Spain has remained a highly sought-after homestead for centuries. The romantic country brims with immense beauty, a tapestry woven by bucolic countrysides, azure coastlines, volcanic vistas, and pine-carpeted islands. Much of the country is steeped in history, soaked in an air of bygone romance. As iconic early modern poet Federico Lorca beautifully put it, “the dead of Spain are more alive than the dead of any other country in the world.”
Unsurprisingly, well-heeled folks around the world have been flocking to Spain in hopes of building a cushy life in the Mediterranean paradise. According to data, the luxury property market has been gaining steep momentum over the last six years, having increased six-fold.
Some watchdogs have noted that Spain’s luxury property landscape has seen an uptick in high-net-worth-investors from around the world, owing to its promising market and the lack of restrictions on non-resident buyers.
With Sotheby’s International Realty’s unrivalled expertise and expansive reach, you’re sure to find premium properties anytime, anywhere in the world. Read on to discover the best places to buy property in Spain.
Madrid
As the capital of Spain, Madrid is the first and obvious choice for property investment in the country. With countless multinationals and tech start-ups, it’s the ideal Spanish homestead for those building a city life in a dynamic, fast-paced metropolis.
However, the city’s idealised charm isn’t brushed under the urbane carpet – as a custodian of rich European art, charming boulevards, and historical sites, Madrid is an enviable harmony of cosmopolitanism and culture. A walk around the beautiful city will acquaint you with fascinating mediaeval sculptures and buildings, luxuriant parks, old cafes, and vibrant high streets.
A luxury property in Madrid can cost from €5 million to €20 million. Sol, Salamanca, and Malasaña are great locales for buying properties here. The streets of Salustiano Olózaga, Calle Serrano, and General Castaños in particular are established haunts of the city's elite.
Mallorca
Mallorca is the largest of Spain’s Balearic Islands and the seventh largest island on the Mediterranean Sea. Brimming with glistening sapphire waters, limestone mountains, vineyards, and unspoiled countrysides, the island’s luxe placidity has drawn in many retirees as well as investment-minded expats.
Mallorca is for lovers of the sea who desire a quiet coastal life. It’s also an island filled with the world’s fine pleasures, such as Michelin-starred meals and posh clubs. It’s the perfect island for those who unapologetically want it all – natural beauty, rich culture, decadent feasts, vintages, as well as gorgeous period homes outfitted with the latest technology.
As such, Mallorca’s luxury property market never ceases to thrive. The average price of a luxury villa is €741,000, the range being €517,000 to €11,000,000. Santa Ponsa is one of the most coveted neighbourhoods for foreigners due to its brilliant amenities, such as international schools, golf courses, and high-tech apartments. On the other hand, Son Vida is Mallorca’s most affluent locale and is often referred to as “the Beverly Hills of Mallorca.”
Ibiza
Ibiza, a volcanic island nestled among the Balearic Islands, is the ultimate Spanish haven for life’s finer things.
Renowned for its vibrant nightlife and lavish yacht parties, the island is also abloom with startling beauty. From turquoise coves to ancient fortresses, cliffs, white villages, and nearly 80 beaches, there’s little to be missed at Ibiza. There are also several fine dining restaurants and clubs in Ibiza, making it the perfect haven for those looking to create an aspirational life. Notwithstanding its glamour, Ibiza is also home to several museums and historic sites, truly rounding it off as the whole package.
Ibiza hosts some of the most expensive properties in Spain, with the average cost of a two-bedroom apartment amounting to more than €250,000. The best places to buy houses in Ibiza are Es Cubells, Sant Josep de Sa Talaia, Dalt Vila, and Santa Eulalia.
Marbella
Marbella is an iconic resort city in Spain, bordered by the Sierra Blanca Mountains, Mediterranean beaches, and elegant villas.
The city is a favourite retreat of the rich and famous, with Qatari and Saudi Arabian royals owning homes here. It's also a regular summer getaway for the likes of Seal, Björn Borg, Bon Jovi, Bruce Willis, and Eva Longoria. After all, Marbella has yacht parties that go down in history, designer label-populated high streets, and the “Golden Mile” of upscale nightclubs.
