Luxury property is gaining ground in Spain
The luxury housing market is currently in good condition. There are more luxury properties on the market today than over the previous three years. 2.36% of second-hand homes currently on the market have an advertised sales price of over one million euros. This percentage exceeds that recorded in 2017 (2.22%), 2016 (1.92%) and in 2015 (1.62%), according to a report from pisos.com.
The average high-end property has a price of 2,165,754 euros, up from 1,972,194 euros last year, an increase of 9.81%. The average price was 1,940,811 euros in 2016 and 1,962,066 in 2015. However, the average price per square meter of a luxury home in Spain stands at 3,897 euros, which is a drop of 16.17% compared to 2017 (€4,649 p/m²). In 2016, the average price per square metre was €5,556, and in 2015 it was €4,606.
The average price of a standard property is currently 1,653 euros per square metre, over two thousand euros below the average high-end luxury property. Taking for example a typical house of 90 m², this would have a cost of 148,770 euros, 2,016,984 euros below the average price of a high-standing house.
High-End Ranking
Looking at the highest priced properties currently on the market, the gap from standard to high-end is huge. The ranking is led by a villa in Mijas (Malaga) that is on the market for a staggering 38 million euros. Second place is occupied by a seven-bed villa for sale in Nueva Andalucia, Marbella (Malaga) which is on sale for 34 million euros. There follows two properties in the exclusive La Zagaleta Golf & Country Club, Benahavís, priced at 29 million euros, and 28 million euros. Closing out the top 5 is a nine-bedroom home on Marbella’s Golden Mile priced at 22,995,000 euros.
According to Ferran Font, director of studies at pisos.com, “although high-end properties exist across Spain, certain local markets have an above-average density of these properties: Madrid, Barcelona, Malaga, and the Balearic Islands being the top four. Although the Spanish buyer plays an important role, once the two million mark is exceeded, they lose prominence in favour of foreign fortunes. Latin American clients are gaining ground in large capitals, while the Europeans continue to dominate on the coasts.”
62.77% of luxury properties of more than a million euros have a swimming pool, and 64.64% have a separate garage. 51.6% have air-conditioning, and 55.59% have heating. 45.65% of luxury properties are in good condition, while 4.67% are in need of reform.
Malaga has the largest percentage of luxury homes with 19.01% of the total high-end properties currently on the market. A close second is Madrid with 18.27%. Luxury properties in Barcelona account for 16.02%, while high-end properties in the Balearic Islands make up 13.51% of the nation’s luxury pads.
