Ibiza’s Luxury Real Estate Market in 2024 – Our Forecast and Predictions
In the face of global challenges, geopolitical shifts, and economic uncertainties, Ibiza’s luxury real estate market has remained resilient throughout 2023. Renowned as one of Europe’s premier holiday destinations, Ibiza continues to attract considerable interest from investors seeking a slice of its luxury property offerings. The Balearic Islands, moreover Ibiza, are well-known for maintaining a stable real estate market, often demonstrating the capacity to weather economic storms and emerge stronger.
So, what’s been happening in the Ibiza property market? Resilience, growth, and evolving dynamics. What’s in store for 2024? Those who keep an eye on Ibiza’s ever-changing property landscape can explore some interesting prospects teeming with possibilities for a new potential buyers market.
A Glance at the Ibiza Property Market in 2023 with Prestige
Significant trends emerged in our analysis of Prestige Properties Ibiza’s sales data for 2018-2023. The price per square metre has witnessed a commendable 17% increase since 2018, underlining the enduring appeal of Ibiza’s real estate. Notably, our sales volume displayed remarkable growth, doubling between 2020 and 2021, maintaining stability throughout 2022, but registering a slight dip in 2023, marking the first decline since 2019.
An 87% surge in enquiries over the past two years reflects sustained interest in the market, though there’s a gradual shift from a low supply/high demand scenario in 2022 to a higher supply/lower demand market in 2023. Interestingly, 75% of our buyers in 2023 opted for a property as their second/holiday home.
For a comprehensive overview, including our Full Market Report and additional statistics, we invite you to explore our detailed 2023 Annual Ibiza Property Market Report and 2024 Forecast.
Ibiza’s Real Estate Market is Flourishing, But Are Dynamics Shifting?
As we assess the current state of Ibiza’s real estate market, one can observe a sustained upward trajectory in the price per square metre. This trend, surpassing figures from 2022, showcases the enduring allure of Ibiza’s properties. The island’s popularity remains a driving force, with its real estate market outpacing both other Balearic Islands and the Spanish mainland.
For the first time in many years, the market is experiencing a gradual increase in property supply, suggesting a potential transition from a seller’s to a buyer’s market in the future. While there are indications that the market may shift towards a buyer’s market, it’s important to note that this cannot be confirmed yet, we will have to wait until at least the completion of the second quarter of the year to have a clearer indication. However, as we reach the end of January, it’s delightful to note that the year has begun exceptionally promising, with January setting a very positive tone for sales in 2024.
Prestige Properties 2024 Predicted Forecast
As we cast our gaze toward 2024, the landscape of Ibiza’s real estate market points towards a potential shift to a buyer’s market, but a confirmation remains elusive due to incomplete data. The uncertainty is further fueled by geopolitical circumstances and financial insecurities, which may influence property purchases in the coming year.
Anticipated trends suggest a deceleration in sales for the Ibiza real estate market in 2024, accompanied by a noticeable surge in available properties. This trend may persist, resulting in an increased inventory in the subsequent years. Despite these projections, the current market conditions position it as now as an opportune time for sellers, given the prevailing high prices.
However, the future trajectory of prices remains anticipatory, and whether they will stabilise or witness a decline is yet to be confirmed. Ibiza’s real estate market has historically exhibited resilience, with prices bouncing back and often surpassing previous levels after a downturn. This characteristic makes Ibiza an intriguing prospect for long-term investors who see potential opportunities in market fluctuations.
The Ibiza Real estate Market in 2024
For prospective buyers contemplating an investment in Ibiza’s real estate market, the island’s historical resilience distinguishes it from mainland Spain and other markets. The multicultural environment, coupled with a persistent demand for luxury properties and holiday homes, enhances Ibiza’s allure for both sellers and buyers.
In conclusion, the Ibiza real estate market in 2024 is yet to be determined, but it currently presents a favourable climate for sellers due to high prices. The island’s history of resilience and its distinctive appeal suggest potential opportunities for savvy investors. To navigate this dynamic market successfully, staying informed with real-time updates, seeking guidance from local experts, and considering global economic conditions are essential practices. As the journey into 2024 unfolds, the Ibiza real estate market beckons with both challenges and prospects for those ready to explore its intricacies.
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Discover Ibiza in Winter: A Guide to Off-Season Wonders
Ibiza is a different island during the winter off-season. Compared to summer, you’ll experience much more relaxation and an entirely different crowd of people – it’s really the best time to see the island’s natural landscapes and sunsets. In fact, Ibiza in winter delights all the senses, offering its more authentic and inherent aspects.
The island’s off-season also lets travellers enjoy its local charm and captivating community and heritage. Fortunately, there are many sunny days, and the temperatures are usually very pleasant, making it possible to enjoy a few beers in the sun, join the local community events and explore the island’s social scene.
Read on to discover what to do in Ibiza during the winter and why we love it!
