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:
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Looking through the Keyhole of Ibiza’s Top Rental Villas – Can Alegria
Summer 2023 is just around the corner, and we’re ready to entice you with one of our top favourite rental properties here in Ibiza. Could Can Alegria be the perfect villa destination for you?
This countryside hideaway, nestled between Santa Gertrudis and San Mateo, offers relaxation like no other. Can Alegria is the perfect villa for friends and family who wish to spend a wonderful week or two under the heat of the Mediterranean sun.
We invite you to explore one of our most-loved Ibiza holiday villas.
Can Alegria – The Luxury Rental Villa with a Blakstad Design
With its stunning Blakstad design, Can Alegria hosts its original Ibizan architecture with outstanding modern features. This holiday home’s beautiful personal touches make for an impeccably styled and decorated must-visit.
Upon entry, you’re welcomed into an airy, stylish living room flooded with light. The high ceiling windows add energy as the bright blue sky showcases itself throughout – a feature unmistakably associated with traditional Ibiza architecture.
Can Alegria is filled with unique pieces collected from around the world, including sculptures, wall hangings, and a music-themed chandelier designed by the renowned Zermatt artist Heinz Julen.
In this home, you can gather to share food and conversation in a bright, functional and wonderfully styled space. Plenty of room exists for inclusion and hosting guests in this open-plan layout.
Can Alegria: A Large Holiday Villa with Five Bedrooms
Uniquely, each of Can Alegria’s five bedrooms has its own name, all decorated perfectly, creating an exclusive sense of home.
Located in a separate wing of the house, the master bedroom offers ultimate seclusion, space, and stunning sunrises. Here you can enjoy breathtaking views over the gardens and distant green hills from the huge private terrace.
Featuring neutral colours and natural materials, Marrakesh, Jardineta, Vista Hermosa, and Terraza are each bright, welcoming bedrooms. There is a good chance you’ll be debating which room to choose among the charming options available, especially the distinctive en-suite bathroom in Marrakesh, which features a narrow archway and leads into a luxurious round bathtub surrounded by Moroccan-style alcoves.
Can Alegria: An Ibiza Holiday Rental with Large Lush Mediterranean Gardens & Swimming Pool
The best way to take advantage of the beautiful weather in Ibiza is to book a villa with extensive surrounding gardens, a big swimming pool, and lots of outdoor chill-out zones. The answer is Can Alegria. This lovely garden and terraces are an idyllic spot to enjoy breakfast or an evening meal as the sun rises and falls, filling the space with warm, golden light – which overlooks the shimmering turquoise pool that runs the length of the house.
Although outdoors, there’s plenty of space to escape the summer sun under the numerous covered terraces, shaded thatch umbrellas and inviting gazebos. No doubt Can Alegria’s grounds will provide plenty of privacy and tranquillity.
The villa’s main living area offers large sliding glass doors directly outside, creating a dynamic space that seamlessly blends indoors and outdoors.
Can Alegria: A Perfectly Located Rental Villa Close to the centre of Ibiza, near San Miguel and Santa Gertrudis
Within twenty minutes of Ibiza Town and just six minutes from Santa Gertrudis, this wonderful, rural holiday home sits in the middle of it all, close to everything, but quiet enough to retreat to when you want. And, if you wish to really indulge in an extra relaxing week and stay a little more within your private setting, then Can Alegria offers the right facilities. Our concierge agents will be able to arrange any extras you might need to make your stay even more enjoyable and memorable.
Book your Luxury Ibiza Holiday Rental Property with us
Vacation rentals at Can Alegria are an excellent choice for a relaxing getaway. Take a well-deserved break and spend time with your family and friends by booking today. The upmarket villa rentals we offer cover all of Ibiza’s municipalities, including Santa Eulalia, Santa Gertrudis, San José, San Antonio, Eivissa, and San Juan, which come in many sizes, styles, and budgets.
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.
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!
How to find the Best Real Estate Agency in Ibiza
You can expect a great experience when buying or selling a home in Ibiza if you work with a real estate agency who knows and understands the market. A reputable and experienced agency is more likely to sell or find your property quickly and efficiently, at the best possible price. But with so many real estate agents available on the island it’s hard to know who to trust. Finding the perfect match may prove more difficult than you expect.
So, to help with the real estate selection process: here is some useful advice and professional tips on choosing the very best Real Estate Agency in Ibiza.
Choosing the Right Real Estate Agency in Ibiza
To begin, you might want to speak to those around you who have recently worked with an Ibiza real estate agency and ask them for recommendations. Finding the right real estate agent is a very personal process and a referral is often an incredibly valuable resource. However, if you are completely new to Ibiza then these may be hard to come by. Either way, we advise any client who is planning to buy or sell a property in Ibiza (with or without recommendations) to follow the advice outlined below to ensure they are working with a trusted realtor.
