Market Report 2020-21 Spain and Andorra
Community of Madrid Key Information About Madrid In 2020, the average price of properties managed by Engel & Völkers in Madrid stood at 4,355 euros/sqm. After a completely atypical year, 2021 will see a stable growth in prices for which we expect a 20% increase in sales figures, with a clearly upward trend from the second quarter onwards. 6
Salamanca-Retiro: There is a strong demand in the neighbourhoods of Goya, Jerónimos, Ibiza and Niño Jesús. Centro-Arganzuela: In the Centro district, purchases by international clients have remained stable, accounting for 30% of all transactions. In Arganzuela, the percentage dropped to 14%.
11 9 10
Chamartín and Chamberí: Demand has increased for properties with terraces, townhouses with gardens and detached homes in the Hispanoamérica and Nueva España neighbourhoods. In Chamberí, growth has been centred in Argüelles and Casa de Campo. Moncloa - Aravaca: Price increases in some areas of Aravaca have reached 14%. Ciudad Lineal – Hortaleza: Demand has been focused on the most premium areas, primarily Conde Orgaz Park, Arturo Soria and Piovera. Fuencarral-El Pardo: There has been a strong demand in Mirasierra, Montecarmelo, Puerta de Hierro and Fuentelarreina. Surroundings: The possibility of teleworking and of living further away from the cities has placed areas such as Pozuelo de Alarcón, Majadahonda, Boadilla del Monte, Las Rozas, Villanueva de la Cañada, Villafranca del Castillo, Villaviciosa de Odón and other important municipalities in the mountains of Madrid, in the sights of the capital’s clients. One of the most exclusive areas in the surrounding region attracting a great deal of interest from buyers in recent months has been the detached villas in La Moraleja.
1.500
2.000
2.000
2.500
2.500
3.000
3.000
3.500
3.500
4.000
4.000
4.500
4.500
5.000
5.000
5.500
5.000
6.000
16
3
4
1
2
12
7
5 8
13
14
15
17
Prices for buying and renting in the city of Madrid (figures in euros/sqm) 1 | Salamanca
5,706
18.64
10 | Moncloa-Aravaca
3,207
15.49
2 | Centro
4,979
17.85
11 | Hortaleza
3,051
13.08
3 | Chamartín
4,603
16.27
12 | San Blas
2,796
12.7
4 | Chamberí
4,544
17.45
13 | Latina
2,601
-
5 | Retiro
4,484
16.07
14 | Carabanchel
2,250
-
6 | Fuencarral
4,098
-
15 | Puente de Vallecas 2,238
7 | Ciudad Lineal
4,028
-
16 | Barajas
2,052
12.5
8 | Arganzuela
3,423
15.41
17 | Villa de Vallecas
1,840
-
9 | Tetuán
3,291
15
-
Average price 2020 in Madrid · 4,355 euros The streets with the highest demand in the city of Madrid District Salamanca Centro
Chamartín Retiro Chamberí
Neighbourhood Recoletos Recoletos Justicia Justicia Justicia Palacio Palacio Cortes Universidad Viso Viso/Hispanoamérica Jerónimos Ibiza Almagro Almagro Argüelles
Street Salustiano Olózaga Serrano General Castaños Bárbara de Braganza y Almirante Argensola y Prim Lepanto y Carlos III Plaza de Ramales, Plaza Mayor y Plaza Conde de Barajas Paseo del Prado Alberto Aguilera y Fuencarral Pedro Valdivia Paseo de la Habana Valenzuela Menorca, Dr. Castelo y comienzo de Sainz de Baranda Monte Esquinza Fortuny Pintor Rosales
Price (euros/sqm) 12,000 10,000 10,000 8,000 7,500 7,000 6,500 6,000 5,800 7,200 6,000 8,700 6,800 6,900 6,100 6,000
Catalonia Barcelona
Prices for buying and renting in the city of Barcelona (figures in euros/sqm)
In 2020, the average price of properties managed by Engel & Völkers in Barcelona stood at 4,478 euros/sqm with only three districts of the capital above this price: Les Corts, Sarrià-Sant Gervasi and Eixample. Eixample: 47% of all sales were made by foreigners. Sant Gervasi: The areas in highest demand were Galvany and Bonanova.
