The penthouse appears to be the most in-demand property on the housing market in Spain. Although ground floor flats have also rebounded, the penthouse is the most sought after.
The average penthouse in Spain has a price of 275,735 euros, and a size of 118m². The same property in 2017 had an average size of 102m² and an average price of 258,876 euros, an annual increase of 6.51%.
As for the average ground floor apartment, the current average price stands at 143,891 euros, and a size of 85m². Last year the average size was 99m² with an average price of 139,058, an annual increase of 3.48%. Regarding distribution, the average ground floor flat has two bedrooms and a bathroom, while the average penthouse has three bedrooms and two bathrooms.
Percentage of Stock
The percentage of penthouses for sale has remained the same from last year, while the number of ground floor flats has dropped. In 2017, ground floor apartments made up 5% of the total stock offered for sale, while penthouses made up 3%. This year, the number of ground floor flats has dropped to 2% of the total, while penthouses remain at 3%.
According to Ferran Font, director of studies at pisos.com, “the penthouse is a safer bet, in times of uncertainty it can go down [in price], but less dramatically. However, in times of optimism like we have today, its upward path will be above that of any other flats. Lower floors cannot compete in terms of light, privacy and views. It is usually quicker to sell a penthouse than flats on lower floors.” It must be noted that the study from pisos.com did not include ground floor flats with private gardens in private urbanisations, which would be an exclusive product with a higher price.
Looking at prices across the country, Madrid, unsurprisingly, has the most expensive penthouses, with an average price of 575,791 euros. This was also the case last year, when the average penthouse in Madrid would set you back 498,736 euros. The cheapest penthouses in the country are to be found in Castilla-La Mancha, where the average price is 131,716 euros. One year ago, the average was 138,840. This represents a 5.13% fall, while in Madrid prices have increased 15.45% since last year.
Those who want a ground floor flat in Murcia will pay the lowest price with an average cost of 88,464 euros. Murcia was also the cheapest last year when the average price was 88,696, meaning a -0.26% annual variation.
The most expensive ground floor flats are to be found in the Balearic Islands. There, the average cost is 292,256 euros, a 7.82% increase over last year.
The largest proportion of penthouses is located in Andalucia, Valencia and the Balearic Islands. In each of these areas, the penthouse makes up 4% of the total number of flats on sale. Galicia, Murcia, Aragón, Cantabria, the Canary Islands, and Madrid have 3%. In other regions the number of penthouses is on average 2% of the stock, except in the Basque Country where only 1% are penthouses.
Looking at ground floor flats, the Canary Islands have the most with 4% of properties. In Murcia, Castilla y León, Andalucía and Extremadura 3% of advertised properties are ground floor. In the other regions it is 2%, except Galicia, Catalonia and Asturias, where ground floor flats make up 1% of the total.