Find a Reliable and Professional Real Estate Agent in Ibiza
Select an agent who is reliable in every sense of the word. Too many real estate agents in Ibiza are working virtually as "one-man bands" without an official, physical office that they can show to the public. You should always be able to visit a reliable real estate agency in person and find out what they’re doing and how they operate.
Just as an expert in any industry would have education, credentials, professional body certifications, and insurance, real estate should be no different. Look out for agencies that are well-trained and registered to a professional body in Ibiza like PIMEEF and APIBIZA.
Experience and professionalism are unmatched advantages when buying or selling a home. Expert agents can help you find the perfect property in your price range, discuss neighbourhood demographics, introduce you to local schools and places of interest, as well as provide accurate valuations for sales, and always negotiate the best price and terms. In other words, a good agent will remain in a client’s corner throughout the entire process and will leave no stone unturned. Even if an individual agent is new to real estate, the experience, and support of the company he or she belongs to is crucial.
Well-Connected Real Estate Agents in Ibiza
In Ibiza, great estate agents will be well connected: demonstrating a good portfolio of direct listings and shared listings with partners of integrity. 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. They will also have access to the entire Ibiza property market, enabling them to offer clients the most suitable home, even if it is listed by another agency.
Should you list your property with various agencies or just one? Both options have positives and negatives; for a more detailed analysis read our article on "Why sign an exclusive mandate with Prestige".
Ibiza Property Agents With the Best Marketing Efficiency and Online Presence
It is always essential to go online and search for ‘real estate agencies in Ibiza’. What are the first results you see? How is your potential agency position on Google? Do they appear on the first page?
The real estate agency that excels in its marketing and online presence will always appear at the top of your Google search results. Additionally, they will have a user-friendly website with a wide range of well-presented properties. Ensure that the property descriptions are well written and there is consistent professional photography, videos, virtual 3D tours, and notes on special features and unique selling points throughout.
How about their offline marketing? Real estate agents with authority in their industry 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, especially when it comes to selling your home.
While investigating an agent’s online presence, it’s also a good idea to take a look at their client experiences, which can usually be found on their Facebook or Google Reviews pages.
Transparency in the Ibiza Property Market
You should always hire a real estate agent who is upfront, honest and transparent. Don’t be shy to ask questions or ask for all the information you need. Make sure all the fees, costs and general agreements are clearly stated and acceptable to you. It is extremely important that you always feel comfortable during the entire process, that you are properly informed, and you are able to ask every single question you have (regardless of how big or small they may seem). If you ever feel you are being pushed to make any type of a decision, or someone is withholding information, then don’t be afraid to move on. Invest time in finding someone you respect and trust.
Choose an Ibiza Agent who is Right for You Personally
The process of buying and selling a home is considerably less stressful if you work with a professional real estate agency that has the necessary skills, knowledge and infrastructure. Once you’ve narrowed your options down to a handful, contact them and ideally make an appointment at their physical offices to get a real feel for their market placement, work-ethic, and to see if you connect with them on a more personal level too.
If green living is an important factor to you as a homeowner and citizen, you may wish to consider an agency that advocates for the same environmental practices and ethical awareness. Check and see what kind of Social & Sustainable Activities your chosen Real Estate Agency in Ibiza partakes in and if their values as a company match yours. For more information on our personal Corporate Social Responsibility follow our link below.
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!
2021 Annual Ibiza Property Market Report and 2022 Forecast
Based on both internal and external sources, this report presents information on the property market in Ibiza and the Balearic Islands for the year 2021, as well as its projected forecast for 2022. Based on data and figures received in 2020 and 2021, the analysis covers four main topics of discussion:
The General Balearic Property Price Curve & Sales
The Ibiza Property Price Curve 2021 Summary
The Ibiza Luxury Housing Market Report 2021 with Prestige Properties
The Forecast for 2022
1. The General Balearic Property Price Curve and Sales
Over the past decade, as discussed in our year-end property market review for 2020, both sales and house prices have shown continual and stable growth across the Balearic Islands. Here we can see, although the real estate market took an abrupt decline following the Spanish financial Crisis in 2007, the market has since stabilized and experienced a steady recovery, reaching a peak increase for both sales and price by 2017.
The first marked fall in prices and sales only occurred in late 2019 through until 2020, suggesting that the market as a whole was experiencing minor stagnation. This minor stagnation was only exacerbated by the fact that the property market industry, like many other sectors, started to experience less movement due to the uncertain status of COVID-19 as well as three months of physical inactivity due to complete closure.
However, as early as the summer of 2020 and moving through until the end of 2021 we have been very pleased to see buyers’ activity quickly restart, and thriving again with property sales continuing to rise in all sectors of real estate across the Baleares.
There should be no doubt, however, that this growth has been influenced not just by the characteristics of the local market, but also by global interest in real estate as a whole.
