Ministry of Development: Ibiza was Spain’s 2nd Most Expensive City for Buying a Home in 2018

22 February 2019 – Eje Prime

Change is afoot in the ranking of Spain’s most expensive cities for housing, and Ibiza is rising fast. In 2018, the Balearic city was ranked as the second most expensive place in Spain to buy a home, with an average value per square metre of €3,537.40. In this way, in just one year, Ibiza has surpassed Barcelona, Sant Cugat del Vallès and Santa Eulalia del Río to be ranked in second position, just behind San Sebastián.

According to data from the Ministry of Development published yesterday, house prices in Ibiza rose by 20.4% in 2018, compared with an increase of 4.5% in the case of San Sebastián. Meanwhile, prices per square metre in Barcelona rose by 10.1% in 2018; by 8.8% in Sant Cugat; and by 7.3% in Santa Eulalia del Rio.

Madrid retained its position as the sixth most expensive city for buying a home in 2018 with a price per square metre of €3,103.80 and a YoY increase of 8.5%. It was followed by Pozuelo de Alarcón, which exceeded Majadahonda, Getxo and Calvià in 2018 with a price rise of 20.4%, the same as in Ibiza.

Only three municipalities of the twenty most expensive in Spain saw their prices decrease in 2018 (Getxo, Calvià and Leioa) with reductions of 1%, 4.6% and 0.1%, respectively. On the other hand, Avilés, Narón and Alcantarilla were the municipalities with more than 25,000 inhabitants where house prices decreased by the most in 2018, with drops of 11.6%, 8.9% and 8%, respectively.

Moreover, besides Ibiza, the Madrilenian municipality of Torrejón de Ardoz saw its prices rise by the most in 2018, also up by 20.4%. It was followed by rises of 19.8% in Ciutadella de Menorca, 19.6% in Esplugues de Llobregat and 18.9% in Leganés.

House prices in many other places also rose by a lot more than the national average, of 3.9%, including in Móstoles (18.5%), Cornellà de Lloregat and Palencia, with rises of 18.2%, and Martorell (17.4%).

Original story: Eje Prime (by C. de Angelis)

Translation: Carmel Drake