Les Corts
5,381
19.02
Ciutat Vella
3,892
18.17
Sarrià-Sant Gervasi 4,906
16.26
Sants-Montjuïc
3,789
17.19
Eixample
4,904
18.08
Sant Andreu
3,500
15.17
Sant Martí
4,025
17.75
Nou Barris
2,880
8.00
Gràcia
4,010
17.62
Horta-Ginardó
2,693
15.06
Average price 2020 in Barcelona · 4,478 euros
Les Corts: In addition to Pedralbes, sales in Diagonal between L’illa and El Corte Inglés stand out. Gràcia and Horta-Guinardó: Both supply and demand for property have increased. Ciutat Vella and Sant Martí: Here there has been lower prices and more interest from local customers, especially investors.
Pyrenees In the Val d’Aran, the villages closest to the ski slopes, such as Baqueira, continue to be our clients’ first choice, with prices reaching up to 5,000 euros/sqm. In Cerdanya, new build sales have increased, now representing 22% of the total. Bolvir, Fontanals and Llívia continue to be the target towns, with a notable increase in demand in Puigcerdà and Bellver.
Surroundings The pandemic has led to a search for larger homes with outdoor spaces, which many of the municipalities in Barcelona’s metropolitan area have in common. Sant Just Desvern and Esplugues de Llobregat are among the most popular, with the central area in both municipalities, along with Nestlé and La Maolla in Esplugues de Llobregat, concentrating most of the demand. Sant Cugat continues to attract interest in single-family homes in the Mirasol and Valldoreix areas near the station. Within the towns of Vallés Oriental, the demand goes towards properties with a garden and swimming pool. In Gavà, the most sought-after areas are Gavà Mar, Bruguers and Sentiu, while in Castelldefels, Montemar, Bellamar and Pineda enjoy the most popularity. In Garraf, the demand remains in areas of easy access and with all amenities, less than an hour from Barcelona.
Coastal Region On the Catalan coast, the Costa Brava remains the most desirable expensive area to buy a property, with prices reaching 10,000 euros/sqm in towns such as Cadaqués and S’Agaró. On the Costa Dorada, the international buyer is responsible for carrying out 55% of the most high-value transactions.
Prices for buying and renting in the Pyrenees and the coast (figures in euros/sqm) Town
Area
Price
Town
Area
Price
Cadaqués
Primera línea
10,000
Lloret de Mar
Mongoda - Canyelles
4,000
Platja d'Aro
S'Agaro
10,000
Calonge
Torre Valentina
4,000
Sitges
Primera línea de mar
7,000
Palamós
La Fosca
4,000
Cadaqués
Port Lligat / Parque Natural
5,500
Roses
Canyelles
4,200
Begur
Aiguafreda
5,500
Cadaqués
Centro
4,000
Sitges
Aiguadolç- Sant Sebastià
5,500
Roses
Almadrava
3,900
Cadaqués
Sa Conca / Es Quers
5,250
Empuria Brava
Canal estrecho
3,410
Sitges
Vinyet
5,000
Baix Empordà
Platja d’Aro
3,000
Blanes
Cala Sant Francesc
5,000
Cerdanya
Bolvir
2,800
Palafrugell
Calella- Tamariu-Llafranc
5,000
Tarragona
Urb. Llevant
2,745
Valle de Arán
Baqueira (pie de pistas)
4,939
Costa Dorada
Cambrils
2,700
Empuria Brava
Antes de los puentes
4,500
Tarragona
Tarragona - La Móra - Tamarit
2,620
Sitges
Terramar y Centro
4,500
Cerdanya
Ger
2,600
Tossa de Mar
Santa María de Llorell
4,500
Costa Dorada
Riudecanyes
2,250
Sant Feliu de Guixols
Punta Brava
4,500
Lleida
Ciutat Jardí
1,730
Valencian Community Valencia Valencia remains one of the major Spanish capitals with the most attractive average price for investors. In 2020 it stood at 2,241 euros/sqm, according to transactions marketed by Engel & Völkers, with eight of the city’s districts above 2,000 euros/sqm.
