Is Ibiza a good place to buy a property? The property market in Ibiza has always been reliable. There is no denying that our island’s real estate market has seen a significant influx of residents and foreign buyers, particularly in the luxury segment – and it has undoubtedly become one of the world’s top property hotspots.
Its idyllic location and high property demand have made Ibiza a safe investment for quite some time. As the current market stands, investing in a home in Ibiza makes for a secure return on investment, irrespective of whether it is residential, a second home, a villa for tourism rental purposes, or an early project phase property.
In light of Ibiza’s vibrant property market, we are excited to share our latest market update showing why Ibiza remains a great investment.
The island of Ibiza is not only an attractive investment but also one of the most sought-after locations in the world. Known for its pleasant climate year-round, natural environment, and extraordinary lifestyle, our island has much to offer. Our island’s picturesque beaches and sunsets, social networks, events, and laid-back lifestyle continue to attract many home buyers seeking a place in the sun where other international and cosmopolitan communities align.
Moreover, our island draws in many remote workers and entrepreneurs who can work from anywhere – including those with children due to its quality schools, natural surroundings and level of safety.
Many visitors from afar are impressed by its increasingly easy international connection (not only direct from London, but direct flights from New York to Mallorca are now available, allowing you to reach Ibiza in approximately 8 hours), making travelling to and from Ibiza much simpler and more enjoyable.
Soon, we will be taking a look at the housing market statistics once again as we enter the last quarter of 2023. Yet, as far as we can predict and according to our internal insights, we have continued to rise since our previous audit.
Our 2022 annual market report and 2023 forecast shows that Ibiza’s real estate market has always been more resilient than our neighbouring Islands and Spain’s mainland. Ibiza’s luxury sector has experienced a considerable upturn since 2020 compared to our peers.
Our Prestige Properties Ibiza’s sales data for 2022 show the following:
An overall 10% increase in price per square metre between 2020 and 2022 across all areas on the island
Our sales volume doubled between 2020 and 2021 – and remained stable throughout 2022
An 87% rise in enquiries over the past two years
A drop of around 50% in (published) listings (suggesting a high demand versus low supply market)
58% of our buyers purchased a property as a second home
Overall, following the main boom of 2021 (which saw even higher numbers than the pre-covid highs in 2017), the market remains steady and continues to rise. With fewer sellers on the market, property values are predicted to increase as the race against a low supply continues, making this a good time and Ibiza a good place to buy a property.
Ibiza Real Estate Properties for Tourism and Rentals
Ibiza generally continues to grow, especially in the hospitality and tourism sectors, making it a premium place to travel. Due to this growth, housing and infrastructure demand has also increased, making it a good destination for those looking to buy a property for tourism purposes.
Buying an Ibiza property with a current tourist licence is the ideal situation. The application process and legal certificate will already be completed, and, what’s more, regular tourism customers are likely to return to this same property and book their holidays year after year. Buying a property for tourism is a win-win situation. This type of investment will likely be fully booked year after year as the tourism industry is booming and its prestige VIP status continues upward.
Ibiza’s Real Estate Market for Long-Term Residents and Families
Our island’s relaxed lifestyle and tranquil environment make it a popular destination for long-term residents, families, and professionals (young and old) who can work remotely. Those who can afford it will naturally prefer a purchased home over long-term rentals (which are also challenging to find).
The island is experiencing a sensational rise in interest as internationals and families become more active in their purchasing journeys, resulting in an increase in prices, a decrease in supply, and an increase in demand.
So, is Ibiza a good place to buy a property and is now the right time?
Overall, one thing is for sure: You’ll have a better chance of getting a decent return if you buy a property in a highly valuable location, highly sought-after and in constant demand. And, yes, Ibiza is most certainly one of those places!
Are you looking to buy a property or luxury villa in Ibiza? Well, now is a perfect time!. If you want to view our Buyers Guide or speak with an agent about the current market and investment opportunities, contact us today!
We would be more than happy to talk you through Ibiza’s Real Estate potential.
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Spanish Golden Visa 2023: Residency through Property Investment
Spain continues to be a popular place for international buyers thanks to its world-class beaches, rich culture, and property investment opportunities. However, Ibiza’s residency and visa requirements often need to be clarified for non-EU residents.
Thanks to the Spanish Golden Visa program, international buyers who are not part of the European Union (EU), European Economic Area (EEA), or Switzerland can now financially invest in Spain and gain a legal permit – offering the opportunity to secure residency in Spain.
Read on for practical insight, the latest information on obtaining a Golden Visa in Spain, and how we can help you!
What is a Spanish Golden Visa 2023?
Spanish Golden Visas are a residency-by-investment program launched by the Spanish government in 2013 as part of their national strategy to boost their economy and attract foreign investment. Often called Spanish Investor Visas or Spanish Residence Permit Programs, the Golden Visa requires property investors to spend a minimum of €500,000 to qualify.
The Golden Visa allows holders and their families to live in Spain and become permanent residents after five years, with the possibility of becoming Spanish citizens after ten years.
Am I Eligible for a Spanish Golden Visa and Permanent Residency in Ibiza, Spain?
The Spanish government provides residence permits to non-EU, non-EEA, or non-Swiss citizens with a qualifying financial investment in the Spanish economy. Permanent residency is then later possible after five years of living in Spain. However, during those five years, you must show you spent less than eleven months outside Spain.
General requirements for Golden Visa Spain:
Primary applicant must be over 18
You must make the required substantial investment
Criminal records must be clean
Applicants cannot appear on the nation’s undesirables list
Applicants must have valid medical insurance
No previous visa or Schengen entry refusal
Funds are required for applicants to sustain themselves in Spain
How Do I Apply for a Spanish Golden Visa?
Once you buy a property for at least €500,000, you’ll automatically qualify for a one-year Golden Visa. If your investment is still in place during that first year, you’ll have to apply in person for your two-year initial residence permit.
You can apply by following these steps:
Make a qualifying financial investment
Ensure your documents are translated into Spanish and English and legalised as per Spanish government regulations
File the initial application with the Spanish Consulate
Book an interview
Attend a biometric collection session in Spain and wait for final approval
Upon approval, pay the government permit issue fee.