What to do in the Winter: Ibiza’s Natural Habitat
A stroll along in absolute solitude is always a delight, and nothing beats Mother Nature. A refreshing walk through Ibiza’s countryside, along its coastline or overlooking the glorious winter sunsets is always best when there are fewer people, and the air is cooler.
The Beaches and Hidden Coves in Ibiza
At the very top of our list, we recommend visiting beaches such as Las Salinas (Ses Salines) and Es Cavallet (here you can walk between both beaches, passing by the Torre de Ses Portes), Playa d’en Bossa or Platges d’en Comte.
Yet, Ibiza also has plenty of hidden coves that are suitable for active travellers who are interested in the journey as well as the final destination. These idyllic coves are most enjoyable for relaxing and enjoying a picnic after a long hike. Here, you can discover many charming coves and spots along the coast, such as Cala d’Albarca, Es Portitxol, Cala Llentrisca and Punta Galera.
Over the winter, it is more than possible to find many of our beaches lined with large quantities of algae. There is nothing unusual about this –– it’s part of the remains of Posidonia Oceanica, the world’s largest living plant between Formentera and Ibiza. These meadows have been declared a World Heritage Site by UNESCO. Their oxygenating action on the water makes the Pitiusas Islands’ sea clean and crystalline.
The Campo and Hiking Opportunities in Ibiza
Nothing is more rewarding than walking the lush, golden countryside, a road less travelled but very rewarding. There are several areas worth exploring, including farmlands and places of interest. Sant Agnes’ almond blossoms are particularly beautiful during the winter season. Generally, the season lasts from the end of January to mid-February and is the most magical and special time of the year. These days also herald the arrival of spring on the island.
There is a great variety of hiking and walking options to participate in, from the hills of Sa Talaia, the highest point on the island with outstanding mountaintop views, the hills of San Juan, the natural springs of San Mateo, and the village of Santa Inés with its unique land, captivating beauty and sanctuary of cultivated almond trees; an exceptional sight and a truly preserved part of the island.
Exploring the island through various hiking and touring companies is similar to navigating the diverse gaming landscape at Fair Go Casino Log In. Just as Ibiza offers numerous routes for all levels, Fair Go Casino provides a range of games to suit different player preferences, all easily accessible with a simple login, much like downloading a route from the Ibiza Tourism website.
The Glorious Winter Sunsets in Ibiza
A little cloud in the sky over the winter months actually enhances Ibiza’s sunsets, which are even more spectacular than usual. Moreover, the sea and the sky have a much wider spectrum of colours in winter, and the sunsets are more attractive. If you are unfamiliar with Ibiza sunsets, we recommend checking out Es Vedra from Cala d’Hort or up on the cliffs, Cala Comte, Benirras, and even Talamanca for a rather unusual pink sky.
What to do in the Winter: Cultural and Community Attractions
You’ll find plenty of cultural and social experiences to keep your Ibiza winter filled to the brim. Ibiza is renowned for its rich cultural heritage and history, unique and lively artisan markets and great community events.
Dalt Vila, the Old Town and Ibiza’s City Centre
The walled city of Dalt Vila is located in the city’s centre. The best way to experience the town is by wandering its cobbled streets and getting lost among them. During the summer, it is too hot to climb to the top where the monument castle and cathedral reside –– but in winter, it is a delight to discover the many viewpoints overlooking the city, the sea, and Formentera that can be found at various locations. You won’t want to miss the stunning architecture and views this UNESCO World Heritage Site offers!
Ibiza’s Street and Hippie Markets
Street markets are charming places to shop and are one of the most interesting things to do. Various markets, including Sant Jordi market, are interesting places to look for second-hand items. Aside from regular sellers of clothes, costume jewellery, music or books, you can also find plenty of sellers with antiques and collectable jewellery. We also recommend the famed Las Dalias hippy market. At Christmas time, this market puts on its most impressive stalls, welcoming local visitors from all over the island. Sa Forada Market is likewise worth visiting. This market is frequented by locals, and you have lots of local fruit, vegetables and local products.
The Villages of Ibiza
Many white villages dot the island’s interior, imparting a dreamlike quality to the island. Each has little local bars and restaurants where you can find some of the island’s finest and most typical specialities, including fresh seafood, Jamons, and bocadillos. A leisurely stroll around any of these villages, watching the true local spirit, or sitting on terraces with friends and family is the most idyllic way to experience the island’s authenticity.
Santa Gertrudis is one of the most popular villages to visit, with much atmosphere and vibrancy. This traditional village is architecturally styled to perfection, with a recently renovated main square plaza filled with traditional bars and restaurants, such as Macao Cafe, Bar Costa, Musset, and Can Mimosa and a central white and yellow decorated church with matching surrounding lined streets of beautiful terrace housing and apartments –– a much-recommended visit!