Our Clients’ Nationalities In Valencia, the nationality of Engel & Völkers’ clients is 70% Spanish and 30% foreign, with Germans, French and Dutch buyers standing out.
Prices for buying and renting in the city of Valencia (figures in euros/sqm) Eixample
2,691
12.05
Quatre Carreres
2,140
11.28
Pla del Real
2,617
9.23
Poblats marítims
1,789
10.78
Camins al Grau
2,492
11.15
La Saïdia
1,567
8.69
Campanar
2,433
11.36
Patraix
1,538
8.32
Ciutat Vella
2,354
12.41
Benimaclet
1,515
7.95
L'Olivereta
1,296
11.29
Algirós
2,245
10.30
Extramurs
2,152
11.01
Average Price 2020 in Valencia · 2,241 euros Foreigners
The Most Expensive Transactions in Valencia City (figures in euros/sqm)
30%
Spanish
70%
District Cabañal Pla del Real Eixample Quatre Carreres Campanar Ciutat Vella Extramurs Amistat Bétera
Neighbourhood Malvarrosa Exposición Gran Vía Ciencias Campanar La Xerea Botánico Albors Torre en Conill
Street Tramoyeres Plaza Legión Española Navarro Reverter Tres de abril de 1979 Av Maestro Rodrigo (ático) Plaza Alfonso el Magnánimo Turia Avenida Blasco Ibáñez Golf Torre En Conill
Price 5,876 3,850 3,773 3,278 3,278 3,207 2,711 2,710 2,680
Valencian Coast The demand for properties with land and swimming pools by national and international clients is increasing. It is worth noting that in Calpe and Altea all buyers are foreigners, while in Benidorm there is a growing demand for second-hand, detached, single-family houses that do not require renovation, or new builds with their own land and swimming pool. Peñíscola, Alcossebre, Benicassim and the city of Castellón are the most sought-after areas, which also have lower average prices than other areas such as Jávea or Moraira. Property prices on the Mediterranean coastline (figures in euros/sqm) City
Area
Price
City
Area
Price
Calpe
Mascarat
3,829
Calpe
Gran Sol
2,660
Alicante
Playa de San Juan
3,225
Denia
Las Rotas
2,600
Jávea
Balcón al mar, Costa Nova, Portixol
3,200
Altea
Sierra de Altea
2,565
Teulada-Moraira
El Portet
3,144
Calpe
Colina del Sol
2,565
Jávea
Zona puerto
3,100
Teulada-Moraira
La Pinada
2,492
Alicante
Cabo de las Huertas
3,000
Benidorm
Rincón de Loix y Playa del Albir
2,300
Jávea
Montañar II
2,800
Denia
Las Marinas y La Sella Golf
2,000
Alicante
Centro
2,750
Castellón
Benicassim
1,830
Benidorm
Playa Poniente
2,700
Castellón
Alcossebre y Peñíscola
1,650
Andalusia On the Costa del Sol, demand for homes with outdoor space and entertainment facilities is on the rise, while interest in new builds or renovated properties is increasing in both Malaga city and Marbella. In contrast, interest in small flats and properties without outdoor space (terrace, garden, solarium) is decreasing. In Cadiz, the presence of foreign buyers stands out in Sotogrande, where they account for 75% of home purchases, and Tarifa, where the percentage rises to 70%. Property prices in Andalusia (figures in euros/sqm) City
Area
Price
City
Area
Price
Marbella
Beachside Golden Mile
12,435
Cádiz
Sotogrande Alto
3,500
Marbella
Los Monteros
6,175
Málaga
Pedregalejo
3,200
Marbella
Sierra Blanca
4,962
Mijas
Mijas Pueblo
3,196
Marbella
Costabella
4,750
Tarifa
Tarifa
3,100
Marbella
Nueva Andalucía
4,604
Benalmádena
El Higuerón
2,927
Marbella
Cascada de Camoján
4,538
Mijas
La Cala de Mijas
2,760
Marbella
Hcda. Las Chapas
4,465
Torremolinos
Bajondillo
2,642
Cádiz
Sotogrande Bajo
4,200
Fuengirola
Carvajal
2,617
Málaga
Malagueta
4,000
Torremolinos
La Carihuela
2,605
Málaga
Centro histórico
3,700
Torremolinos
Los Álamos y playamar
2,565
Málaga
Limonar
3,500
Benalmádena
Puerto Marina y Solymar
2,427