Open a Spanish bank account and NIE
Your visa and residence permit will be issued and valid for one year
Renew your residence permit at the end of year two
Become a permanent resident in year five
Apply for citizenship and a Spanish passport after ten years
What documentation and fees do I need for a Golden Visa application?
You must submit the following documents to apply for a Golden Visa and renew it. It’s wise to check with your nearest Spanish Embassy or Consulate for more information about additional documents in each case.
Here’s what you’ll need:
Completed application
Passport, valid for at least one year, with two blank pages (original and copy)
Recent passport photo
Valid medical insurance (original and copy)
Photocopy and original translation of medical certificate
Your country of origin’s criminal record certificate
Proof of visa fee payment in local currency
Proof of legal residency in the consular district
Proof of the legal representative’s identity and capacity
Financial Guarantee
A financial guarantee of €2,130 per month for two years and a further €532 for each dependent person under their charge is required for obtaining a residence visa. This can be done by submitting originals and copies of your bank statements for the past 12 months, showing deposits and transactions.
Further Documentation for Applicants with Family
All family members must sign the same general documents listed above. Additional marriage and birth certificates and a medical statement proving a child’s dependency if they are over 18 are also required.
Buyers’ Documents
You must include a Property Registry Filing certificate or notarised deeds verifying that the deeds have been submitted to the Property Registry with your visa application.
Applicable Fees
The Golden Visa application fee for real estate investments is currently €1,910. For added family members, the cost is an additional €1,202. After this, there are standard legal costs, typically around €8,000 for a single applicant, €10,500 for a family of four, and an extra €2,500 for each renewal.
Additional Taxes to Consider
Foreign Income Tax, Personal Income Tax (PIT), Capital Gains Tax, and Property Tax are some taxes you must consider when applying for the Golden Visa in Spain.
How Can I Start the Golden Visa Application and Property Search in Ibiza?
With the proper assistance, your residency and relocation are more than possible on this beautiful White Isle. We at Prestige Properties would gladly assist you as an experienced, professional and reliable agency.
If you want to speak with one of our agents about starting your Golden Visa application and the current investment opportunities, contact us today!
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
The Benefits of Owning a Luxury Property in Ibiza
As Ibiza’s housing market continues to prosper, we are delighted to share why owning a luxury property presents many benefits.
In recent years, Ibiza has seen a significant influx of new residents, international buyers, and tourists, particularly in the luxury market. As a result, the island has experienced a steady increase in property prices and a decrease of supply.
It is often the case that prestigious properties in Ibiza are highly resaleable, usually due to their location, surroundings, and typical state-of-the-art amenities –– which attract buyers worldwide. Aside from their exclusivity and limited availability, these homes are often located in gated communities with 24-hour security or remote private locations. Owners can also generate a more lucrative income by renting out such properties at a higher rate, providing a great return on investment.
Read on to learn what it means to own a luxury property on the magic white island of Ibiza.
The Exclusive and Prestige Status of Ibiza
Ibiza is considered one of the most prestigious tourist destinations in Europe for the elite. Our island is indeed renowned for its stunning landscapes, vibrant culture, and lively nightlife, but as time has passed, our A-list clientele has become more apparent. With world-class hotels, yacht charters, and VIP amenities and services –– Ibiza is now a hotspot location for those seeking a luxurious and exclusive lifestyle.
As a result, Ibiza has become a highly sought-after destination for celebrities, the wealthy, UAE travellers, ultra-high-net-worth individuals (UHNWI), and those with a prestigious status looking to rent luxury properties for both long-term and holiday use. In light of this, owning a luxury property here is becoming increasingly appealing.
Owning a Luxury Property in Ibiza Offers a Great Investment Potential
Given Ibiza’s thriving real estate market and demand for high-end properties, we cannot emphasise enough the potential for a strong return on investment. In an era of shortages, exclusive properties are constantly in high demand due to their rarity. The fact that Ibiza will remain one of the top destinations for buying property in 2023 (and the foreseeable future) is a fact that we can confidently state.
Generally speaking, the island continues to grow, especially in the hospitality and tourism sectors, and is becoming an excellent location to live in and invest in. Owning an exclusive home in Ibiza is still, and will continue to be, a sound investment that will bring financial rewards for many years.
Owning a Luxury Property in Ibiza comes with Privacy and Security
A luxury property in Ibiza often combines an ambience of privacy and security with top-of-the-line security systems and gated communities. These safety and security features ensure that island residents enjoy their homes and surroundings while feeling protected. In particular, wealthy UHNWIs and royalty from the United Arab Emirates are likely to find this an essential factor when renting owned properties for their holidays.
It is well known that Ibiza’s luxury properties are designed with the highest degree of attention to detail and security, providing an elite and secure experience for its guests.
Owning a Luxury Property in Ibiza Offers Exclusive Services and Amenities
The ownership of a luxury property is also usually accompanied by a wide range of bespoke services and amenities, such as concierge services, high-level security, and high-end property management services. These services can ease the burden on any owner (especially those living on international grounds) by providing exceptional assistance tailored to their specific needs on a 24-hour basis to make life much easier.
Are You Looking to Buy a Luxury Property in Ibiza?
There are often some great investment opportunities here in Ibiza. But as the demand is almost always higher than the supply, if the perfect investment property is out there for you, actively registering yourself with the right agent as early as possible is highly recommended.
Why not chat with one of our agents to help you find a suitable property investment?
We would love to hear from you!
For regular updates, recommendations, and experiences, keep up to date with our latest news via our social media pages and blog posts.
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Why Working with a Top Luxury Real Estate Agency in Ibiza is Essential
Living and residing in Ibiza sounds like a dream, right? And, whilst that may be true, purchasing a luxury property on the island can be far from easy, especially when handled by the wrong agency.
With our help, you can navigate the multiple dynamics within the real estate industry and find an agent who understands the market, resulting in an outstanding and desirable outcome for your purchase or sale.