According to Forbes, 2021, "In the wake of the lockdowns in March, Americans discovered that existing homes were not adequate for the new work, teach, exercise, cook and live at home reality. Based on realtor.com surveys of consumers, we learned that home shoppers are looking for more space, quieter neighborhoods, home offices, newer kitchens, and access to the outdoors, traits which have revived a strong interest in the suburbs and smaller metro areas."
This is further supported by Savills Global Real Estate Service who claim our changing priorities since Covid-19 are shifting global residential real estate. Here the international agents describe, "tastes shifted during the pandemic as home became the centre of the universe… We have (also) seen a step-change in second home ownership too. In Dubai, 2021 has seen an ‘unprecedented influx’ of international high net worth buyers looking for a second home and as Hugo Thistlethwayte, Head of Global Residential Operations, notes: ‘There has been a realisation that a second home doesn’t need to be an hour from the main city residence, but could be in Aspen, Jackson Hole or Switzerland. This trend could make places like the Algarve, Mallorca and the south of France 52-weeks-a-year locations." (2021)
As we can see from the Balearic year-on-year variation in house prices (below), despite a temporary pause in buying activity, the interest in moving location, and seeking a new property has not only since recovered, but has quickly regained the highest pricing since 2007, supporting the argument that living priorities and significant interest in real estate have increased as a result of the pandemic.
2. The Ibiza Property Price Curve 2021
There is no doubt that the pandemic has altered our notion of home, finally allowing us to dare to create our dream life, working a city position amid a coastal or countryside second-home alternative, and, of course, complemented by the chance to also secure a strong investment.
Here in Ibiza, it is evident that we are experiencing similar "unprecedented influxes" and a small boom in the luxury sector of Ibiza’s real estate market for second-home international buyers, brought on by Covid-19. The pandemic has motivated buyers with means to invest in properties located in safe and more natural surroundings, away from overcrowded so-called ‘hotspots". Ibiza’s high-end and upscale property market, therefore, continues to be a desirable location for second-home buyers particularly from Europe, and naturally, we continue to experience a situation of low supply versus high demand, which means that many villas and properties are seen as rare products, driving price booms, resulting in a strong and an unwavering price curve right here in Ibiza (see section ii price per square metre comparison below).
While prices and sales lowered during autumn 2019 and early 2020 in the Baleares as a whole (as seen from the graph above), it must be noted that Ibiza’s luxury real estate market has often shown to be more resilient than its neighbouring islands, and set-backs or downturns in the market and price curves never hit quite as strongly.
3. The Ibiza Luxury Housing Market Report 2021 with Prestige Properties
All data discussed below is a representation of our internal data related to the Luxury Housing Market in Ibiza and is solely taken from our internal database.
i) Average Price per Square Meter
Our internal statistics from our sales database with Prestige Properties Ibiza calculated an average increase in price per square metre, from 6.569 to 7.927€, approximately a 21% increase between 2019 and 2021.
ii) Average Price & Price per m2 by Municipality
On the whole, all areas on the island have experienced price-per-square-metre increases between 2019 and 2021.
N.B The price per square meter, per municipality, may need to be flexible as the figures depend solely on our internal sales, and weighty factors may apply, as noted in our analysis hereafter.
2019
2020
2021
Eivissa
€6.437
€6.076
€7.418
Sant Josep
€6.755
€7.931
€7.998
Santa Eularia
€6.471
€6.715
€9.553
Sant Antoni
€4.876
€5.273
€5.442
Sant Joan
€9.048
€8.644
€9.604
.
Eivissa – Average Price & Price per m2 by %
The entire city is in high demand and continues to demonstrate a strong market presence. Overall, Eivissa has something for everyone, like most cities in Europe, and has increased in popularity in line with the rest of the island. Eivissa has experienced a 15% increase in price per square metre since 2019.
Average Property Size: 168m2|Average Property Price in Euros: 1.3M
Sant Josep – Average Price & Price per m2 by %
San José has always been high in demand among affluent luxury second-home buyers.In 2021, if we segmented San José, areas such as Es Cubells and Ses Salines would still naturally appear at the very top of the island property portfolio, where many other San José developments and properties would now be on par with some of the properties and prices on offer in Santa Eulalia. Sant Josep has experienced an 18% increase in price per square metre since 2019.
Average Property Size: 256m2 |Average Property Price in Euros: 2M
Santa Eulalia – Average Price & Price per m2 by %
In 2021, a particularly large property sale occurred in Santa Eulalia, leading to an unusual rise in the overall average price per square metre and as previously mentioned, some flexibility is required here. However, if we take the current average as gospel, Santa Eulalia would have experienced a 48% increase in price per square metre since 2019. It is clear that Santa Eulalia (despite margin for slight error) is catching up rapidly to the highly sought-after area of San José.