Northern Spain In Galicia, the demand for houses with gardens has grown by 20% in Oleiros. In Vigo, the demand has shifted towards Nigrán, Baoina and Gondomar, while in Pontevedra the search for detached houses close to urban centres has increased. In Asturias, price rises are consolidated in the centre of the two large cities. In Gijón, Somió stands out as a fashionable area. Cantabria has undergone a slight transformation in the profile of the buyer client, who has become more oriented towards the acquisition of high-profile properties in privileged outdoor locations. The
usual buyer is Spanish. In the Basque Country, the property market is mainly local. In San Sebastian, prices remain among the most expensive in the country, reaching 12,000 euros/sqm in the centre and in Miraconcha. In Navarre, the centre has attracted the most interest: Media Luna, Beloso, Gorraiz, Olaz, Mutilva, Huarte and Zizur. In Valladolid, the typology that has grown the most is in the southern area of the capital.
Property prices in Northern Spain (figures in euros/sqm) City San Sebastián Getxo Santander San Sebastián San Sebastián Getxo Bilbao A Coruña Vitoria Vitoria Vigo Bilbao A Coruña
Area Centro y Miraconcha Neguri Castelar Gros Antiguo Las Arenas Abando Ciudad Vieja y Calle Real Lovaina-Aranzabal Aretxabaleta Plaza de Compostela Indautxu Ensanche/ Juan Flórez
Price 7,400 7,200 6,500 5,700 5,400 5,200 4,900 4,000 4,000 3,800 3,700 3,600 3,500
City Vitoria Santander Pamplona Vigo Vigo Gijón Valladolid Gijón Pamplona Oviedo Pontevedra Pontevedra Gijón
Area Avenida San Martin y Centro Sardinero I Ensanche Rosalía de Castro Gran Vía y Urzáiz Viesques Centro Arena-Playa Iturrama, Mendebaldea y Soto Lezkairu Centro Sanxenxo Salnés Somió
Price 3,300 3,170 3,050 3,000 2,900 2,769 2,705 2,670 2,470 2,429 1,518 1,432 1,402
Balearic Islands The Balearic Islands continue to be the object of desire among foreign buyers. The interest shown by foreign clients has enabled Engel & Völkers Mallorca to reach a transaction volume of 460 million euros in 2020. Mallorca: The pandemic has not changed the perception of foreign buyers who see Mallorca as a safe haven where they can invest in a second home. Engel & Völkers’ clients from Northern and Central Europe are the most common, with Germans accounting for 63% of purchases, followed by the British (12%), Scandinavians (6%) and the Swiss (3%). Domestic customers account for 8% of all transactions. Price of most sought-after properties in Mallorca (average price in euros) Typology Apartamentos Casas y villas Casas y villas Casas y villas Casas y villas Casas y villas Casas y villas Casas y villas Casas y villas
Area Palma de Mallorca (Casco antiguo y Portixol) Cala Blava y Son Verí Nou Santanyí Artà Santa Maria Deià Pollensa Port Andratx Son Vida
Price 750,000 1,600,000 1,650,000 1,700,000 1,850,000 2,900,000 2,000,000 4,300,000 4,700,000
Menorca: In 2020 there has been a greater demand for houses on the coast, especially on the seafront and in the countryside. The most sought-after areas lie in the southeast of the island: Sa Mesquida, Es Canutells, Binibeca, Alcaufar, Cala Sant Esteve, Biniancolla and Es Grau together with a specific area in the northwest of Ciudadela: Cala Morell. In the southwest, Son Xorigue. The French have made most of the purchases on the island, followed by Spaniards, Italians and Austrians. Ibiza: Even in the midst of the pandemic, demand for high-quality property in Ibiza from the internationally represented public continued to expand in 2020. An increase in demand was observed especially for properties with larger plots of land in the rural areas of the island. Engel & Völkers Ibiza recorded clients from 15 different nationalities and was once again pleased to have Spain as the largest group of buyers. Spain 22%, Germany 20%, Other/Non EU 17%.