Read on to see our list of valuable tips to look out for when choosing a luxury real estate agency to assist you.
Never Underestimate Professionalism and Experience
Unfortunately, Ibiza has many amateurs at play-people who want to make big wins with little effort and no accountability. As a result, anyone with a website and some contacts can call themselves a realtor since educational training and certifications are optional for real estate agents in Spain.
Always be sure to select an experienced agent in every sense of the word. You should always be able to visit a physical office in person to see how they work. Just as an expert in any industry has education, credentials, professional body certifications, and insurance, real estate should be no different. Look out for well-trained agencies registered and associated with professional bodies like PIMEEF and APIBIZA.
An Established Real Estate Agent in Ibiza
An established real estate agent will be well connected: demonstrating a comprehensive portfolio of direct listings and shared listings with integrity partners. They will be able to provide a full range of services to clients in collaboration with property managers, builders, architects, lawyers, notaries, and gestorias, all in a variety of languages as well.
Online Presence and Marketing Strategies
A quick online search for ‘real estate agents in Ibiza’ is always essential. Real estate agencies that excel in their marketing and online presence will always rank higher in Google search results. Furthermore, their website will be user-friendly and feature a wide variety of nicely presented properties. Property descriptions should be detailed and well written, with professional photography and videos, and possibly even virtual 3D tours.
Real estate agents with authority will also have regularly printed publicity through billboard advertising, company cars, public relations, and magazines. Finding out your chosen agency’s online presence, presentation and marketing strategy is a clear way to determine its strength in the real estate sector. This is especially important when selling your home.
Choosing Your Luxury Real Estate Agency in Ibiza
You may wish to speak to those around you who have recently worked with an Ibiza real estate agency and ask for recommendations. A referral can be a precious resource when selecting a real estate agent. However, if you are new to Ibiza, you may have difficulty finding a reliable recommendation. In either case, any client who plans to buy or sell a property (with or without recommendations) should follow the advice outlined below to ensure they work with a reputable real estate agent.
Make sure you conduct thorough research, ask around and do not settle until you are confident you have found the right agency. Be sure to scan through testimonials and Google reviews to get a glimpse of the services and standards of your chosen agent.
Ask as many questions or request as much information as you need. Ensure that all fees, costs, and general agreements are clearly stated and that you are comfortable with them. You should always feel at ease throughout the entire process, that you are adequately informed, and that you can ask every question you have (regardless of how large or small it may seem).
Don’t hesitate to move on if you feel pressured to make a decision or if someone withholds information from you.
Are we the Right Luxury Real Estate Agent for You?
Buying and selling a home is considerably less stressful if you work with a professional real estate agency with the necessary skills, knowledge and infrastructure.
Thank you for staying updated with us at Prestige Properties. We hope to see you soon!
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Our Best Luxury Properties for Sale in Ibiza in 2023
This month we’re super excited to share some of our top-fave luxury villas and homes on the real estate market. We hope that by showing you these exclusive properties, you’ll remember why Ibiza remains a hot investment and living destination.
Real estate in Ibiza has grown significantly in recent years, especially in the luxury segment. Consequently, the island is booming with interest, prices are increasing, quality supplies are dwindling, and demand is high. So, if you’re looking for that dream Ibiza pad, keep an eye on our regular blog posts with our current Ibiza properties for sale to ensure that your dream house doesn’t pass you by.
Read on to see some of our stunning homes ready for you to move into and enjoy immediately.
Can Vista Vedra
Fantastic finca with incredible Es Vedrá views
Just 350 meters from the idyllic Cala Carbo bathing bay, one of Ibiza’s most beautiful coastal areas, Can Vista Vedra sits perfectly tucked away.
This beautiful three-double bedroom finca, all with en-suite bathrooms, enjoys complete tranquillity and privacy. All on one level, the living area perfectly adjoins the dining area, which directly overlooks the sea and the property’s magnificent pool terrace. From here, you can observe unobstructed views of Es Vedra, the passing boats and unforgettable sunsets.
In the separate casita, you will also find a living room, a kitchenette, a bedroom, and a comfortable bathroom. Additionally, there is a small terrace from which you can enjoy the surrounding views.
With plenty of Mediterranean plants and colourful flowers, the garden offers plenty of places to relax and eat outside. The perfect place to enjoy a gentle breeze on a hot summer day.
Can Vista Vedra is a unique setting within easy walking distance of the beach. This property also has a coveted ‘tourist rental licence’, which makes it a perfect investment.
Apartamento de la luz
A top-notch luxury apartment with amazing views of the old town
Located in the heart of the marina, just 350m from Talamanca Beach, Apartamento De La Luz has impressive views and is a sun trap location. It’s a first-line property with stunning views of the open sea and the old town of Ibiza. With a total built area of 174m2, three bedrooms, two bathrooms, and a big open kitchen overlooking Dalt Vila – this home is certainly worth considering. All three bedrooms at the back of the apartment also offer excellent views over Talamanca Beach.
A truly modern-contemporary home, this apartment has been completely remodelled and cannot compare to any other apartment in the building. The owner has most certainly paid attention to every detail. Guests will be immediately drawn to the beautiful open kitchen with marble work surfaces and eye-catching natural wooden doors.
A large and luxe swimming pool within beautiful gardens can be found in the outdoor area of this community. What’s more, throughout the entire year, an exclusive concierge service is available.
Villa Vistas Dalt Vila
A Can Furnet villa with a rental licence and spectacular views of the old town.
In the popular urbanisation of Can Furnet, close to Ibiza Town, Villa Vistas Dalt Vila is complete with a full rental licence. Located on 3060 m2 of land, the property has two plots. The owner bought the second plot to ensure spectacular sea and old town views. So it’s a great investment opportunity with the potential to build a second property.
This three-storey villa has an open-plan designer kitchen, an open-air gym and an outdoor dining area on the main level. On this same level, we also find the first bedroom – ideal for children, with its little salon and bathroom en suite. There is also a luxurious master bedroom with a gorgeous en-suite bathroom and two additional double bedrooms with walk-in wardrobes.