Marbella is the 16th most expensive city in the world in the realm of luxury real estate, outdoing Dubai, London, and Madrid. Luxury properties can set you back about €28,600 per square metre. Puerto Banús, Elviria, The Golden Mile, La Zagaleta, and Sierra Blanca, with fashionable boutiques, beachfront villas, expensive restaurants, and most importantly, exclusivity, are popular locales among the elite.
Barcelona
Barcelona has many jewels on its dazzling crown of accomplishments. It is the capital of Spain’s Catalonia region and its second-most populous metropolis, synonymous with one of the world’s most prominent football clubs, and is an enclave of remarkable art and history.
Barcelona is the perfect haunt for history fanatics, aspiring artists, and fans of FC Barcelona. It is home to the Sagrada Família church, the world’s largest unfinished Catholic basilica built by modernist architect Antoni Gaudí. Other works by Gaudí line the city’s high streets and alleyways. Further, there are numerous Roman archaeological sites as well as famous pieces of modern art. Thus, Barcelona is deservedly a designated UNESCO World Heritage Site.
Some of Barcelona’s poshest neighbourhoods are Pedralbes, Les Corts, L'Eixample, and Sarria-Sant Gervasi. The city’s cosmopolitan bustle and rich cultural heritage certainly come at a steep price, with a detached home costing at least €1.5 million.
Malaga
Malaga is a seaside alcove in the autonomous region of Andalusia. The quiet town is reputed as a great summer escape, given its plethora of sandy beaches and crystal-clear water. La Malagueta and El Palo are Malaga’s most popular beaches, known for presenting gorgeous views of handsome ships traversing the Mediterranean Sea, truly conjuring a breathtaking horizon.
The beach town also bears an enigmatic allure, holding on to fascinating secrets of the bygone – after all, Malaga is the birthplace of Pablo Picasso, besides being a vital centre during Roman times.
Soho, La Merced, El Perchel, and La Malagueta are some of Malaga’s best neighbourhoods. However, many flock to the city’s outskirts, where the Mediterranean splendour undeniably reigns supreme. Malaga is the fifth most expensive city in Spain, in spite of which the city’s real estate market is quite buyer-friendly, with property prices ranging between $490,091 and $24,443,466.
Alicante
Albeit a hidden gem in Spain, Alicante has managed to captivate enthused globetrotters with its dazzling sapphire beaches, historic significance, and bohemian streets.
Alicante’s history dates back 7,000 years, with Mount Benacantil being the site of some of the world’s earliest settlements. There are also records of Alicante being visited by Greek traders in 1000 BC, as well as evidence to support its significance in the Roman era. Thus, Alicante has witnessed Spain’s story, and the history is palpable in every nook and cranny of this town.
With Alicante slowly being discovered as a historical wonderland, it’s a highly promising investment landscape. The luxury real estate market shows immense potential, given its highly buyer-friendly price range. El Campello, Cabo de Azues, Altea, and Denia are some of Alicante’s most desirable locales.
València
Valencia, the iconic "city of the 100 bell towers," is Spain's third-most populous metropolis.
While Valencia has its fair share of beaches, it is revered for something else that’s integral to Spain – food. Indeed, as Europe’s largest fresh produce market, Valencia is one of the country’s most eminent gastronomic hubs. It is the birthplace of paella, the quintessential Spanish rice dish. It’s also known for its delectable white and rose wines. Additionally, the beloved “Agua de Valencia,” a cocktail featuring cava, vodka, orange juice, gin, and horchata, originated here.
Valencia is also known for its vibrant community culture, defined by parades, festivals, and carnivals. It is particularly famous for the Fallas Festival, which commemorates the arrival of spring with flamboyant spectacles, firecrackers, and extravagant papier-mâché sculptures (the sculptures are burned in a theatrical finale as a goodbye to the fallas).
An average home in Valencia costs around €1,200,000. Gan Via Marqués del Turia, El Mercat, Sant Francesc, El Pla del Remei, and Gran Vía are some of the best real estate areas in Valencia.
Final Take
Spain is the paragon of beauty, with immense natural bounties, delectable delicacies, a kaleidoscopic culture, and a hospitable community. One simply cannot be bogged down by life’s troubles when embraced by the Mediterranean sun-kissed air. Pursue bliss by making Spain your new homestead, and begin your search with Sotheby’s International Realty today.
