Luxury property market continues to rise

The average price of housing for sale in Spain closed 2022 at 1,921 euros/m2, with a year-on-year increase of 5%.

In the same period, the price of luxury properties, those that are for sale on the market above one million euros, ended the year with an average price of 7,135 euros/m2 for luxury apartments, and 4,436 euros/m2 for single-family homes with high purchasing power.

Using data from the last quarter of 2022, we review the evolution of the prices of these luxury homes in the main residential markets by provinces (chalets) and capitals (flats).

The Balearic Islands, Malaga, and Alicante are among provinces with the highest prices for villas

For single-family homes, there are three large prominent markets such as the Balearic Islands, Malaga, and Alicante, linked to sun and beach tourism and the ownership of primary or secondary homes near the coast. The Balearic archipelago has the highest average price of the analysed provinces with 5,993 euros/m2 for luxury villas. It is followed by the province of Malaga, with 4,892 euros/m2, after experiencing a rise of 11.3% year-on-year in the fourth quarter.

Alicante is the third largest market for detached housing above one million euros, although with its 3,962 euros/m2 it is surpassed in price by Santa Cruz de Tenerife (4,436 euros/m2), Girona (4,152 euros/m2) or Guipúzcoa (4,008 euros/m2).

The large residential markets of Barcelona and Madrid present average prices for villas, with larger areas for sale, which reach 3,689 euros/m2 and 3,636 euros/m2, respectively in both provinces.

But you can also find a visible market for single-family homes for more than one million euros in the provinces of Valencia (2,513 euros/m2), Granada (3,298 euros/m2), Cádiz (3,457 euros/m2) or Las Palmas (3,639 euro/m2).

Luxury apartments in large markets exceed 7,000 euros/m2

Zooming in on the provincial capitals, the flats of more than one million euros are the ones that are for sale the most. In Madrid (7,200 euros/m2) and Barcelona (7,356 euros/m2) the prices exceeded 7,000 euros/m2, although it is San Sebastián (7,975 euros/m2) and Palma (7,983 euros/m2) where the average price is highest.

But while in Madrid (3.8%) and Barcelona (0.3%) the prices of these luxury houses kept rising, in Palma (-0.3%) and San Sebastián (-2.5%) they lived slight falls in the values offered in the buying and selling market.

Apartments for more than one million euros can also be found in Malaga or Valencia, with prices reaching 6,748 euros/m2 in the Andalusian capital and 4,703 euros/m2 in the Valencian capital. In Malaga, prices rose 7% year-on-year while they fell 7% in Valencia.

In the Balearic Islands there are the most expensive apartments and in the city of Barcelona the most outstanding luxury villas

Outside the provincial capitals, the apartments for more than a million euros that stand out the most are in the Balearic Islands, where the highest price of the entire study is found. In the Balearic archipelago, luxury flats reach 8,147 euros/m2, ahead of Barcelona's 7,347 euros/m2 or Malaga's 7,345 euros/m2, where the number of flats of these characteristics skyrockets outside the capital.

In addition to the province of Madrid (7,038 euros/m2), a market for luxury apartments can also be seen in the provinces of Alicante (5,587 euros/m2), Vizcaya (5,430 euros/m2) or Cádiz (5,123 euros/m2 ).

On the other hand, in the city of Barcelona are the most expensive high-end villas among the provincial capitals, with 5,439 euros/m2, followed by Palma (5,278 euros/m2) and Madrid (4,124 euros/m2).

But there are also villas for one million euros in Malaga (2,981 euros/m2), Alicante (2,945 euros/m2), in Granada (3,208 euros/m2) or Seville (3,250 euros/m2).