You can access the garden and pool area from the ground or the first floor with a fantastic south-facing pool. Within the grounds, the property also has a lovely guest house, a covered chill-out area, a jacuzzi and an outdoor kitchen on the first floor near the outdoor dining area.
Finding your Luxury Ibiza Home Has Never Been Easier
Let’s get talking about finding the right investment property for you. We’d love to hear from you!
Whenever you see a property that meets your needs, we strongly recommend you contact us. Investing in Ibiza can be great, but demand is almost always higher than supply, so properties often sell quickly.
Take advantage of the opportunity to make an appointment to visit any of our properties mentioned above or others we currently have on the market with us today. We also offer virtual tours upon request.
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Is 2023 a Good Time to Buy a Property in Ibiza?
As Ibiza’s property market continues to flourish, we are thrilled to share our latest real estate market update, demonstrating why Ibiza continues to be an excellent investment opportunity.
In recent years, the Ibiza real estate market has experienced a significant influx of new residents and international buyers, particularly in the luxury segment. Consequently, the island is experiencing a sensational rise in interest, a steady increase in prices, a decrease in quality supplies, and an elevation in demand.
So, is 2023 a good time to buy a property in Ibiza? There is no doubt about it! Now is an excellent time to invest. Check out our insights and forecast below for more information.
The General Spanish Real Estate Market in 2022
European and, in particular, Spanish real estate markets enjoyed a favourable year in 2022. As a result, Spain has been noted as one of the most promising countries to invest in property, with the price of real estate increasing by 7.1%, according to a recent report from Sociedad de Tasación. There have also been significant increases in the number of foreign buyers in Spain, with a record 26,728 sold and purchased properties, representing 15.92% of all sales in Spain (Idealista, 2022). In light of Brexit negotiations and economic growth rates, this figure is predicted to increase over the next few years.
The General Balearic Property Market over the Past Decade
The Balearic Islands have demonstrated continuous growth over the past decade (pre-pandemic), reaching its prominent peak in 2017. Sales and price averages remained steady until late 2019, when a mild decline began, indicating that the market was experiencing minor stagnation. Despite a temporary pause in 2020, sales and prices again reached their highest levels since 2007 during mid-2022.
Ibiza’s Luxury Housing Market 2022 with Prestige Properties
Ibiza’s real estate market has always been more resilient than its neighbouring Balearic Islands’ and Spain mainland’s, whereby setbacks or downturns have never been as severe. As our counterparts have seen their markets grow, Ibiza is particularly noteworthy, especially in the luxury sector, for exhibiting an even more significant upturn since 2020.
Our Prestige Properties Ibiza’s sales data from 2022 calculated:
An overall 10% increase in price per square metre between 2020 and 2022 across all areas on the island
Our sales volume doubled between 2020 and 2021 – and remained stable throughout 2022
An 87% rise in enquiries over the past two years
A drop of around 50% in (published) listings (suggesting a high demand versus low supply market)
58% of our buyers purchased a property as a second home
2023 Forecast and is now a Good Time to Buy a Property in Ibiza?
Based on our internal statistics and general market trends across mainland Spain and the Balearic islands, we are confident that Ibiza will remain a top destination for buying property in 2023.
Since the main boom of 2021 (which saw even higher numbers than pre-covid highs in 2017), we remain steady and continue to rise, making it an attractive investment. Since fewer sellers are on the market, the race against a low supply continues, thus guaranteeing a steady increase in property value.
The island generally continues to grow, especially in the hospitality and tourism sectors, and is becoming a premium place to live. As non-resident families become more active in their buyers’ journeys, they opt to rent long-term whilst waiting to see when the right property to buy becomes available.
This report uses internal and external sources to present information on the property market in Ibiza and the Balearic Islands for 2022, along with its projected forecast for 2023.
According to the data and figures received, the analysis covers the following three topics of discussion:
The Balearic Islands Housing Market Summary 2022
The Ibiza Luxury Housing Market Report 2022 from Prestige Properties
Prestige Properties Ibiza 2023 Predicted Forecast
1) The Balearic Islands Housing Market Summary of 2022
Taking a glance at the Balearic Islands’ housing market over the past decade, we can see both sales and house prices continue to rise. In 2007, the market suffered a rapid decline due to the financial crisis. Even so, the real estate market has steadily recovered, reaching a peak in 2017, with similar figures appearing in sales throughout 2022.
Since 2017, there has been a slight drop in sales from late 2018 through to early 2020 (suggesting the market was experiencing minor stagnation); however, it must be noted that during this period, the property market sector, like many others, started to experience less movement due to the uncertainty of COVID-19 that inevitably contributed to the decline in sales. Despite this, since the summer of 2020, buyers’ activity has quickly rebounded and thrived again, with property sales continuing to rise across the Balearic Islands.
2) The Ibiza Luxury Housing Market Report 2022 from Prestige Properties
It should be noted that Ibiza’s luxury real estate market has always been more resilient than its neighbouring islands’ and Spain’s mainland, whereby setbacks or downturns have never been as severe.
Despite the real estate market dip across the Balearic, the pandemic demonstrated a continuous positive shift in Ibiza’s luxury market. For a more detailed analysis relating to the effects of the pandemic on the Ibiza real estate market, check out our end-of-year market reports for 2020 and 2021.
In fact, since the 2020 pandemic, Prestige Properties’ enquiries, sales, and revenue have almost doubled in numbers.
Source: Internal Data Prestige Properties Ibiza
Average Price per Square Metre per Municipality in Ibiza
Our internal statistics from our sales database at Prestige Properties Ibiza calculated an average increase in price per square metre, from 7.281€ to 8.028€, approximately a 10% rise between 2020 and 2022.
Source: Internal Data Prestige Properties Ibiza
In Ibiza’s luxury housing market, most municipalities have shown price increases per square metre between 2020 and 2022.
Source: Internal Data Prestige Properties Ibiza
Eivissa – Average Price & Price per m2
Overall, the city remains in high demand and demonstrates a strong market presence. As with most European cities, Eivissa offers something for everyone, and the city has gained popularity in line with the rest of the island. Eivissa has experienced a 1% increase in the price per square metre in the past year. Even though 7.503€/m2 is slightly below the island’s average, the area still accounted for the majority of all our sold properties (of which most were apartments) at 55%.