What to do in the Winter: Fiestas, Parties and Restaurants
In Ibiza, a ‘fiesta’ way of life is different from the usual party culture you may experience in the summer. Ibicencan culture is notorious for getting festive regularly, whatever the occasion. There are a variety of activities in different villages on the island most months of the year. These festivities often involve market stalls, live music, parades, fancy costumes, sports, competitions, and folk dancing.
Don’t forget the options are still plentiful if you’re looking for that typical Ibiza-style party or something different and more social. Various day events, parties, and club nights are held regularly at Las Dalias and Akasha throughout the year. The Standard Hotel Ibiza is booming with Bingo players every week, and restaurants like Yemanja, Juntos Farm, Club Nautico, and La Escollera are thriving with locals all year round.
Indulge in Seasonal Gastronomy
Savour the flavours of Ibiza’s unique gastronomy, from the traditional Sofrit Pagès at the local restaurants to the delightful Salsa de Nadal, a Christmas dessert made with sugar, almonds, and chicken stock. Explore a diverse array of culinary delights. Whether it’s a Flamenco Night, a laid back Tapas lazy afternoon in Santa Gertrudis or a Middle Eastern Fusion Brunch, Ibiza’s culinary scene promises to elevate your festive experience:
Roto Nights with the most beautiful view of Dalt Vila
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Professional Home Evaluations in Ibiza – Everything You Need To Know Before Selling Your Property in Ibiza
It can be a testing and complex process to sell a home in Ibiza. Nonetheless, if you work with a knowledgeable agent, you can maximise your chances of a successful, hassle-free sale.
Selling a home in Ibiza takes an average of 10 months. However, there are many things you can do to speed up the process with a little strategic planning and smart thinking.
Here is a guide to help you navigate the process of home evaluations and everything you need to know about selling your property in Ibiza.
Is it time to choose a reliable agent to sell your Ibiza property?
You might wonder if you even need an estate agent to sell your Ibiza property – and the answer is: No, you don’t – but you’ll wish you did. It’s not difficult to put up a sales sign and list your property on online portals such as Fotocasa and Idealista. However, working with a professional real estate agency with the right skills, knowledge, and infrastructure will make the whole process much easier – especially when completing a reliable evaluation of your Ibiza home.
You need to find a reliable Ibiza real estate agent to understand the local market dynamics. The demand for various properties, local valuation trends, and factors currently influencing the market, like seasonal fluctuations and increased peak activity, will all be under the belt of an experienced, knowledgeable and trustworthy agent. The best realtors will also take into consideration a property’s legal situation, its location, its immediate surroundings, its age, size, plot, and condition, as well as its style, amenities, and views. In addition, they can offer advice on how to prepare your property for an optimal sale, highlight unique features for increased value, and market it effectively.
Getting ready to sell your home in Ibiza and preparing for an evaluation
Getting a real estate expert to assess your property’s real market value can help you set a realistic sales price, prepare your property to an optimal selling standard, and sell more quickly.
When a realtor visits your property for a valuation, he or she will conduct an inspection to identify any potential issues that may surface during the buyer’s viewing and to forecast a realistic and competitive price for your property.
An experienced real estate agent knows how important presentation is for marketing your property effectively and can offer the best advice on how to portray it. Taking these simple steps will optimise your property’s chance of a decent valuation and quick sale:
(un)Dress the home – remove all personal items, declutter and leave it as minimalistic as possible; add mirrors and plants; redecorate in neutral colours; have it as light as possible; remove any signs of pets or sources of unpleasant smells.
Do the repairs – address any minor repairs or maintenance issues. A well-maintained home is more appealing to buyers.
First impressions matter – ensure your home’s well-maintained exterior, with trimmed lawns, clean driveways, freshly painted façades and attractive landscaping.
Professional photos & videos – Market your property well: have the most impressive presentation by taking the highest quality possible photos and videos to promote your property in its most appealing light (this is often included in the service of a professional real estate agency, especially when you sign an exclusive sales mandate).
The legal requirements for selling your home in Ibiza and the documentation you need
Knowing the legal requirements and having your property’s documentation prepared will ensure that things will run smoothly and fast, with no unpleasant surprises either for the buyer or yourself.
The following is a summary of the information required from the seller in preparation for the signature of the title deed (and ideally already in preparation for placing the property for sale so that potential buyers can have quick answers to questions related to the property’s documentation).
Ideally, you will have:
The Title Deeds to the property
Cédula de Habitabilidad (Valid)
Licencia and/or Final de Obra
Receipts for the local municipal property tax (impuesto sobre bienes inmuebles or IBI)
Copies of latest utility bills
Details of the community statutes (for apartments and gated communities)
A list of any items of furniture, etc, which will be included in the sale
Your residencia card if you have residency status or NIE
An Official Energy Certificate (Certificado de Eficiencia Energetica)
All these documents will help us understand your property’s legal situation, which will both help and impact the valuation process.
