The Balearics has become the clear leader among the most exclusive areas for properties in Spain. According to the latest data from the idealista price report, up to six destinations in different towns in the Balearics are in this “top 10”, such as Costa d’En Blanes, in Calvia, and Puerto Andratx.
International demand continues to drive up the value of luxury residential property in the Balearics, and increasingly in the most exclusive areas of Madrid. The Balearics are by far the province with the strongest presence in the ranking: six of the 10 most expensive districts are in the islands. By municipality, Calvia dominates the list with three districts included. Madrid capital appears with two, while the rest of the positions are shared between Andratx, Palma, Santa Eulalia del Río, San Sebastián and Benahavís, in Málaga.
And, three neighbourhoods in Palma are among the 25 most expensive and exclusive in Spain. At least, taking into account the price per square metre in these areas of Palma. Although Madrid tops the podium in this unique ranking, compiled by the specialist property portal pisos.com, in fourth place we see one of the most central and sought-after neighbourhoods in the Mallorcan capital, with Palma sharing the limelight with other cities such as the Spanish capital, Barcelona and Malaga.
This ranking of the most sought-after neighbourhoods in Spain is led by three locations in Madrid with historical prestige. In first place is Recoletos with €15,451 per square metre, followed by Castellana with €13,169 and Jerónimos with €12,971. Next is the Palma neighbourhood of Sant Nicolau, with €11,846.47 per square metre, followed by Lista and Goya, both in Madrid, with prices around €11,493.
The top 10 is completed by Justicia-Chueca, Almagro and Ibiza in Madrid, and closed by Diagonal Mar-El Front Marítim del Poblenou in Barcelona with €10,477 per square metre. Trafalgar in Madrid ranks eleventh with €10,325, while La Térmica-Sacaba Beach in Málaga ranks twelfth with €10,020.
In 20th place is Son Vida, the residential development on the outskirts of Palma, with an average price of €8,972.18 per square metre, while two places behind is Sa Calatrava, an exclusive beachfront location on the Murada de Ciutat, where the price per square metre rises to €8,701.93, according to data provided by pisos.com. The report reveals that four provincial capitals dominate the ranking. Madrid does so with an average price of €7,303 per square metre, which is equivalent to €657,310 for a 90m² home.
Palma follows with an average of €6,012 per square metre (€541,066 for a typical flat), and behind it is Barcelona with €5,512 per square metre (€496,063 for 90m²). At the bottom of the list, Málaga has an average of €4,664 per square metre (€419,776 for a home). When comparing the average price in each provincial capital with that of its most sought-after neighbourhood, the differences are particularly revealing, with Palma recording a 97% difference compared to Sant Nicolau (€11,846 per square metre).