Average Property Size: 95 m2
Average Property Price in Euros: 620.000€
San José – Average Price & Price per m2
San José has always been high in demand among affluent luxury second-home buyers.Over the past few years, San José has been the municipality with the most stable prices, averaging 7.911€/m2. In addition, San José is the municipality with the greatest mix of types of properties sold this year, with Apartments, Fincas, Houses, Modern Villas, and Projects all being sold. Despite a 1% decrease in price per square metre since last year, San José has maintained a steady price per square metre overall.
Average Property Size: 172 m2
Average Property Price in Euros: 1.300.000€
Santa Eulalia – Average Price & Price per m2
In 2022, the average price per square metre in Santa Eulalia was 8.185€. This price is 14% lower than last year (2021: 9.553€/m2) but remains somewhat higher than the current average. However, even with this slight drop, Santa Eulalia has still seen an average of 34% increase in its price per square metre since 2020.
Average Property Size: 315 m2
Average Property Price in Euros: 2.600.000€
San Antonio – Average Price & Price per m2
Compared to previous years, San Antonio’s average square metre price has increased from 5.442€ in 2021 to 8.963€ – presenting a 65% increase year-on-year. There are two possible explanations for this. Most of the island’s high-end new builds and off-plan properties are in San Antonio. Although they generally have a small surface area, they still offer prime locations (sea-front, sunset views, etc.), increasing the overall property value and price per square metre of the area. In addition, the Municipality’s average square metre prices are significantly increased also by the sale of large Fincas in the northern parts of San Antonio (Santa Inés, San Mateo, Buscastell, etc.), which are far above the island average.
To give a more comprehensive view of this interesting development, the average square metre price in San Antonio can be broken down by property type giving a more accurate understanding of the average values: Apartment: 5,150€/m2 – Finca: 13,779€/m2 – House: 9,665€/m2.
Average Property Size: 225 m2
Average Property Price in Euros:1.800.000€
San Juan – Average Price & Price per m2
San Juan de Labritja in the north of the island has an average price per square metre of 9.167€/m2. This is largely due to sizable plots, usually situated on rustic (protected) land, and the scarcity of sales properties in the north of the island, which contributes to its high square metre price. The price per square metre in San Juan has seen a 5% increase over the past year.
Average Property Size: 600 m2
Average Property Price in Euros:3.000.000€
Average Sales Price of each Property Type in Ibiza
Besides a properties location, a property’s average price per m2 and its final sales price depends largely on its type (category). Generally, apartments are marginally below the average market sales price, while modern villas, Fincas, and houses tend to exceed average prices.
Source: Internal Data Prestige Properties Ibiza
In 2022 Ibiza’s average price of an apartment was around 566.000€, with a range in price from 320.000€ (low-end) to 620.000€ (high-end). While the average price of an authentic Finca in Ibiza was 3.000.000€, the state of a property and its location play a role in its final value. For example, San Juan de Labritja typically hosts a Finca value (around 5.5M) which is much higher than the average due to its natural habitat and surroundings. While Santa Eulalia has a lower typical Finca sales price (1.6M), considering that often the plots are smaller, areas are more urbanised, which means there may be more factors that affect the sales price, such as road noise.
The average sales price of a modern villa in 2022 was about 4.700.000€. However, those for sale in the municipality of Santa Eulalia were sold at around 6.000.000€, many of which are in fact situated in the most exclusive areas near Ibiza Town, namely in Can Rimbau, Can Pep Simó and Cap Martinet.
Average Sales Prices of Properties that are "as new" vs "to renovate"
As Ibiza is primarily a reseller market, it is beneficial to examine the average sales price of properties that classify "as new" or "to renovate". The average sales price for a large-scale property "as new" sits around 1.840.000€, while properties requiring a renovation are often priced at around 1.000.000€. A difference like this is even more evident in San José, where a property "to renovate" costs about half as much as buying one categorised "as new" (860.000€ vs 1.700.000€). The differences in other municipalities are not very notable, which indicates that investment potential via renovations is highly variable and needs to be reviewed individually.
Source: Internal Data Prestige Properties Ibiza
Reasons for Buying a Property in Ibiza
The reasons people choose to purchase a property in Ibiza can be divided into three main categories: first home, second home, and investment. It is noteworthy that first-home buyers purchase a property to serve as their primary residence, whereas second-home buyers will primarily use the property as a vacation home. Buyers who intend to use the property as a holiday rental property to generate a return on investment or who intend to renovate and resell the property have been categorised as investment buyers.
The luxury property market in Ibiza has become the preferred destination for many international buyers. This has resulted in nearly 58% of our buyers purchasing a property as a second home, over 27% buying a property primarily as an investment, and only 15% of the 2022 property sales were made by first home buyers. 40% of the first home buyers were Spanish nationals, and they generally invested in apartments.
Source: Internal Data Prestige Properties Ibiza
International Interest and Percentage of Nationalities Buying in Ibiza
UK buyers remained the largest group at Prestige Properties in 2022, followed by Italians, French, and Germans. These four nationalities together purchased approximately 60% of the total properties sold in 2022, whilst the Dutch, Spanish, and Swiss buyers comprise the second-largest buyer group (27%).
Interestingly, in 2022, we received more overseas enquiries than in previous years, resulting in purchases made by residents of the USA and Hong Kong.
Source: Internal Data Prestige Properties Ibiza
Popular Ibiza Municipalities by Buyer’s Nationalities
Spanish and Italian nationals generally invest mainly in Ibiza Town, while German, Belgian, French and Dutch nationals invest mainly in San José. UK buyers tended to spread across the entire island, with numbers being evenly distributed between San Antonio, Ibiza Town, and San José. Most properties sold during 2022 were in San José (38%), followed by Ibiza Town (28%).
