
ments with terrace or balcony located in the old town Vida has risen again to 4.7 million euros.
and Portixol, where the average price stands at 800,000
euros. There is a demand for properties below 500,000 West Mallorca
euros and between 1 million and 1.5 million euros,
which can not be covered by the scarce supply in these The western part of Mallorca is one of the most prefe-
price ranges. However, in Playa de Palma, where the rred resorts by the British to buy a holiday home in. But
average price is around 500,000 euros, there are inte- it is also the German, Danish and Austrians who are
resting buying opportunities. buying more and more homes in the west of the island.
Dotted with picturesque villages in the heart of the Sie-
rra de Tramuntana, clients look for spacious houses,
with swimming pool and with good views. The average
price in the best locations such as Deià and its surroun-
dings is around 3.5 million euros, while in the surroun-
dings of authentic and traditional towns such as For-
nalutx, Biniaraix and Sóller the average prices are
between 1.5 and 2.5 million euros.
Market Trends. The Spanish Residential Market | 97
Mallorca Southwest Central Mallorca
Calm coves, rugged landscapes and tourist complexes The heart of the island plagued by vineyards, fields of
characterise the southwest of Mallorca, where buyers almond and olive trees and with a panoramic view of the
coming mainly from Germany, Great Britain, Switzerland Sierra de Tramuntana, is one of the favourite areas for
and Spain look for properties in new buildings with sea the German, who again dominated most of the house
views and a high architectural and technological quality. purchases in 2018 in an exercise where a growing interest
Also highly sought after are the exclusive villas in Puerto has been observed by the French buyer. The greater popu-
de Andratx and in Bendinat, where the average price rea- larity of the region has had a direct impact on volume of
ches four million euros. purchases, which has almost tripled since 2014 to reach
300 million euros. In the best locations such as Santa
South Mallorca Maria and Alaró the average price of the farmhouses with
modern facilities amounts to 1.8 million euros.
In the south of the island you can find both luxury villas
in front of the sea with views of the bay of Palma, as well Northeast Mallorca
as rural properties near the sea that still provide their
owners with absolute privacy. This variety of housing In the northeast of Mallorca, between Colònia Sant Pere
typology extends the range of buyers who, although they and Porto Cristo, you can still find hidden coves and
come mainly from Germany, also come from France, small ports in areas of unspoilt nature that are a real
Spain and the Netherlands. The villas along the sea in attraction for German-speaking buyers. The villas by
the surroundings of Cala Blava have an average price of the sea and the farms in the interior are the most appre-
1.9 million euros, while in the inner region of LLucma- ciated properties that, in the best locations around Colò-
jor, the farmhouses with large plots of land have an ave- nia Sant Pere and Artá, present an average price of
rage price of 1.4 million euros. around 1.7 million euros.
Southeast Mallorca North Mallorca
The traditional villages alternate with elegant marinas in the The typical Mallorcan villages in spectacular mountain
southeast of Mallorca, where a stable development of the enclaves and beautiful coastal towns with beaches and
real estate market can be observed among a mainly German marinas make up an increasingly attractive market for
customer profile that focuses on semi-modern and modern buyers from Germany, Great Britain and Spain. The tra-
properties, with lots of light and wide spaces. In the most ditional estates, the modern and minimalist villas, the
sought after area between Cala LLombards and Porto apartments and the properties with rental license in the
Colom, as well as around Santanyí, the average price stands surroundings of Alcúdia and Pollensa are the most cove-
at around 1.6 million euros. ted. The price range in these areas, although it varies a
lot depending on the sea views and facilities, is between
1.2 and 2.5 million euros.