Average Property Size: 311m2|Average Property Price in Euros: 3.5M
Sant Antoni – Average Price & Price per m2 by %
The area of San Antonio de Portmany is slowly making progress, becoming more sought-after than clients may first assume. Although the area is often in less demand than other areas, potential home buyers are often encouraged to look at the abundance of opportunities and great investment prospects here. San Antonio has seen a 12% increase in price per square metre since 2019.
Average Property Size: 299m2|Average Property Price in Euros: 1.6M
San Juan – Average Price & Price per m2 by %
In the last couple of years, Sant Joan seems to be where the most prestigious and expensive villas are located, with a price tag that has almost doubled on average over the past few years. The new demand for properties in the municipality is a reflection of the property market’s high-end price valuation. San Juan has seen a 6% increase in price per square metre since 2019.
Average Property Size: 344m2|Average Property Price in Euros: 3.7M
.
According to Tinsa (2021) Living on the Coast Report, the market in Ibiza has exhibited different behavior depending on the segment. However, as per our internal analysis, the demand for detached homes for sale or long-term rental has increased. There have also been price increases, more notable in detached homes than in new developments. They summarised:
Standard multi-family homes sit between 3,000 and 4,000 €/m2, with a surface area from 50 m2 to 140 m2, with one to three bedrooms. Single-family homes typically register between 6,000 and 7,000 €/m2 and those larger family homes value between €10,000 and €20,000/m2. These properties were mostly located on the seafront promenade of Ibiza or on the front line of a marina. The most expensive single-family home registered between 12,000 and 15,000 €/m2 for a detached house. This product was mostly located on the west coast of the island of Ibiza in the municipality of Sant Josep and around Ibiza in the neighbouring municipality of Santa Eulalia.
.
iii) Sales per Year
Our internal statistics from our sales database with Prestige Properties Ibiza between 2019 and 2021 calculated a very minor decrease of 4% in sales and only 3.5% in volume, which despite the 3-month closure of offices and ability to partake in property viewings is basically a non-existent comparison.
Properties sold to date in 2021 (up until October 2021) have calculated an increase of 56% more sales than 2019 and a turnover of 95% increase in Euros related to direct sales.
.
iv) Enquiries per Year
Even with pandemic news, lockdowns, and restricted movement, we still saw an ongoing and steady flow of users visiting the website and generating inquiries throughout the year 2020. During the year 2021, since restrictions began to ease, an increase of over 36% has been recorded as active inquiries conducted by individuals seeking an Ibiza property whether through sales or rentals.
Conclusion: The Luxury Real Estate Market Ibiza 2021
Even with the pandemic looming during 2020, luxury housing in Ibiza continued to make progress regardless. As we can see from the information and data above, the way we are changing and prioritising our home lifestyle has led to a definite increase in global (and island-wide) interest which has only resulted in a growing buyers market in 2021. As more and more clients seek out their ideal lifestyle in a more relaxed environment, away from the hassles of the big cities, it is evident that international buyers continue to dominate and strengthen the luxury real estate purchasing market. In fact, "user behavior data shows Ibiza remains the most popular among the three main Balearic islands, achieving 22% more listing views than Mallorca (even though it has half the number of active listings)." – James Edition, October 2021
.
4. The Forecast for 2022
It is expected that house prices will continue to rise steadily and consistently in the luxury property market in Ibiza as there are no signs of crisis at present, making for attractive investment opportunities. In general, this speaks of Ibiza’s upscale market, which not only survived but flourished during the pandemic, giving us confidence that the island will continue to be attractive on an international level for the foreseeable future 2022. However, we do not envision a continuation in the number of sales we have witnessed during 2021. We anticipate the sales boom of 2021 will potentially slow down as the post-pandemic effect fades away, especially as we are increasingly seeing a case of low numbers of sellers in the market as we continue towards the end of 2021.
Long-term rentals for larger properties have become increasingly popular, especially with families. Prestige Properties Ibiza was required to hire more staff by the summer of 2021 in order to deal with the influx of inquiries, especially for long-term rentals. This is also confirmed by Morna International School, which has received a record number of new student applicants, who are also seeking residency (James Edition, 2021), indicating a potential anticipated interest for families in 2022 who may be keen to stay in the rental market until the right property for sale arrives in the future, or on the opposite side of the coin, they may return back to the metropoles once the effects of the pandemic and lockdowns are both a distant memory, (which at the moment, seems like is not likely to happen anytime soon). Either way, it is still undeniably the international buyers and overseas investors who are still the main market for second luxury homes in Ibiza and are expected to be in 2022.
Additionally, the island is exhibiting even greater growth in general, becoming an even more desirable and trendy place to live. Since small, local businesses have struggled to cope with lockdowns and business closures, we have also seen an influx of new, innovative bars and restaurants opening, and signs that continued investment is underway.
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!
Renovating a Property in Ibiza – Everything you need to know!