Source: Internal Data Prestige Properties Ibiza
We can also observe an equal trend towards purchasing apartments (55%) and detached houses (41%, including Fincas and Modern Villas) during 2022, with construction projects accounting for only 4% of the properties sold. However, this is not surprising in light of the limited supply of development projects. In Ibiza, construction permits are difficult to obtain, and a great deal of protected land limits the authorisation of new builds and construction projects available for sale.
In contrast to the general trend of buying an apartment in Ibiza, our clients from the UK and Belgium have a clear tendency towards buying a house.
Prestige’s Top-Selling Locations of the Year 2022
Based on the Sales Volume, the top-selling municipality in 2022 was San José, followed by Santa Eulalia and San Antonio. However, if we consider the actual number of properties sold, the order changes to: San José de Sa Talaia (38% of properties sold), Ibiza Town (28% of properties sold), followed by San Antonio (15% of properties sold), Santa Eulalia (15% of properties sold) and San Juan (4% of properties sold).
Source: Internal Data Prestige Properties Ibiza
Long-Term Rental Interest: an indicator for potential buyers
Long-term rentals for larger properties have become increasingly popular, especially with families. People recognise that they can work efficiently from home, focusing on building their businesses and watching their families grow in an idyllic location is a real and achievable attraction and a noticeable change since the pandemic. While there is a high demand, the market in fact lacks long-term rental opportunities and therefore provides good investment possibilities for clients seeking buy-to-let properties in Ibiza.
High Demand vs. Low Supply: the trend continues
Throughout the past few years, the number of enquiries for properties has been continuously surging, with an 87% rise over the past 2 years. It is clear that demand is increasing, yet fewer properties are being placed on the market. Throughout 2022, Prestige Properties saw a drop of around 50% in (published) listings. As a result of Ibiza’s increasingly restrictive building regulations, the number of newly constructed properties is also declining year after year. In this Prestige portfolio, 182 new properties were listed for sale in total throughout 2022. The lack of supply is one of the main reasons why the Ibiza Real Estate Market remains stable and properties consistently increase in value.
Source: Internal Data Prestige Properties Ibiza
Conclusion: The Luxury Real Estate Market Ibiza 2022
The Balearic Islands are not only one of the most popular holiday destinations in Europe, but they are also among the leading real estate markets in Spain, especially Ibiza’s luxury housing market, which continues to grow steadily. From the information and data above, we can see that the international second-home and investment market continues to flourish, with an increasing island-wide interest, particularly in the San José area.
Home sales, overall prices, and price per square metre in Ibiza are generally higher than in other Balearic Islands or Spanish mainland. According to Idealista’s statistics, the average sales price per square metre in Spain is 1.929€/m2, whereas, in the Balearic Islands, it is around 3.690€/m2, and in Ibiza it is 4.879€/m2. Prices have slightly increased, quality supply dried up and demand has rocketed. International high net worth families continue to establish themselves on the island, diversity is expanding, and the infrastructure is gradually being improved.
3) Prestige Properties 2023 Predicted Forecast
According to the house price index (IPV) published by the National Institute of Statistics (INE), the Balearic Islands remained the Spanish region with the highest house prices in the third quarter of 2022. Prices here increased by 8.3% compared to the same quarter last year. The luxury property market in Ibiza is expected to rise steadily and consistently. In general, this speaks to Ibiza’s upscale market, which is likely to continue to be attractive internationally well into 2023. As we leave 2022 behind and have started 2023, we anticipate a minor decline in sales. This is based on a global sentiment of general stagnation, but is also especially true in Ibiza since we are increasingly seeing a shortage of sellers on the market. However, growing in popularity as a trendy and desirable place to live, the island is generally experiencing continuous growth. Amidst Ibiza’s boom in luxury and extravagance, Ibiza’s main challenge will be maintaining its local charm and authenticity.
N.B. All data discussed above represents our internal data related to the luxury housing market in Ibiza and is solely taken from our internal database.
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Top investment opportunities and villas in San José, Ibiza
Whether you wish to call Ibiza your home or are interested in purchasing an exclusive property for investment purposes, you can rely on us, the island’s leading real estate agency, Prestige Properties Ibiza.
Our portfolio inspires buyers with luxury, modern architecture and interiors, stunning swimming pools, exclusive sea and countryside views, penthouse apartments, and plenty of investment opportunities.
This month’s blog will introduce you to a range of villas available in San José. San José (Sant Josep de sa Talaia), located in the south-west of Ibiza, is known for its natural beauty and international community of residents. Those interested in purchasing a home here will be pleasantly surprised – an ideal location for investing in a perfect ‘opportunity’ property.
We invite you to look at our top three picks that might be just what you are looking for…
Top investment properties in San José, Ibiza
Villa Elegant San Agustin
In addition to its privileged location, Villa Elegant San Agustin boasts an elegant contemporary design with four bedrooms and three bathrooms. This villa is located near some of the island’s most famous beaches, near San Agustin, within walking distance of the charming village of San José – and comes complete witha final tourist rental licence, which makes it an ideal investment property.
This quiet residential community home features a master suite with an en-suite bathroom (with two sinks and a bathtub), three other bedrooms with twin beds, and two bathrooms, one of which is en-suite; the other two belong to the family bathroom.
This home’s spacious open-plan living and dining room extends outside to a lovely covered terrace with garden and swimming pool views – perfect for al fresco dining and relaxing on sunny island days. The superior house features a minimalist design with pure white walls adorned with rich organic materials, reflecting and complementing its natural surroundings.
On the rooftop terrace, two wraparound sofas, coffee tables and polished floors overlook the inviting swimming pool below. Exotic palms and mature trees also shade a sumptuously furnished sun terrace. In addition to breathtaking hills and green countryside views, this upper level also offers a glimpse of Ibiza’s legendary western sunsets.
Ibiza tourist rental licences are becoming increasingly difficult to obtain. Laws have become stricter, and processes can take a long time. It is often considered a golden opportunity to find a property that has already been licensed and is ready to rent out. You can read more on obtaining a tourist license in Ibiza here.
Villa Campo Cala Conta
This property is ideal for investors or people looking to live in Ibiza all year round since it offers the possibility to add their own touch to the property, especially since it has all the paperwork in order, and obtaining a license to renovate will not be difficult for this property.
