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.
What It Means for Buyers and Investors
If you're eyeing property in Marbella, Málaga, or Mallorca, expect fierce competition and rising prices. Tourist municipalities will continue outperforming non-tourist areas, creating prime opportunities for investors — but also new challenges for local affordability.
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