Renovating a property in Ibiza can be a very rewarding experience! A perfect opportunity to create your dream home with character and a style all of its own. If the planning and renovation process is done properly, the investment can also pay off with an impressive return.
However, serious property renovations can also be very challenging. A lack of effective planning, previous analysis and project management can cause renovation projects to eat up money and cause a lot of unwanted stress.
For us at Prestige Properties Ibiza and for our clients, we feel the benefits far outweigh the risks. With the right knowledge and team behind you, renovating a property in Ibiza, be it a traditional finca farmhouse or restructuring an entire villa property, can be an incredibly exciting journey that is definitely worth the effort and the final result.
So, if you are looking to buy a new house in Ibiza with a view of renovating, then check out our guide below on Renovating a Property in Ibiza – Everything you need to know! which contains everything you need to know about renovating a property in Ibiza.
Property Renovations in Ibiza – Initial Considerations
When considering any aspect of the property market in Ibiza, it is important to be fully informed. Renovating a home can be a complex process that can lead to unforeseen problems and costs, so being well prepared is key to any successful renovation project.
Properties in need of a renovation can usually be found and bought through local real estate agencies. However, finding a property with the right renovation potential in the right location through a trusted agent is the first step.
If you go any further than a replacement of installations and paintwork, our first (and, as you will learn, ultimate) recommendation is to seek the advice of a qualified, local architect. Despite popular belief, an architect in fact optimises and economises the costs of a renovation (moreover of guaranteeing the quality of the work) and unifies the management of trades and suppliers (masons, plumbers, electricians, builders, suppliers, carpenters, etc.). He is the central figure in the renovation puzzle who will analyse the legal status and the current state of construction of a property and based on this, estimate the legal and material possibilities and average costs of intervention respecting the town’s planning regulations.
So, before you begin your renovation and get started on your project, here is an overview of the different steps you need to consider, ideally in this very order:
Legalities:
Analysis of the property’s current legal status: if it has an original building licence from the Town Hall, if there are any "non-registered" parts and if so, what can be done with them depending on their nature (year of construction, etc.). This is a very important step to avoid problems further down the road.
Analysis of the possibilities: the potential of the house in view of the urban planning regulations. Degree of intervention to be performed, maximum of m2 to be extended according to local and regional laws.
Effective Planning:
Analysis of the current physical state of the property: state of the structure, state of the installations, watertightness, etc…
Definition of the renovation and proposal for improvements.
Permits and licences: communicating with the Town Hall and applying for the necessary permits
Estimation of total costs
Simulation of planning and runtime of project
Execution and Control: 3, 2, 1… Action!
Execution of the works. Checking that the works are being carried out to satisfaction on a technical level. More extensive renovations will also require on-site management: coordination of the trades, control of the work carried out and the execution according to deadlines.
Before After
1. Planning your Ibiza Property Renovation Project Effectively
"Before you begin with any physical works, it is vital to have the big picture and a long-term vision in place. Taking the time in the beginning and creating a really detailed and well-thought-out plan will help with getting accurate building costs before you start the renovation, it will eliminate the need to make rushed (and possibly bad or regretful) decisions, and at the end of your renovation, you will (hopefully!) end up with a consistent look and feel throughout your home that is every bit what you imagined it would be!" – Robin van Den Driessche – Architect & Founder at RVdD Arquitectura
Renovation & Construction Works and Construction Surveys
Often it is not possible to get an accurate idea of the cost or extent of renovation until the property has been acquired and a proper evaluation of the structural integrity and foundations of the existing building has been made. It is advisable to obtain a full building survey at the time of purchase to gain a better understanding of the structural and superficial works that need to be considered.
This information can then be used by architects and construction workers before carrying out the necessary work, when renovating your home.
Remember that there is almost always a solution to most structural problems. While these may cause an increase in your renovation budget, identifying them early will allow you to plan better and make the right future decisions.
In Spain it is usually an architect or a technical architect (Arquitecto Técnico) that can carry out the necessary Construction Surveys.
Choosing the Right Architects and Contractors
As mentioned in the introduction, the use of an architect is an invaluable asset to any renovation project and should not be regarded as an optional "extra". The reality is that many of those direct client-builder renovations without an architect or project manager end up with legal problems (extensions without a licence, fines), with construction problems due to poor execution (without a technician to supervise), with cost overruns (without economic control and hidden commissions). Apart from their role in literally managing and overseeing the entire renovation project from start to finish, their experience and training gives them the unique ability to see things from the widest possible perspective. A recommended architect like RVdD Arquitectura can make a real difference to the project, focusing on the finest details while keeping in mind the larger impact of the entire design. Additionally, under the Spanish building regulations and laws, an architect is initially responsible for ensuring that all safety measures are followed during renovation projects.