Located near amenities and with distant sea views, Villa Campo Cala Conta is a charming 4-bedroom villa near Cala Tarida and Cala Conta beaches. There is a living room and dining area overlooking the swimming pool on the ground floor, a kitchen with a separate entrance, and 2 bedrooms with ensuite bathrooms. The third bedroom with an ensuite bathroom can be found in the annexe, only a few metres from the main house’s entrance.
A fourth bedroom is located on the upper floor of this property, complete with an ensuite bathroom and access to its own private terrace, which provides distant sea views on a clear day.
Outside is a 60m2 swimming pool and superb gardens with mature plants.
In addition, there is further access to a large rooftop terrace with beautiful views towards Cala Conta and San Antonio, which offers fabulous sunsets in summer.
Lastly, in the basement, under the terrace, we have a garage and ample space to use as additional storage. Don’t miss this opportunity to purchase a home where everything is in place to obtain all necessary licences without a headache, a rarity in Ibiza.
Proyecto con Licencia San Agustin
Proyecto con Licencia San Agustin has recently received planning permission for a rustic Mediterranean-style detached house with a private swimming pool. This 15.153 m2 plot is located in a quiet residential area in the west of Ibiza; just a few minutes’ walk from the beach and restaurants.
The house is divided into two floors and an additional basement. Three double bedrooms and three bathrooms are on the first floor, along with a separate kitchen and dining area. A central courtyard faces south and is the centre of life in the house, which can serve as extra living space, combining indoors and outdoors during summer. There are many outdoor terraces, some with pergolas or solid roofs, plus a 24 m2 swimming pool. On the upper floor is the master bedroom, with a dressing room, private bathroom with bathtub and private terrace.
The construction project is ideally suited to those who want to determine their own style and quality requirements from the outset, which can serve as a holiday home and a house for year-round use.
When you buy a project with a building licence, you can define all finishes precisely to your liking. By having a licence ready, you don’t have to wait the usual 2 years + until you get one authorised, meaning construction can start immediately. With this particular house, after the investment in construction, you will have a finished house that costs ca. 2.100.000 € which is likely to sell for around 2.800.000€ (with the right finishes) if placed straight back on the market – so it’s an excellent investment opportunity all around.
Buying a property in Ibiza
When the right investment opportunity property that suits your requirements becomes available, you’re ready to start the process as quickly as possible. There are often some great investment opportunities here. But as the demand is almost always higher than the supply, if the perfect investment property still needs to be added to the market, then actively registering yourself with the right agent as early as possible comes highly recommended.
Are you looking to buy a property here in Ibiza?
Let’s chat with one of our agents to help you find a suitable property investment. We would love to hear from you!
For regular updates, recommendations, and experiences, keep up to date with our latest news via our social media pages and blog posts.
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
All you need to know about selling your property in Ibiza
Is it time to sell your Ibiza property? With the real estate market at a stable value, Prestige Properties Ibiza can help you sell your property at a great price and with ease.
Find out everything you need to know about selling your villa or apartment on the magical white island of Ibiza right here with us!
Is ‘now’ a good time to sell a property in Ibiza: an overview of the real estate market
Besides being a popular destination for tourists, Ibiza has also become a popular location for international buyers seeking a permanent family residence, a second home or an investment opportunity.
There are several reasons why internationals consider buying property in Ibiza, including the wonderfully mild all-year-round climate, beautiful beaches, a lively atmosphere, remarkable architecture, and a unique local flavour. Of course, we shouldn’t forget the great international schools, the high standard of living, and the buyer’s investment return. For these reasons, we see a constant high demand versus low supply for Ibiza real estate, making property values stable and a favourable time to sell your property.
Selling your property in Ibiza with a trusted and reputable agency: Ibiza Real Estate Agents
Real estate agents who understand the Ibiza market can help you buy or sell a home with excellent results. Your property is more likely to be sold or found quickly and efficiently if you use a reputable and experienced agency. Nevertheless, it is challenging to choose which real estate agent to trust on the island due to the vast number of agents available.
Choosing a reliable agent is essential. A real estate expert should have education, credentials, certifications, and insurance, just like any expert in any field. Look for well-trained agencies registered with a professional body in Ibiza.
How will my property be valued: understanding real estate prices in Ibiza
To sell property in Ibiza profitably, we would always advise you to follow the current market prices recommended by your trusted agent. Understanding the local market well from your agent’s expertise is very important. Valuations can vary greatly depending on the property, the town, proximity to the sea, and the area’s status, and the current market. Therefore, all these factors should be considered when selling real estate in Ibiza.
Wish to get a valuation from one of our experienced real estate agents? Look no further; contact us today!
Selling your property in Ibiza: legalities, taxes and procedures
Numerous policies, procedures and costs need to be considered when selling your Ibiza property. For example:
The contract must be signed in the presence of both parties and the public notary. If the buyer or seller cannot participate in the procedure, attorneys may act on your behalf. In particular, the notary checks:
certificates confirming the absence of encumbrances of the object;
the correctness of the contract;
the parties have bank accounts in local banks necessary for the conclusion of the transaction.
The subsequent transfer of ownership when selling a property in Spain is also controlled by a notary. To speed up and simplify the procedure, you can enlist the support of a lawyer who will help prepare documents and avoid several difficulties.
Like in other European countries, both parties must pay specific tax fees when selling real estate in Spain. From the seller’s point of view, when concluding a transaction, the following costs should be expected:
Municipal Capital Gains Tax.
Income tax.
Tax on changes in the cadastral value of an object.
In our guide on the property selling process, you’ll find all the information you need, in detail, including a thorough list of procedures, taxes, costs, and some handy tips and points of reference.
This guide can be used throughout your seller’s process, and if you need any additional advice, we will be happy to assist you.
Are you ready to put your Ibiza property on the housing market?
A professional real estate agency with the necessary skills, knowledge, and infrastructure makes selling a home much less stressful. You should always contact a few companies and ideally arrange to meet at their physical offices to better understand their markets, work ethic, and personal connections.
