Pollensa and the port are very much in demand by property investors.

Pollensa and the port are very much in demand by property investors. | Majorca Daily Bulletin reporter

Humphrey CarterPalma17/10/2024 14:50
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The luxury housing market in Spain has experienced remarkable growth in recent years, driven by the growing demand for exclusive properties and the revaluation of real estate in some of the most coveted areas of the country. Since 2019, the average price of properties worth more than €3 million has increased by 37% across the country, according to data from Grupo Tecnitasa. This increase has taken the average value of these properties from over €3.8 million in 2019 to almost €5.4 million in 2024, reflecting the consolidation of the luxury market in Spain. In the last year the rise has been 4.5%.

The Balearics maintain their position as the region with the highest prices in the luxury market. According to the Tecnitasa report, the highest value recorded in the last year was over 50.6 million euros in Pollensa. This region continues to be a hotspot for buyers with high purchasing power, with more than 15% of the luxury homes valued at over 10 million euros.

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The evolution of luxury home prices is not only driven by location, but also by new trends that are reshaping the sector. Today's buyers value elements such as personalisation, sustainability and energy efficiency, according to the real estate platform idealista.

This focus on "quiet luxury" reflects a preference for quality and sensory experience, rather than flaunting grand signs of wealth. In addition, the rise of sectoral mini-enclaves, communities that bring together individuals with common professions or interests, is contributing to further appreciation in certain areas, such as Girona.

With an overall increase of 4.53% in the price of luxury homes, the high-end real estate market in Spain is in a phase of expansion. Trends towards sustainability, personalisation and the creation of exclusive communities are driving this segment towards a new paradigm. In an environment where luxury is constantly being redefined, the price of these properties will continue to be a reflection not only of their material value, but also of the quality of life and experiences they offer their buyers.