To choose a suitable architect or builder, it is advisable to ask for demonstrable references such as photos and plans of renovations already carried out, and if possible ask for photos of before and after the renovation. In them you will be able to see the architect’s ability to transform spaces, and the quality and level of detail of the builder. If they also come recommended by someone you trust (a family member or friend who has already worked with them), it will be a great advantage and a sign of confidence on which to rely.
Extra Tip from Robin:
To carry out a quantity survey of the work is essential in order to be able to compare quotes from different builders. Without them, extra work will appear as you go along and the final budget will go up, which could have been avoided with a more accurate forecast.
BeforeAfter
2. Creating an Efficient Timeline
A typical renovation schedule depends on the type of project and on the location of the property. To estimate a deadline and create an overall timeline, three things should be taken into account.
Management of Permits and Licences in the public administration
The management of permits and licences with the public administration varies according to:
Type of renovation: If it is a simple renovation (change of interior partition walls, coverings and materials) with a "Previous Communication" (Comunicado Previo) it can be started at the same moment of notifying the Town Hall. If it is more complex (modifying the façade, habitability and number of bedrooms, or touching something structural) then an Urbanistic Licence must be applied for, and it can take from months to a couple of years.
Type of land category. If it is urban, the concession of a license is quicker than in rustic land, as in the latter the applications go through more public bodies (Consell Insular, Patrimonio, Recursos Hídricos). In urban land, for extensions, it is usually 1 – 2 years. In rustic, for extensions, 2 – 3 years.
That is why good technical/legal advice from an experienced professional is necessary from the very beginning.
Design Time
For renovation works that go beyond changes of coverings and installations, the Town Hall requires an architect’s technical project upon which the license will be based. The estimated time an architect needs to create this project will vary depending on the complexity of the renovation, for a design of a complete renovation of a house of 200-300m2, it could be around a month.
Execution Time
The final timeline of execution will always depend on the complexity of the work. As an example, for a complete renovation of a 200-300m2 property, it could take around 6-8 months.
BeforeAfter
3. Property Renovation Costs
"Renovations often cost more than expected. In most cases buying a second-hand home means that essentials like structure, façades, and installations need a full overhaul. These are costs that are often forgotten as the focus tends to be on the more "beautifying" aesthetic changes you envision for your new home. Here your architect should thoroughly assess your property’s bare necessities and provide you with a detailed list of recommended works and associated costs. This way, you have a clear idea of how much of your budget is left for the more "superficial" changes that you envisioned." – Robin, Architect & Founder at RVdD Arquitectura
Accurate Idea of Initial Costs
It’s so important to consider all the possible costs involved. Of course, the cost of renovating a house in Ibiza is harder to estimate than the cost of a new build, because until you start, you don’t always know what you’re up against.
An accurate idea of the cost of the renovation can initially be estimated by professionals, however, often it can only be gained once the work has already started, and you can properly assess the structural integrity and foundations of the existing building.
Ongoing & Extra Cost
Regardless of your budget, you should always allow for a margin for unforeseen items that will not become apparent until after the work has begun.
When obtaining estimated costs, consider site preparation, foundation, professional fees, finishes, installations, landscaping, garden, pool, and taxes.
Always clarify whether it is a fixed price for a clearly defined task, or an estimate based on currently available information (which may increase dramatically as the actual scope of the project becomes clear). Before you take the plunge, keep in mind that aside from the work involved in renovating a home, there are many additional costs that you should factor in.
4. Legal Information: Local Laws and Regulations for Renovations in Ibiza
"Before embarking on your home renovation journey in Ibiza it is absolutely essential to familiarise yourself with the local urbanistic laws and regulations. Especially here in Ibiza, where even small works require prior declarations or building permits from the town hall. Consult with your architect, in order to be fully informed and aware of possible limitations that might affect your design ideas." – – Robin, Architect & Founder at RVdD Arquitectura
Legal Information: Licenses & Permits
If you are looking for a property to renovate in Ibiza, you must make sure that the local authority Town Hall (Ayuntamiento) has issued the relevant permits.
In some cases, your chosen architect will need to provide detailed plans for the building project.
Permits and licenses are required for the following projects:
For a simple renovation (coverings and installation replacement), you do not need a license and with a "Previous Communication" (Comunicación Previa) you can start works immediately.
For any other type of renovations that include changing the interior layout, structural modifications and façade modifications, an Urbanistic Licence will be required.
Since the COVID-19 pandemic, to try to facilitate the administrative procedures, if the renovation is on urban category land, in existing buildings that are legal, the architect can present a "Declaration of Responsibility" (Declaración Responsable) together with the technical project, and start the works immediately (similar to the "Previous Communication"). In this case, the architect assumes and justifies that the renovation complies with the regulations, and can therefore start immediately.