Canary Islands The real estate market on the islands is dominated by international buyers, mainly in Tenerife, where foreigners account for 95% of all purchases, with a clear preference for Costa Adeje, La Caleta, Abama, Los Gigantes and Puerto Santiago, areas which have been joined by Los Cristianos in 2020. The Germans, with 60% of purchases, are the main buyers, followed by the British (20%), Belgians (10%), Italians (10%) and other nationalities.
In Gran Canaria, this percentage drops to 80% and is distributed among clients of the following origins: France 5.3% Italy 10.5% United Kingdom 10.5%
Germany and Switzerland 73.3% Property prices in the Canary Islands (figures in euros/sqm) Island Tenerife Tenerife Tenerife Las Palmas de Gran Canaria Las Palmas de Gran Canaria Gran Canaria Gran Canaria
Area Abama Costa Adeje Playa de las Américas Puerto-Canteras Centro Santa Brígida Telde
Purchase 6,000 4,800 4,600 2,701 2,207 1,446 1,256
Rental
11.61 9.16 7.94 7.5
Andorra The most sought-after areas continue to be the villages of La Massana: Aldosa, Sispony and Anyós and the centre of the capital. However, due to new real estate projects, the centre of Escaldes and areas of Canillo have become fashionable. In the latter parish, prices have risen by 10% due to the international success of the Grandvalira brand and the exclusivity of the new developments.
In Andorra, only 30% of homebuyers are nationals compared to the 70% who are international, led by the Spanish and French.
Nationality of Foreign Buyers
Other 20%
Spanish 50%
Property prices in Andorra (figures in euros/sqm) Parish Escaldes-Engordany Andorra la Vella La Massana Ordino Canillo Encamp Sant Julià
Purchase
Rental
4,850 4,600 3,750 3,600 3,300 3,050 2,850
14.5 13 11 11 11 8,5 10
French 30%
The most expensive streets (figures in euros/sqm) Street Name
Area
Purchase
Rental
Clot d´Emprivat
Escaldes
6,200
20
Avda. Meritxell
Andorra la Vella
5,800
18
Can Diumenge
Escaldes
5,250
15
Parc Guillemo
Andorra la Vella
4,900
14.5
Sa Calma
Escaldes
4,700
10
Editor’s Note
T
he pandemic has shaped the course of the global economy in 2020, and will continue to do so in 2021, posing a considerable challenge to the real estate sector. The definitive boost to activity, expected in the second half of the year, will come as vaccines are distributed and the restrictions on free movement and on the movement of travellers come to an end. Winning back the international client is the great obstacle we face. In the meantime, Engel & Völkers will once again be able to count on its great allies, those who have allowed us to maintain contact with our clients despite physical limitations: the innovative technological applications and impeccable personalised advice that enable us to provide the fastest, most flexible and efficient response to the market. Technological innovation, a key factor in the marketing of properties in 2020, is here to stay, just as teleworking is here to stay. Demand has shifted towards single-family homes, semi-detached and terraced houses with large spaces open to the outdoors, boosting the metropolitan areas of large cities. This change coexists with buyers’ interest in large flats with terraces in the main capitals and second homes on the Mediterranean coast and in the north of the country. Juan-Galo Macià, CEO of Engel & Völkers in Spain, Portugal, and Andorra
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