98 | Market Report 2018-19 Spain and Andorra
Menorca Ibiza
Declared as a Biosphere Reserve by UNESCO, the eas- The third largest island in the Balearic Islands, known
ternmost island of the Balearic Islands has only recent- for its nightlife and its quiet coves, maintains the upward
ly-built properties and 95% of homes for sale are resa- trend in prices in all segments of the real estate market
les. The most in-demand properties are those located due to the lack of quality properties.
on the seafront and those located in the inner region of
the island, mainly the typically Menorcan country hou- The renovation works on the main road between Ibiza
ses on large estates with panoramic views. and Santa Eulalia, whose completion is scheduled before
the start of the 2019 summer season, will attract new
The price of villas in coastal towns ranges from a range buyers to the new projects that are being built in high
between 900,000 euros and three million euros, while standing urbanizations with multiple services.
cottages have an average price of 2.4 million euros. For
its part, the cost of urban houses in the two main cities The international buyer continues to monopolize the
of the island, Mahón and Ciudadela, moves within a Ibicenco market, led by the German, along with a pro-
very wide range that ranges from 300,000 euros to 1.5 file of a well-off Spanish client that is still customary
million euros. on the island. The most popular types are the villas and
farms that, in the best locations in the south, reach an
The profile of the Engel & Völkers client in Menorca is average price of 3.8 million euros. In the premium areas
that of a person with a high purchasing power who seeks of the city of Ibiza you can find apartments for one
tranquility, security, nature and, above all, a lesser million euros.
agglomeration than in other islands of the archipelago.
The nationalities of buyers are changing from a majority
British presence to an increasingly high number of
French and German customers.
Market Trends. The Spanish Residential Market | 99
New-builds
Madrid
The new-build market is experiencing a period of growth Looking ahead to 2019, it is foreseeable that prices will
where a significant change in the profile of the buyer is remain stable in the first half of the year, and the average
observed. If the main type of housing was mostly sought price growth will be lower than 5% in the general cal-
by young couples or families who buy to meet the need culation of the year, provided there won’t be any exter-
to expand their home or family, nowadays there is an nal factors to threaten the strengthening of the real estate
increase in high-income customers seeking housing in market’s recovery during the first 6 months of the year.
areas prime with technological features (home automa-
tion, connectivity, etc.) that include services such as gym, The most significant property offers
pool, etc., which are not common in the city centre. by Engel & Völkers in Madrid
(Figures in euros / sqm)
This modification together with the growing interest in
new-builds among foreigners (Latin Americans, Central Residential District
Europeans ...) has boosted prices in the most premium Projects or Region Neighbourhood Min. Max. Avg.
offers in Madrid such as those located in the neighbour-
hoods of Salamanca, Recoletos and Cortes. This upward Carranza 15 Centro Malasaña 6.900 8.400 7.449
trend will remit due to the stabilisation in the demand
for properties with areas of more than 150 sqm. Deyanira 59 San Blas Rejas 3.350 3.350 3.350
However, the demand will remain in these areas but in Esquina Salamanca Castellana 9.800 13.700 11.900
lower volumes, between 50 and 100 sqm, where the Becquer
average prices are at 5,000-6,000 euros / sqm. It will
also continue the positive trend in small housing deve- Fuencarral 142 Chamberí Trafalgar 6.800 9.400 7.500
lopments of 50-80 sqm in other areas such as Tetuán,
with prices of 3,500 euros / sqm, as well as in the sou- Los Madrazo Centro Cortes 7.670 8.670 8.170
thern and expansion areas of Madrid, where home
buyers are looking for 90-120 sqm properties with pri- Zorrilla19 Centro Cortes 7.637 12.308 9.881
ces around 2,500-3,000 € / sqm.
Carlota Ciudad San Pascual 7.060 7.862 7.543
In this regard, it should be noted that more than a third O'Neill 42 Lineal
of the current new-builds in the Madrid Capital is con-
centrated in southern neighbourhoods such as Vicálvaro,
Vallecas, Carabanchel and Villaverde.
100 | Market Report 2018-19 Spain and Andorra
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AAFF Market report_Spain and Andorra 2018-2019
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