In order to understand the possibilities and limitations of the renovation in question, you (or your chosen architect) must understand and analyse the scenario based on the urban laws and regulations that apply. Each of Ibiza’s five municipalities has its own rules, a "PGOU" or "Normas Subsidiarias". Then there are specific rules within each municipality with Partial Plans, Areas of Action and Detailed Studies that affect some specific areas, which are specific rules only for those areas. And above all, there is the "PTIE" which is a regional regulation of the Consell that regulates above all the rustic land and protects the landscape.
Apart from that there are other state or regional regulations on agricultural land, coastal areas, etc. that also need to be taken into consideration.
In terms of urbanistic laws and regulations it might be fair to say that Ibiza is one of the most complex regions in the whole of Spain. On order to analyse and understand the existing scenario you need to have an experienced professional at your side who understands all the intricate levels on which these laws and regulations operate. Therefore, we would like to reiterate how strongly we recommend working with a trusted, local architect.
Extra Tip from Robin:
Ensure that both the architects and the contractors have their own insurance in place before they start work on your project. Not only for safety and to protect yourself from personal liability, but also because if you are financing the purchase and the renovation through your bank, only approved tradesmen in Spain are allowed to carry out building works (this ensures they have the correct insurance).
Prestige Recommends: Local Ibiza Architect RVdD Arquitectura
We would like to give a very special thank you to Robin, founder of RVdD Arquitectura for taking the time and sharing his knowledge on this subject with us and our readers. Robin is of Franco-Belgian origin but was born and raised in Ibiza. He graduated from the Val de Seine School of Architecture in Paris and set up his studio "RVdD Arquitectura" on the island in 2011. He specialises in renovations, as well as new-builds, landscape design, consulting, and project management. Over the years he has worked on numerous renovation projects for both international second-home buyers, local residents, and investors. All images featured in this article are examples of some of his works.
Are you looking to Buy and Renovate a Property in Ibiza?
Our team is always ready to help you along your buyer’s journey and ensure you discover your dream home with Prestige Properties Ibiza – contact us today
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!
2020 Annual Ibiza Property Market Report and 2021 Forecast
This 2020 annual property market report and predicted forecast for 2021 has been provided by Prestige Properties Ibiza, which summarises key trends and patterns in the current Ibiza and Balearic housing market, with statistics and impressions from both internal and external sources as documented. The analysis covers four significant points and primarily draws upon data and figures received throughout 2019 and 2020.
The Ibiza Property Market Report has been broken into four sections as detailed below:
The General Balearic Property Price Curve
The Ibiza Property Price Curve
Prestige Ibiza Luxury Housing Market Report 2020
The Forecast for 2021
The General Balearic Property Price Curve
The general real estate market across the Baleares has demonstrated a durable and stable rhythm in both consumers and house prices over the past 10 years. Following the financial crisis in 2007, the real estate market took a steep drop from its peak, which later stabilised and found a steady recovery from 2017 onwards.
The year 2020 is the first year to have both a marked price and sales drop since 2017, suggesting the overall market is experiencing slight fatigue. According to Tinsa (2021), the average house price throughout the Baleares shows a decline of 1.4% throughout 2020.
However, given the uncertain circumstances relating to the global economic system, individual employment conditions, lockdown enforcements, and travel restrictions related to COVID-19, these statistics are to be more than expected and are a direct result of less movement within the property market industry over the past year.
This is data further supported by EpData (2021) who also identify a clear drop in property sales across the Baleares from 2019 to 2020. Published data by the General Notary Council declared the number of sale transactions at a total of 1,124 in January 2020, representing a year-on-year decline of 1.92%. This in turn may also have influenced the beginning of house prices gradually dropping, even before the start of the pandemic, although we cannot be certain.
The Ibiza Property Price Curve
However, when discussing the rise in the general property market price curve in the Baleares before 2020, one of the most notable and major contributions to its recovery and growth lies in the luxury real estate market here in Ibiza.
Here, we find the inflation of luxury housing as a weighty contributor to the upsurge of the overall general property market price curve, and a palpable influence in the continuing momentum from 2017 onwards.
Ibiza has become, by comparison to anywhere else in Spain, including the leading cities of San Sebastian, Barcelona, and Madrid, an exceptionally valuable island, with average property prices rising above 56% in the past five years with a year on year progress – El Pais, 2019
These figures over the past five years correlate with the immense interest and pursuit for homes from non-resident and overseas buyers. The demand for luxury properties has gone from strength to strength, and the Ibiza property market has ever since seen a rise in the value of our homes. This immense pursuit from international clients has led to the high-end property market in Ibiza finding itself with an occurrence of a low supply versus a high demand, and low supply effectively means that many villas and properties are stamped as a rare product.
Naturally, where there are demand and rarity, areas become highly sought after, and even those smaller, lower costing properties, terrace housing, and apartments have taken a significant leap in value too, creating an unwavering price curve for the whole of the Baleares.
