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.
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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!
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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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
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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
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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.
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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.
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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
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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!
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