Getting a Realistic and Fair Evaluation for Your Ibiza Property
In our role as professional real estate agents in Ibiza, we will compare your property with properties that have been SOLD within the last six months with similar attributes. Market prices are always based on final sales prices. We never compare with properties that are still for sale. A slightly higher price can be tested first and adjusted if needed depending on the owner’s personal idea or timeframe. Keeping a bit of a negotiation margin in mind is also a good idea since clients often like to haggle –– but being open to what the market is willing to offer is always recommended especially if you want things to move faster and not drag on endlessly, risking also that your property will lose its value over time due to overexposure on the market.
Are you ready to sell your Ibiza property?
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.
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 get a free valuation with us today?
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Exclusive Homes and Villas for Sale near the Most Popular Beaches in the South of Ibiza
There is much to love about Ibiza, not just for its trendy tourism, cosmopolitan lifestyle, A-list hotspots, amazing restaurants, and beach clubs – but also due to its spectacular beaches and natural surroundings. It’s really no wonder that the real estate market and popularity of buying second homes on this Balearic Island, especially in the luxury housing sector, has skyrocketed in the past decade as Ibiza becomes one of Europe’s top destinations.
Having your dream home or villa in one of the island’s most sought-after areas and coveted locations could not be more appealing. We invite you to explore our premium locations and exclusive homes and villas for sale near some of the best beaches in the south of Ibiza –– read on to discover what’s on offer.
What are the prime locations to buy a property near the beach in the south of Ibiza?
Most people associate the south of the island with its vibrant Mediterranean culture and luxury lifestyle. The area is home to a stunning coastline, exciting nightlife, a vibrant capital, VIP celebrity hotspots, and Ibiza’s most extravagant port. So, what are some of the top prime locations to consider buying an exclusive home or villa near the beach in the south of Ibiza?
Properties for Sale in Marina Botafoch and Ibiza Town near the Southern beaches, Talamanca and Es Figueretas.
Living in the city centre, old town (Dalt Vila), its extension or in the Marina Botafoch and Paseo Maritimo area offers nothing less than being in the centre of it all with close proximity to some of the area’s best beaches, socialite spots and, of course, the airport. This area tends to attract buyers of all kinds –– particularly those who appreciate historical architecture and life in the centre of the city’s vibrant culture, especially during the height of summer.
Areas such as Marina Botafoch and the Old Town (Dalt Vila) are very popular but pricey, which tend to suit a higher-profile and cosmopolitan clientele, particularly second-home buyers and investors. Specifically, Marina Botafoch has become a highly sought-after socialite hotspot with an international nightlife scene and some of Ibiza’s most luxurious apartment buildings right in front of the island’s main Marina Port. Close to here is where you will also find residential communities like Vista Alegre, which is home to the most spectacular newly built villas on the island, designed by world-renowned architects.
Ibiza Town’s and Marina Botafoch’s closest beaches are Talamanca and Ses Figueretes. Here, you get the best of both worlds: living close to the trendy city, the marina, beach life, and a family-friendly young community.
Talamanca offers several contemporary Mediterranean villas and new apartments, while Figueretas caters more to young couples and families seeking more reasonably priced vacation homes.
Properties for Sale near the south’s best beaches in the area of Jesús, Ibiza
Jesús offers an undeniably chic and cosmopolitan lifestyle in a convenient and refined island setting. Despite being in the municipality of Santa Eulària des Riu, the village is close to Eivissa, the main town, and the airport as the popular beach of Talamanca as well as the numerous tourist hotspots of Marina Botafoch, Destino, and Pacha. Jesús is an excellent location due to its direct access to several island destinations, a chic village and a sophisticated lifestyle. The properties available to buy and rent tend to be exclusive, modern, contemporary villas in the surrounding countryside or private urbanisations. This naturally offers its residents and visitors plenty of upscale living.
Jesús is conveniently located near all the best beach hotspots previously mentioned, and both Talamanca and Es Figueretas in the Ibiza Town and Marina Botafoch area. For more on the area, visit our blog life in Jesús.
Properties for Sale near the south’s best beaches in Ibiza – Ses Salines, Es Cavellet and Cala Jondal
The most popular area in the south for second-home international buyers to invest is undoubtedly Ses Salines, Es Cavellet and Cala Jondal. These up-market locations all offer easy access to the unspoiled countryside, Ibiza Town, and the island’s most popular beaches, as well as fashionable bars and restaurants frequented by A-list celebrities like Sa Trinxa and El Chiringuito, the famous Blue Marlin Ibiza Beach Club. These southern Ibiza spots are considered the finest and most attractive places for lifestyle vacationers to enjoy exclusive VIP status.
There are only a few villas present in Cala Jondal, Es Cavellet and Ses Salines, so finding a property for sale here is a rare commodity. Despite its low supply, this spot in the south is always in high demand – with a demand for spectacular cliff top villas and modern architecture. Those who find a home in these areas are incredibly lucky to reside in an unbeatable up-market and affluent area.
