Ibiza property fever reaches new heights ! Ibiza and Santa Eulària des Riu have just topped the €6,000 per m2 mark, becoming part of the 4 most expensive towns in the country. Even worse : Ibiza is officially the most expensive city in Spain, with an average price of €6,403 per m2.
December 2023 will go down in history : four Spanish cities have broken the barrier of 6,000 euros per m2. Ibiza is the most expensive city of Spain with a staggering average of €6,403 per m2. A rise that is both impressive and worrying, putting the Mediterranean gem at the top of an expensive podium.
The island of Ibiza, a real estate Eldorado
In second place is San Sebastian, with an average price of 6,120 euros per m2. Zarautz, another Basque municipality, and Santa Eulària des Riu complete the prestigious quartet, with values of 6,029 and 6,010 euros per m2 respectively.
While Ibiza shines in the firmament of money, Santa Eulària des Riu, not far behind, is not to be outdone. With a price increase of 152% over the last nine years, Santa Eulalia has seen a historic rise, from €2,376 to €6,010 per m2.
Cities less and less accessible to locals
The trend is similar in Ibiza, where prices have soared by 110%. These crazy figures obviously raise questions about the affordability of accommodation in these dream destinations. Experts attribute this surge in prices to the pressure of demand, mainly from foreign tourists with high purchasing power. A situation that complicates access to housing, given the almost total absence of social housing in the archipelago.
As a result, Ibiza is becoming increasingly inaccessible for many locals. A consequence of the tourist attraction which, although beneficial in many respects, is inflicting growing challenges on those who dream of settling in this corner of Spanish paradise. Beauty has its price, and in Ibiza, that price is marked in euros per m2.
Source : El Condidencial