The capital of the tiny Balearic island has dethroned San Sebastián as the most expensive city in Spain in which to buy a property, new government data reveals.
Ibiza Town (also known as Eivissa) is now officially Spain’s priciest property market for homebuyers.
It’s a spectacular rise, especially when considering that only 11 years ago – just before Spain’s real estate boom – Ibiza town was 45th in the rankings.
Prices reached €3,709 per square metre in the second quarter of 2019, new data from Spain’s Public Works Ministry reveals, a rise of 56.6 percent in the past five years.
Regional politicians and real estate experts agree that tourism – in particular the rise of short-term rentals – has been the defining factor in prices skyrocketing.
For 12 years, the sophisticated city of San Sebastián in Spain’s Basque Country was home to the country’s most expensive property market. It’s now in second position with properties averaging prices of €3,620/sqm.
According to Spain’s Public Works Ministry, the average square metre price for properties across the country has increased by 3.1 percent in the second quarter of 2019 compared to the same period in 2018, now standing at €1,637/sqm.
Following Ibiza and San Sebastián in the property price rankings are
- Ibiza town of Santa Eulalia del Río (€3,608/sqm)
- Catalan town of Sant Cugat del Vallès (€3,438/sqm)
- Barcelona (€3,417/sqm)
- Madrid (€3,220/sqm)
- The capital’s upmarket suburb Pozuelo de Alarcón (€3,186/sqm)
- The coastal Catalan town of Castelldefels (€3,087/sqm)