Ibiza’s most popular tourist resort, Playa d’en Bossa is also one of the best beaches in the south, with its long sandy beach (3km!) and many fashionable beach clubs aimed at young and affluent guests. Although Playa d’en Bossa is primarily considered a summer destination, local residents often visit and reside in the area and is deemed a prime location for those looking to buy an exclusive home or villa near the beach in the south of Ibiza.
Villas for Sale near the Best Beaches in the South of Ibiza, Es Cubells
Es Cubells is one of Ibiza’s smallest villages. Besides its white Ibicencan church, which is beautifully located on the edge of the cliff, there are only a couple of local bars making up the entirety. Located at the foot of striking cliffs typical of this area are three little coves separated by rock formations. The pebbled beaches and crystal waters entice one to bathe among the rocky sea bottoms where divers can discover countless interesting corners. Es Cubells’ cliffs are renowned among hikers and nature lovers for its spectacular views from the top.
Es Cubells offers miraculously peaceful and unparalleled surroundings combined with the most authentic local fishermen beaches and coves like Ses Boques, Cala Llentrisca, Es Torrent, Porroig, and Cala d’Hort Natural Park. Buying a property near the beach in Es Cubells is hard to come by –– but when found they tend to offer expansive landscapes and grounds with sweeping, south-facing sea views.
Let’s Help you Find your Perfect Property for Sale near the Beach in the South of Ibiza
Let’s talk 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 is a great option, and demand is almost always higher than supply, so properties often sell quickly –– especially for exclusive homes and villas for sale near the beach in the south of Ibiza.
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 Ibiza a good place to buy a property?
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!
Top 5 Authentic Ibiza Restaurants: A Gastronomic Journey of Flavours
Ibiza has many authentic and traditional restaurants that most certainly merit a visit. The quality of our local restaurant scene is greatly enhanced by our island’s fresh produce, daily seafood menus, and typical Ibicencan flair.
With a long list of family-friendly restaurants offering tasty menus and picture-perfect beachside locations overlooking the turquoise-blue Mediterranean Sea – we’re sure you’ll find something you like. Read on to explore our top-recommended gastronomic experiences and traditional Ibiza restaurants.
Balafia Restaurant – San Lorenzo, Ibiza
Balafia has been run by the Marí family since ‘Lina and Toni’ built this small establishment many decades ago. The restaurant is ideally located close to the quaint and charming village of San Lorenzo, alongside an orange tree orchard. These days Antonio Junior grills delicious food in an authentic wood oven while his sisters Lina, Toñi and Marita serve their customers. It is the perfect place to recover after a long beach day or have a delicious meal of grilled meats under the evening stars on their spacious Mediterranean terrace.
El Carmen – Cala d’Hort, Ibiza
In one of the most picturesque locations on the island of Ibiza, El Carmen Restaurant is situated in a place that can only be described as magical – facing the sea in front of the islets of Es Vedrà and Es Vedranell. Whether day or night, under the sun’s heat or in the evening before the breathtaking sunset, you can enjoy a feast full of typical specialities, especially fresh fish and seafood. Here you can enjoy a taste of one of these plates in an environment that is pleasant, familiar, surrounded by nature, and with spectacular views.
Cas Pagès – San Carlos, Ibiza
As one of the island’s oldest restaurants, Cas Pagès was established in 1972 by Carmen and Lucia Pagès. This small restaurant on San Carlos Road has served grilled meats and homemade dishes for over 50 years. They offer a variety of great rice dishes to their guests, including their famous "arroz de matanza", a delicious rice dish that contains the finest pork cuts available, and the "sofrit payès", which consists of lamb and chicken with sobrasada, potatoes, toasted almonds, and various herbs and spices. This menu is both wholesome and filling.
El Bigote – Cala Mastella, Ibiza
El Bigote is a beach-shack-style, no-frills restaurant with a view of Cala Mastella’s picturesque cove. The local restaurant is so popular that the King of Spain was allegedly turned away because he didn’t have a reservation. Reservations here are often months in advance, and there’s no answer on their mobile phone. It can take hours or even days to get through, so it is usually advised to drive there to reserve a table. Here’s where our Concierge Services can help you ensure your reservations are secured!
El Bigote only serves a minimal menu of authentic dishes – bullit de peix (fish cooked in saffron with potatoes) and rice cooked in fish broth. This authentic restaurant experience is worth the trek.
Restaurante Salvadó – Pou des Lleó, Ibiza
Salvadó Restaurante is a historical place on a boat dock where fishermen sold fresh fish. They’ve been running a family business for over 30 years with classic recipes passed down generations for you to enjoy from one of the island’s most authentic spots. This is a secret corner where you can experience the original flavour of the island in its purest form.
Salvadó Restaurante serves a wonderful array of seafood and fresh fish dishes, but we would highly recommend the traditional dish Bullit de Peix and Paella. It’s one of the best on the island!
