Spain's luxury real estate market is witnessing a phenomenal boost, particularly from foreign buyers attracted to properties priced above €1.5 million, as indicated by the latest report from idealista. While attention typically focuses on major urban centers like Madrid's Serrano district or Barcelona's Pedralbes, lesser-known towns and regions across Spain have seen remarkable foreign interest.
According to idealista's findings, over 45,000 luxury properties listed above €1 million are currently available, with more than 20% valued at over €3 million. The surge reflects growing foreign investment, particularly from several nationalities seeking high-end residences.
Notably, the Balearic Islands, along with provinces like Alicante, Málaga, and Girona, dominate the foreign market with areas reporting over 60% of demand from international buyers. The Costa de los Pinos, situated on Mallorca, leads the pack with nearly 70% of inquiries hailing from abroad. Other high-demand zones include Port d'Andratx at 68% and Cala Murada at 66.6%.
Germans and Dutch nationals currently constitute the primary foreign investors. The report showcases how Germans, particularly drawn to the Balearic Islands, significantly lead the demand. For example, areas such as Costa de los Pinos and Capdepera demonstrate how more than half of the inquiries are made by German buyers. Their interest is not confined to just the Balearics but extends across Alicante and Málaga as well.
The Netherlands ranks as another notable player, especially favoring coastal regions. Their enthusiasm is most evident in the Alicante province, where buyers are actively seeking properties like those found at Oltamar-Cucarres and Moraira.
Beyond Germans and Dutch, British buyers maintain considerable interest, being particularly prominent among the top three nationalities active across various high-end locations. French nationals also showcase substantial demand, particularly around Santa Margarida and Port Esportiu – Puig Rom – Canyelles. Not to be overlooked, Norwegians and Swedes are drawn to other prime spots, with Swedes actively involved in La Zenia and the growing interest from American buyers increasingly noted.
On the price spectrum, Santa Eularia and Calvia are now categorized among the most expensive municipalities to purchase property. Data reveals Santa Eularia averaged prices hitting €1.9 million, just shy of Calvia at €1.8 million. Leading the list is Benahavís, Málaga, with prices surging past €2.3 million.
Spain's luxury real estate market has transformed, with preferences clearly identified. Idealista's study projections solidify the expectation for continued growth driven by foreign demand, painting optimistic prospects for high-end property acquisitions throughout the country as the year closes out.
With intriguing developments and escalated interest from diverse nationalities, Spain's property market appears resilient and ripe for opportunity, promising to maintain its allure among luxury buyers for years to come.