The Ibiza 2020 Luxury Property Market Report with Prestige Properties
The year 2020, although unstable in almost every sense of the word, has surprisingly followed the trend of increase here in Ibiza, with similar patterns starting to emerge in 2021.
It must be noted this ‘increasing price curve trend’ can only be considered when discussing the luxury housing market, whereby the majority of properties in question are related to international second-home buyers, that are seeking and purchasing housing at the top-end of the Ibiza property market values. Our internal statistics from our sales database with Prestige Properties Ibiza between 2019 and 2020 calculated an average increase in price per square metre, from 6.665 to 7.021€ (approximately 6% increase), with the same number of sales recorded.
Overall a very minor 1.1% decrease was noted on the total Euro expenditure from purchasing properties over the entire year. Even with global lockdowns, business closure for three months, and multiple travel restrictions, the luxury housing market has remained strong, just like our year-on-year statistics which have remained very firm and very positive.
Property investment in Ibiza throughout 2020, specifically in the luxury housing market, has been incredibly safe with values very attractive on a global standard.
Although the general property market price curve and sales demonstrate a slight dip and fatigue over 2020, the luxury real estate across the island of Ibiza, has demonstrated a noteworthy difference to the overall general statistics, with a continuation of increase that is inevitably supporting the overall market happenings.
The Luxury Real Estate Market
Ibiza is clearly distinguished by many exclusive and high-end properties. In each municipality prime housing has always been highly sought after. The luxury second-home real estate sales market has been very active throughout the health crisis and our annual statistics have confirmed our speculation (among our partners and collaborators), the interest in Ibiza has grown during the health crisis, with more and more clients looking to fulfill their dream life, in a more natural environment, away from the inconveniences of the large metropoles.
From February 2020, just before the first announcement of a global pandemic, we see a consistent and steady flow of users over the year visiting our website with the same usual peak over the summer months where tourism enquiries are more active.
The island of Ibiza is an exceptionally diverse culture attracting many communities predominantly from across Europe with International buyers dominating the luxury real estate purchasing market.
Our internal data demonstrates the majority of international interest throughout 2020 were the British population (23%), with an almost equal distribution of nationalities from France, Belgium, Germany, the Netherlands, and the United States visiting our website as confirmed users.
Whilst the Spanish and Italian nationals came into second and third place, these statistics are more likely to be reflective of the tourism market rather than the luxury housing market, as these two nationalities are not the most common buyers in Ibiza within the luxury real estate market. Undeniably, fewer clients viewed properties due to travel restrictions throughout 2020, but those determined to purchase a home in Ibiza, continued on their buyer’s journey successfully, giving us great confidence to face next year with optimism and positivity.
Our speculation is strongly supported across the board with reports that "Spain’s luxury real estate market remains patient, contemplative and sound. Almost immune to price indentation in other segments of the sector, luxury housing has been sheltered in a trench of owners who resist lowering their properties, knowing that this market plays in another division." – El Pais Economia, 2020
Since the beginning of the pandemic, peace, and tranquility, away from risk, quarantined cities and schools, ecological land, fresh air, and less overcrowding are high on the buyer’s agenda.
Ibiza Property Market Forecast 2021
House prices in the luxury Ibiza property market are expected to remain stable in 2021 with anticipated growth and continued progress at a steady and stable rate.
It is still undoubtedly the international buyers and overseas investors who continue to be Ibiza’s leading audience with second luxury homes being the main conclusive factor for this continuation in momentum, setting the scene in the luxury home sector both now and in the future.
With the consideration that the early months of any new year are relatively quiet for any industry, the current interest in the early part of Q1 2021 has already seen a determined continuation of an increase in both property values and sales. We anticipate a very mature and sustainable market consisting of long-term stability, growth, and strength, which indicates a continuous and positive future market in 2021.
The anticipated drop of sales and property prices across the Baleares due to the pandemic excludes the luxury housing market here in Ibiza. However, it must be noted there are no signs of crisis in the property economy thus far, and we expect to see a positive continuation of the general Balearic property price curve as we begin to move towards normality in the future.
Consideration must be given to the potential opportunities available across the general Balearic market. Smaller plots of land and housing investments currently valued at lower rates are likely to have a very short expiry date. Once the pandemic relaxes and we begin to return to normality, these opportunities will likely cease to exist as property prices are likely to get back on the same path of increase as before, especially as the luxury housing market and desirability for Ibiza has not wavered in the slightest over 2020.
Prestige Properties ‘Fun Facts’ 2020
With the 2020 Ibiza Property Market Report and 2021 Forecast heading in the right direction for a positive future, we thought it would be fun to add a few additional points to our article. Here are a few of our top viewed properties over the course of the year. We hope you enjoy ‘through the keyhole’ at our most desirable luxe properties below.
Penthouse Es Pouet – 17,488 views
Asking Price: 3,295,000 € – Removed from Market for a Long Term Let Agreement