Book your Ibiza Restaurant Reservations with Us
There is nothing quite like a great culinary experience to remember your Ibiza holiday. Remember, when you book your villa vacation stay with us, we’ll help you make restaurants and reservations in Ibiza. Many local and authentic restaurants have long waiting lists for a table, are walk-in only or have a no-card policy. Make sure you check in with our team to ensure that we can assist you with your reservations.
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Top 5 Fine-Dining Restaurants in Ibiza | Explore Ibiza’s Culinary Experiences
There are many fine dining and chic restaurants in Ibiza that are well worth checking out. Due to the diversity of our culinary influences and top chefs pushing the boundaries of our restaurant scene, our island offers some amazing food.
With tasty menus and rooftop locations overlooking the Mediterranean, there is no shortage of elegant restaurants to choose from for a memorable night out. In every part of the island, there is something to please any palate and several fine dining eateries to experience.
Read on to explore our top-recommended gastronomic experiences and stylish restaurant guide.
Nobu Hotel Ibiza Bay: 5-Star Dining Experience on Talamanca Beach
Ibiza’s Nobu Hotel has a beautiful panoramic view of Talamanca Bay. Their dining facade offers a multitude of sexy, fun and immersive dining experiences. With five restaurants, you’ll certainly be spoilt for choice.
Nobu serves Japanese cuisine like no other, including Tiradito, Yellowtail Sashimi with Jalapeño, and Black Cod Miso –– all in an unpretentious yet captivating atmosphere.
Gusto, led by Michelin-starred chef Nieves Barragán Mohacho, takes you on a culinary journey through Spain. From the tapas bars of Andalucía to the seafood restaurants of Galicia, Gusto promises to be an unmissable, interactive feast for all the senses.
Chambao’s relaxed beachside chiringuito offers a laissez-faire seaside vibe. Ideal for long lunches and early dinners, with specialities such as freshly grilled fish, authentic Valencian paella, fresh salads, beautiful cocktails and a carefully selected wine list.
Next is the Bay Café and By the Pool Deck for healthy, wholesome cuisine choices and a perfect daily menu with freshly prepared sushi rolls, light dishes, and fruit platters.
Lastly, there is a beautiful rooftop terrace with a view of Talamanca Bay and Ibiza Town. This is certainly the place to be for hotel guests and locals looking for a distinctive night out after their evening meal.
Zuma Ibiza: Alluring Japanese Restaurant near Ibiza Town and Dalt Vila
Among Ibiza’s vibrant dining scene and luxury boutiques, Zuma’s rooftop restaurant provides an unforgettable panorama overlooking Dalt Vila and the historic old town of Ibiza. Zuma’s sushi counter, main kitchen, and robata grill offer an extraordinary Japanese menu that’s both authentic and modern. Zuma’s dishes emphasise simplicity and sophistication, using high-quality ingredients and bold flavours.
Juntos House Ibiza: Farm-to-Table Restaurant in the Tranquil North-West
Juntos House is a modern farm-to-table restaurant in the quaint village of Sant Mateu. With a modern twist, this kitchen sources delicious, locally grown food from its regenerative farm and local partners. With a strong emphasis on working hand in hand with the farm, they ensure fresh and delicious food! Juntos House is pure dining magic, with a restaurant, courtyard, garden, cocktail bar and boutique selling carefully selected products.
Amalur Ibiza: Iconic Dining Spot in Charming Santa Gertrudis
Ibiza’s iconic dining spot Amalur has been at the centre of gastronomy for four decades, housed in a blue-hued finca in Santa Gertrudis. Concerning its rich culinary and cultural heritage, the legendary establishment has recently undergone a masterful evolution.
Amalur was originally named after the Basque goddess of Mother Earth by former owners Juan Félix Lurrita and Emilio Zurbano. Today, Amalur is helmed by renowned restaurateur Francesco Manzoli. From the elegant furnishings and striking artwork on the walls to the creative, contemporary menu plus impeccable service, his unwavering passion for perfection and respect for the restaurant’s heritage is obvious at every turn. Using only local produce; the Ibiza fine dining restaurant creates high-end cuisine using creative, contemporary and colourful plates and dishes that taste as good as they look.
Nudo Ibiza: Mediterranean Beachside Kitchen in Scenic Es Figueral
At Es Figueral, there’s a surprising new restaurant spot along Ibiza’s shoreline this summer – Nudo. Following a gentle polish, a group of friends transformed an ageing beach bar into a fully-fledged Mediterranean kitchen with a hint of Mexico and Japan, merging flavours from Italy, Guatemala and the Nordics. It focuses on island-sourced ingredients with minimal intervention on the raw materials to offer something fresh, new, and different. The place specialises in serving natural wines mainly made by small producers from the Balearic, using organic grapes.
Book your Ibiza Restaurant and VIP reservations with us
There is nothing quite like a great culinary experience to remember your Ibiza holiday. Don’t forget, when you book your villa vacation stay with us, we’ll help you make restaurant and VIP reservations in Ibiza. Our goal is to ensure you enjoy the best Ibiza has to offer. Stay tuned for more insider local knowledge!
