Spain is a fantastic place to look for affordable properties, whether you’re after a cheap cortijo, a doer-upper or a cute coastal apartment. However, it is an equally brilliant location for luxury property hunters. Find out where to buy and what to look for in a luxury Spanish home.
Group Technitasa are a valuation, consulting and sustainability group; they are regulated by the RICS and approved by the Bank of Spain. Recently, they published a report on the ‘Study of luxury residential property market in Spain’. The report found that, Spain wide, the average price of a home worth €3 million has had an interannual growth of 4.53% in 2024.
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Who is buying Spain’s luxury homes?
Nationals and international buyers alike are interested in Spain’s luxury property market. As well as seeking high-quality primary and holiday homes, Spanish residents often purchase properties in Barcelona and Madrid for their children to go to university. Meanwhile, when it comes to international buyers, northern Europeans seek out the consistent sunshine and beach lifestyle; north Americans have carved out the Balearic Islands as their home away from home; and the Latin American buyers appreciate the shared language and similar culture.
Where are Spain’s luxury homes?
Five-bedroom townhouse in the Golden Mile, €2,600,000.
When we think of luxury in Spain, we tend to think of the gleaming beaches of the Golden Mile, the high profile guests dancing the night away in Ibiza, the cosmopolitan edge and the historic buildings of Madrid and Barcelona.
The luxury property markets of Barcelona and Madrid increased by 7.73% and 7.48%, respectively. While the Balearics (3.62%+) and Málaga (3.17%) grew less impressively. The Costa Brava saw the least growth, at just 3.03%.
However, the report showed that the luxury property is expanding beyond the usual locations.
Alicante, a new star on the luxury property market scene
A luxury two-bedroom, south-facing villa in Altea, Alicante.
Alicante is a superb location for property hunters looking for a low cost buy. You can find small apartments close to the coast for under €100,000.
Yet, its luxury property market is really starting to turn heads. From 2023 to 2024, Alicante saw a growth of 9.60% for its luxury property market, meaning that the value of housing increased more than any other region. This was partly down to property prices starting from a more affordable place. Investors with a keen eye may want to take a note.
Not just a pretty home or a cool location
Branded villas (you could buy a Karl Langford villa in Marbella), personalised concierges, homes in hotels, wellness facilities (spas, gyms, bars) and advanced security are all sought after by luxury property hunters. However, interestingly, luxury is increasingly not just about the aesthetic of a home or where it is located.
Rural luxury
Due to areas like Mallorca being short on space, there has been a growth in luxury homes popping up in areas such as Alaró, Santa Maria del Camí and Santanyí. This trend is called “rural luxury”, with those buying these homes also enjoying the privacy and feeling of exclusivity that homes away from more central locations can provide.
Sustainability
Luxury home hunters aren’t just after a pretty home, but one that works well too, and will do so for a long time, at less cost to the environment. There is a trend towards environmentally friendly materials, water and solar energy, and maximising natural light. Long term, self-powered homes also keep running costs down too.
There are over 8,000 properties priced at €1,000,000 or more on the Your Overseas Home property portal in Spain. Kickstart your hunt now.
Source: ‘Study of luxury residential property market in Spain’, Group Technitasa
