Spanish real estate continues to soar, but the latest CaixaBank Research study shows that tourist zones are in a league of their own. For the first time, property prices in these hotspots have surpassed €3,300/m² — an 83% premium over the national average.
Tourist Markets Lead the Charge
At the end of 2024, the average price in key tourist towns like Marbella, Málaga, and Ibiza hit €3,362/m², smashing previous highs from the 2008 real estate boom. By contrast, non-tourist towns average just €1,836/m² — a gap that has doubled since 2010.
Which Cities Are the Most Expensive?
Madrid now claims the title of Spain's priciest city at €4,466/m², followed closely by San Sebastián (€4,416/m²) and Barcelona (€4,033/m²). Marbella and Palma round out the top five, highlighting how Mediterranean hotspots dominate Spain's luxury market.
Demand Accelerates, Supply Lags
Despite a slight uptick in new housing supply, booming demand — driven by foreign buyers, job creation, and migration — continues to outpace availability. CaixaBank predicts that this mismatch will fuel even higher price growth into 2025 and 2026, particularly in tourist zones.
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