Luxury homes in Spain
According to a new study by elEconomista, 58,000 luxury properties in Spain are currently for sale for more than 1 million euros. Out of those, 88% are in Madrid (31,000) and Barcelona (19,990), while cities such as Palma de Mallorca (1,900) or Marbella (1,336) are extremely far away. Valencia, Spain’s third biggest city, doesn’t compete at all with Madrid and Barcelona for luxury homes, with only 1,200 luxury properties.
Top 10 Spanish cities with the most expensive properties
Madrid and Barcelona concentrate most luxury homes (88% of the 58,000), while the top 10 closes with Calvia, which is estimated to have 190 properties above 1 million euros (0.3%). In other words, Madrid (31,000) and Barcelona (19,900) are the only two Spanish cities concentrating more than 10% of all Spanish luxury homes. It’s almost disappointing to see that Marbella or Ibiza, which come top of mind as cities with beautiful villas, and luxurious lifestyle, only concentrate 2.3% and 1.2% of Spain’s most expensive properties.
- Madrid 53.8%
- Barcelona 34.5%
- Palma 3.3%
- Marbella 2.3%
- Valencia 2.2%
- Ibiza 1.2%
- Alcobendas <1%
- Sevilla <1%
- Santander <1%
- Calvia <1%
Luxury properties in Madrid: in what neighborhoods?
The 6.3 kilometers of Paseo de la Castellana is the most luxurious street in Spain according to the report. Indeed, from Plaza de Colon to Nudo Norte, Paseo de la Castellana in Madrid concentrates an estimated 1,100 luxury flats. Other top areas for luxury properties in Madrid are the neighborhood of Salamanca, and the Calle Velazquez, with 930 flats above 1 million euros.
Barcelona: 50% of luxury homes are in Sarria-Sant Gervasi
More than 50% of luxury properties in Barcelona, are in Sarria-Sant Gervasi (10,400 out of 19,990). However L’Eixample does well too, with 5,000 properties estimated above 1 million euros.
Growth of 50% in two years
Astonishingly, this figure is 50% higher than it was 2 years ago (2017). Indeed, Spain counts 58,000 luxury properties now, compared to 39,000 in 2017. Therefore we can see how Spanish property prices, in particular in Madrid and Barcelona, have grown over the past two years.
Is this study reliable?
Is this study called “La Vivienda A Fondo“, elaborated by elEconomista in collaboration with Aedas Homes, Century 21 and Altamira, trustworthy? Amador Ayora, director of elEconomista, partnered with these 3 real estate brands to release qualitative information on real estate this year. First release, in February, when they announced that property prices would grow by 5% to 6% this year (CBRE), but also that property prices should keep growing for another 3 years.
However is this study truly reliable? There is at least one incoherence that frustrated me. Indeed, elEconomista points out that “the most expensive property in Spain is in calle Claudio Coello in Madrid, with a value of 8,139,075 euros”. Yet Michael Douglas is selling his Spanish villa in Mallorca for €28.9 million. And EuropaPress wrote about the top 10 most expensive properties in Spain, starting at 17 million euros. Several properties have been put for sale over 50 million euros. So, how can there be such a huge gap between those numbers? Most likely, the study should be considered for what it is: an estimation, through data, of the most expensive places in Spain. Not for a clear indicator of transaction prices. Still, it’s a very interesting study, that we will keep following as they release more data in the coming weeks.