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Ibiza Retreat Villas: Relax and rejuvenate with a wellness program tailored to your Ibiza villa from our concierge service
Wouldn’t it be wonderful to have some much-needed time to recharge your batteries? We all know how stressful modern life can be, so it’s essential to take some time to rest, recover, reconnect, and just enjoy life. So, if you are looking for some extra ‘me-time’ without committing to an all-inclusive retreat package, we have the perfect solution for you.
Feel relaxed from the moment you walk through the door at your Ibiza retreat-style villa with everything you need from private yoga and fitness classes, massage treatments, meditation and healthy private chef catering.
If you want to disconnect in totality, you’ll love what our concierge service offers. Why settle for the ordinary when you can indulge in a little luxury?
Get pampered and re-energised with Ibiza’s wellness and retreat culture
There is no surprise that Ibiza has a thriving health and wellness community. Over the last few years, our island has become a hotspot for many entrepreneurs and industry professionals, bringing the health and wellness culture to a whole new level.
You can now find massage therapists, yoga instructors, meditation teachers, Reiki practitioners, ritual experts, reflexologists, and healthy vegan chefs who will come to your villa location for the ultimate private wellness retreat experience.
Discover what’s possible from our concierge team during your next Ibiza vacation.
Treat yourself to a relaxing massage at your Ibiza villa
A good massage is something we all enjoy from time to time. There are, of course, many benefits to massage that go beyond pampering and treating yourself. Besides promoting relaxation, massage also reduces muscle tension, improves circulation, stimulates the lymphatic system, reduces stress hormones, increases joint mobility and flexibility, improves skin tone, and promotes soft tissue recovery.
So why not have breakfast in bed, take a light swim, and book a well-deserved therapeutic massage whilst on your Ibiza holiday – your body will truly appreciate it.
Stay fit with one of Ibiza’s top personal fitness trainers or yoga instructors
If you are interested in staying fit and healthy during your holiday, we are more than happy to arrange a training or yoga program at your villa, outdoors at the beach, or even at a professional centre if that would be more preferential for you. Maintaining or improving your fitness while on vacation is more than possible. This can be done on a 1:1 basis, in a group, at your own pace, as much as needed. You can combine a personal training session with yoga and a massage for a complete wellness day.
Connect with yourself through an Ibiza sound bath and meditation ceremony
Get out your mat, blankets, and pillows and experience a transformational journey under the calming moonlight sky. Meditation and sound bath therapy can help you reset your mind and body, allowing you to completely disconnect and disengage from life’s pressures. Several experienced practitioners are offering guided meditations and sound baths here in Ibiza. Take a short journey into another world as you listen to the sounds of crystal bowls, tuning forks, shamanic drumming, and percussion instruments.
Keeping healthy in Ibiza is easy with a vegan caterer or private chef
You deserve the best food on your holiday, so why not hire your own private chef or have a catering team take care of everything for you? Our concierge team can help you plan the perfect culinary experience – whether you have dietary restrictions, are on a summer health kick, or enjoy vegan cuisine. We offer a wide choice of foods prepared by talented chefs, ensuring local sources and sustainable foods that will be the highlight of your stay.
Unwind in luxury at one of our Ibiza retreat villas
The Prestige holiday experience promises a world of luxury, comfort and infinite beauty. Whether you want a retreat-style vacation or a relaxed and simple holiday, we have everything you need. We’ll help you find the perfect Ibiza holiday property – be it a peaceful countryside setting, a traditional Finca or farmhouse, a modern white villa, or a property with sea and sunset views.
Why not take a look at Villa Love, one of our top recommended retreat-style villas – a quiet and private oasis in the middle of nature. Here, you can enjoy picturesque sunsets and stunning sea views from every room, the veranda, and the pool.
Located in the west of Ibiza, near Cala Carbó, this six-bedroom, seven-bathroom villa overlooks the sea with an elegant interior that blends beautiful Mediterranean elements with luxury furnishings. In a sleek modern style chosen with attention to detail, this property creates an ambience of luxury and contemporary design. The perfect relax-and-retreat villa for you to call home for the week.
It’s never been easier to escape
Getting away from the day-to-day has never been easier, especially since everything can be arranged from the comfort of your own holiday villa. Our concierge services can help you take care of the finer details when planning your perfect Ibiza-retreat holiday. You’ll get the highest quality service from the most reputable collaborators, whether you’re looking for hiking tours or watersports, in-house chefs and catering, wellness, yoga, personal training sessions, private massage treatments, or even a home cinema set-up.
See here some of our top Ibiza villas for retreats:
The past four decades have been an incredible journey for everyone involved with Prestige Properties. Throughout the years we have had the privilege of helping thousands of people to find the home of their dreams. From local first-time buyers to high-profile celebrities seeking a summer villa, to young families beginning a new life on the island, all were served with the care and professionalism that has been at the heart of Prestige Properties since its very beginnings. We are delighted to take this opportunity to share with you the story of our company – its history, values, and vision for the future.
