Interest in Spain’s luxury real estate, properties worth over 1 million euros, has grown 78% according to statistics delivered by the Spanish property portal, Idealista.
Currently average price of a luxury home in Spain stands at almost two million euros (1,982,939 euros), 6% more than in 2013. Also in 2013 2.3% of the announced homes had a price higher than a million euros; at present that rate reaches 2.7% of the total.
Four provinces make up 75% of the homes with prices in excess of one million euros: Madrid, Barcelona, Malaga and the Balearic Islands. 87% of the homes have 4 or more rooms and 65% have between 200 m2 and 600 m2, although the most frequent stretch is between 200 m2 and 400 m2. One in ten luxury homes is over 900 m2. 60% of homes above 1 million euros have a swimming pool.
Luxury homes in Spain price increases since 2013
The variation of the prices of luxury homes starting from 2013 is different depending on their geographical location. Coastal markets with an international reputation are the ones that have seen the biggest price increse.
In Sotogrande, Cadiz owners demand 34.9% more for their homes than they did in 2013. In Vila de Eivissa, growth was 27.3%, 24% in Sant Feliu de Guixols (Girona), 21.8% in the Marbella urbanization of Sierra Blanca and 18.2% in Los Monteros (also in Marbella).
In Palma de Mallorca, on the other hand, prices of luxury homes have remained stable in the last 3 years (-0.8%), a similar situation to that experienced in the Salamanca district of Madrid (2.3%), La Moraleja (2.7%) and the Valencian neighborhood of Pla del Remei (2.9%).
Madrid tops Spain’s Luxury Real Estate Market in Price
The 4 areas os Spain with the highest percentage of homes over 1 million euros can all be found in Madrid: La Finca (96.9%), Montealina (89.6%), La Moraleja (97% of the homes for sale) and El Viso (73.8%).