At Prestige Properties Ibiza, our extensive experience in the local market will help you find the right buyer in no time at all. We can confidently sell your home with great satisfaction. Need to know more, check out our website article, ‘15 reasons to sell your property with Prestige Properties Ibiza’.
Our team is always ready to help you with your seller’s journey and will ensure you get the best opportunities with us, so why not contact us today?
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Looking to buy a Villa in San Antonio (Ibiza) in 2023?
San Antonio is the second largest city on the island of Ibiza, known for its beautiful beaches, magnificent sunsets, and vibrant nightlife. In this article, we’ll discover the areas surrounding this popular tourist destination, revealing the best areas to buy a property in the San Antonio, Ibiza municipality.
The history of San Antonio Ibiza, tourism and real estate rise
Until a few decades ago, San Antonio town was still a local fishing village dating back 2000 years. In the 1980s, many ex-pats, particularly from Britain, moved to San Antonio to experience the dreamy Mediterranean lifestyle. Eventually, the area became a leading holiday destination, increasing the value of local properties and villas.
As a result, San Antonio has become an increasingly popular residential area for islanders and ex-pats alike, creating a notable British culture. Recent years have seen the real estate market gain recognition for its exclusive property locations and incredible opportunities for luxury homes and penthouses at very reasonable prices compared to the rest of the island.
When considering a Villa in San Antonio de Portmany, it should be no surprise that this beautiful coastal town offers a wide range of local amenities and a community atmosphere. There will never be a dull moment for you.
Mambo Cafe, Cafe del Mar, Savannah, and Mint Lounge are some of the well-known music venues in town, yet the area is also home to an array of vibrant and popular restaurants and possibilities; some of our favourites are:
Cine Regio. San Antonio’s historical and extravagant local cinema
Aquarium Cap Blanc. A natural aquarium inside an underwater cave with typical Ibiza marine species
Debunking San Antonio’s bad reputation,
Unfortunately, San Antonio has acquired the reputation of being a hedonistic and low-budget tourist destination. However, the party scene represents just a small portion of the town’s soul; other noteworthy points of interest include:
Spectacular beaches and coves
A family-friendly atmosphere
Local Ibicencan culture and cuisine
The best island sunset
Proximity to Eivissa town and to the best clubs and chiringuitos on the island
The municipality of Sant Antoni de Portmany is guaranteed to leave a lasting impression and ultimately dispel any false notions about the area.
San Antonio, Ibiza: one of the most reasonably priced areas on the island
From some of the island’s best beaches to breathtaking sunsets and a vibrant, family-friendly atmosphere, San Antonio has so much to offer. Property prices in the island’s second-largest town remain relatively affordable, which is probably its best feature.
For example, San Antonio is one of the few areas where it is possible to buy a 3-bedroom house for €500k, or a 6-bedroom villa for €1.5M (to be renovated). While these prices can also be found in less popular neighbourhoods of Ibiza town and Santa Eularia, San Antonio offers the best deals.
properties and villas in San Antonio, Ibiza
The beaches of San Antonio, Ibiza
San Antonio’s beaches are a paradise of natural gems with white sand coves, coastal paths, glistening waters, and bewitching sunsets. Despite the difficulty in defining a top few, these three are certainly special:
Cala Gracio,
Cala Salada & Cala Saladeta,
Punta Galera.
All these spots are popular with visitors, so if you are considering purchasing a property in Ibiza for investment and touristic rentals, they are highly recommended.
Cala Salada & Cala Saladeta
From Villas in Cala Salada, you can gaze at sunsets and sea views surrounded by nature. The town offers waters perfect for snorkelling and swimming. Residents in Cala Salada love the natural and hidden beauty but appreciate the convenience of being close to town and nearby villages within minutes.
Via the rocky paths that lead down from Cala Salada, you can reach its smaller sister Cala Saladeta, an even more secluded cove with golden sand and crystal clear waters.
Aerial view of Cala Saladeta, Ibiza islands, Spain
Punta Galera
There is no other place on the island with a cliff edge that can offer such a picturesque beauty as Punta Galera. Beach lovers who love nature and appreciate fewer human gatherings will love this spot.
Cala Gracio
Imagine an area filled with pine-clad hills and landscape views. Now add white sand and pool-like waters. It’s no wonder that Cala Gració is so appealing that many people rent a vacation villa or buy a property here.
Countryside and Villages around San Antonio, Ibiza
Exclusive villas in San Antonio’s countryside and villages feature views of rural landscapes and fascinating sunsets. The municipality comprises three picturesque villages characterised by traditional white churches: Santa Agnes, San Mateo and San Rafel.
Santa Inés (Agnes), Ibiza
Santa Inés’ beauty is well-known among tourists and photographers in Ibiza. They merely visit the area to marvel at its fields and landscape.
With acres of almond trees and cliff top walks overlooking the Islets of Ses Margalides, Santa Inés is a true haven. Also, while other major sunset spots like Es Vedra are often packed, this place is incredibly secluded and often overlooked.
Last but not least, the almond trees bloom in February with pretty pink and white blossoms.
San Mateo’s nature and hiking
A small, picturesque village surrounded by almond trees, vineyards, and orchards: San Mateo is a beautiful place to seek a property for sale. The small village offers a calm and traditional atmosphere, perfect for nature lovers. From here, a steep rocky trail will lead you to Cala Aubarca (Cala d’Albarca), where many hikers travel to cross a stone bridge on the sea.
San Rafael, restaurants and pottery
San Rafael is a tiny but vibrant village with plenty of good restaurants to choose from, such as:
San Rafael is also known as an "Area of Artisan Interest.". This village is home to some of the best potters on the island.
In conclusion, there’s something for everyone in the municipality of San Antonio: some of the best nightlife and beaches on the island, tranquil and traditional villages, and spectacular rural landscapes.
Buying a villa in this area is a great investment with some of the lowest prices in Ibiza and properties of a diverse nature: ranging from modern contemporary architecture to traditional fincas, passing through luxury apartments with the best views.
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
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