How It All Started
Our dear founder Pascale Dufournier was a native Parisian who as a young woman followed her dreams by coming to Ibiza in 1976. Even before arriving on the island, she knew that this would be the place she would call home for the rest of her life. Her passion for architecture, design and elegance led to a career in real estate, and it was a perfect match. In 1983 Pascale took a leap of faith and started her own company. Throughout the years she earned respect for the professionalism and style that she brought to both her business and her life.
These values have become the core of the company Pascale created, and they flow from her love of Ibiza. "I feel immensely fortunate to have been able to spend my life on this special island and surround myself daily with the most stunning properties, scenery and people. Prestige has never been work to me, it has been my family – to nurture and guide through the hard times and the good."
Inspired by Pascale’s passion and dedication, Prestige Properties prospered and became an important part of the island community. Our well-earned reputation for reliability and care for our clients was the key to the company’s success as it continued to grow from year to year… and then it faltered.
How It Evolved
The global financial crisis of 2007-2008 was a disaster for many businesses, and real estate on Ibiza was hit particularly hard. The housing market, which had soared to new heights in the previous decade, suddenly froze. The pressure was hard on Prestige, and the company teetered on the brink of collapse. Thankfully we were able to weather the storm with the help of timely investments from people who had faith in the strength of our company. Prosperity and growth eventually returned, but this scare was a warning that change was needed if Prestige was to remain at the forefront of the industry.
Pascale moved quickly to set a new course and one of the key turning points was hiring Victor Van den Driessche in 2009. Victor was born and raised on Ibiza. He went on to further his education in Paris, where he earned a degree in economics. Before returning to the island, he spent three years in Madrid working for the French multinational luxury conglomerate LVMH. Victor’s knowledge of modern business practices combined with his strong connection to Ibiza, made him an invaluable addition to the Prestige team.
Victor was a source of new energy and innovative ideas for the company, so it was no surprise that he was quickly on his way up the company ladder. Within just five years he had not only become Director of Sales, but also a company shareholder and partner. Victor’s strategic approach and personal drive complemented Pascale’s experience to give Prestige the change that it needed – a modern direction, without losing the essence and personal care that had made the company unique.
Where We Are Now
On Friday, April 1st, 2022, we said goodbye to Pascale Dufournier when she tragically lost her battle against cancer. Pascale’s beautiful qualities of presence, patience, passion, and style will always remain as the bedrock of the company that she founded. Victor has stepped into his natural role as Company Director. Under his leadership the business continues to grow and prosper while adding a new generation to the ‘family’ that will see Prestige into the future. We have a dynamic team of 20 multilingual professionals who are dedicated to upholding the company’s core values, as they strive to fulfill our clients’ dreams. The staff reflects a synergy of economics and ethics that Victor has brought to the company. He says that what makes Prestige special is, "the mix of experiences, our strong ethics, our love for the Island, and our long-term vision of the special relationship between the company and our clients".
Prestige Properties Team
Our Company Values
The values that Pascale established from the beginning have endured and evolved as the company has grown. In all aspects of our business – sales, rentals, listings, and concierge services – we provide personal service with integrity, style, and care. Our longstanding reputation for transparency and professionalism has been recognised by the major real estate associations in Ibiza: the PIMEEF and APIBIZA.
These values enable us to take excellent care of our clients in all aspects of real estate: finding the highest quality properties, organising unparalleled marketing, and having our finger on the pulse of local insights. Perhaps even more important is that we offer these services with grace and a smile. Clients of Prestige can still sense the French flair for elegance and ‘joie de vivre’ that Pascale brought to our lives and our work.
We Care About Ibiza
Our company strives to balance the pursuit of economic prosperity with support for the environment and social equity. Prestige has made green living a priority since 2017, and with the help of our tree planting offsets, we became a fully carbon neutral company this year. Prestige actively collaborates with local environmental organisations, and part of every commission for sale or rental is donated to IbizaPreservation in support of their wonderful work in protecting the island’s environment. We are particularly proud of our current campaign entitled ‘Campaña Escombro‘. In collaboration with the Novaforma construction company we aim to clean up illegal construction waste dumping sites on the island. Prestige also makes regular contributions to local charities that focus on promoting fairness and social justice.
Campaña Escombro
Prestige Properties has always been inspired by the love of Ibiza. Our vision for the future is to continue sharing our success in ways that help the island to evolve in a positive direction. We encourage our clients, collaborators, and all businesses on Ibiza, to join us by actively embracing the spirit of "Going Green & Giving Back".
The Prestige 40 Years Timeline
Victor with the Prestige Admin and Marketing Team
Victor with the Prestige Sales Team
Victor with the Prestige Rental and Concierge Team, including Pascale’s children Marie and Gabriel Dufournier
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
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.
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