Ibiza’s Luxury Real Estate Market in 2024 – Our Forecast and Predictions
In the face of global challenges, geopolitical shifts, and economic uncertainties, Ibiza’s luxury real estate market has remained resilient throughout 2023. Renowned as one of Europe’s premier holiday destinations, Ibiza continues to attract considerable interest from investors seeking a slice of its luxury property offerings. The Balearic Islands, moreover Ibiza, are well-known for maintaining a stable real estate market, often demonstrating the capacity to weather economic storms and emerge stronger.
So, what’s been happening in the Ibiza property market? Resilience, growth, and evolving dynamics. What’s in store for 2024? Those who keep an eye on Ibiza’s ever-changing property landscape can explore some interesting prospects teeming with possibilities for a new potential buyers market.
A Glance at the Ibiza Property Market in 2023 with Prestige
Significant trends emerged in our analysis of Prestige Properties Ibiza’s sales data for 2018-2023. The price per square metre has witnessed a commendable 17% increase since 2018, underlining the enduring appeal of Ibiza’s real estate. Notably, our sales volume displayed remarkable growth, doubling between 2020 and 2021, maintaining stability throughout 2022, but registering a slight dip in 2023, marking the first decline since 2019.
An 87% surge in enquiries over the past two years reflects sustained interest in the market, though there’s a gradual shift from a low supply/high demand scenario in 2022 to a higher supply/lower demand market in 2023. Interestingly, 75% of our buyers in 2023 opted for a property as their second/holiday home.
For a comprehensive overview, including our Full Market Report and additional statistics, we invite you to explore our detailed 2023 Annual Ibiza Property Market Report and 2024 Forecast.
Ibiza’s Real Estate Market is Flourishing, But Are Dynamics Shifting?
As we assess the current state of Ibiza’s real estate market, one can observe a sustained upward trajectory in the price per square metre. This trend, surpassing figures from 2022, showcases the enduring allure of Ibiza’s properties. The island’s popularity remains a driving force, with its real estate market outpacing both other Balearic Islands and the Spanish mainland.
For the first time in many years, the market is experiencing a gradual increase in property supply, suggesting a potential transition from a seller’s to a buyer’s market in the future. While there are indications that the market may shift towards a buyer’s market, it’s important to note that this cannot be confirmed yet, we will have to wait until at least the completion of the second quarter of the year to have a clearer indication. However, as we reach the end of January, it’s delightful to note that the year has begun exceptionally promising, with January setting a very positive tone for sales in 2024.
Prestige Properties 2024 Predicted Forecast
As we cast our gaze toward 2024, the landscape of Ibiza’s real estate market points towards a potential shift to a buyer’s market, but a confirmation remains elusive due to incomplete data. The uncertainty is further fueled by geopolitical circumstances and financial insecurities, which may influence property purchases in the coming year.
Anticipated trends suggest a deceleration in sales for the Ibiza real estate market in 2024, accompanied by a noticeable surge in available properties. This trend may persist, resulting in an increased inventory in the subsequent years. Despite these projections, the current market conditions position it as now as an opportune time for sellers, given the prevailing high prices.
However, the future trajectory of prices remains anticipatory, and whether they will stabilise or witness a decline is yet to be confirmed. Ibiza’s real estate market has historically exhibited resilience, with prices bouncing back and often surpassing previous levels after a downturn. This characteristic makes Ibiza an intriguing prospect for long-term investors who see potential opportunities in market fluctuations.
The Ibiza Real estate Market in 2024
For prospective buyers contemplating an investment in Ibiza’s real estate market, the island’s historical resilience distinguishes it from mainland Spain and other markets. The multicultural environment, coupled with a persistent demand for luxury properties and holiday homes, enhances Ibiza’s allure for both sellers and buyers.
In conclusion, the Ibiza real estate market in 2024 is yet to be determined, but it currently presents a favourable climate for sellers due to high prices. The island’s history of resilience and its distinctive appeal suggest potential opportunities for savvy investors. To navigate this dynamic market successfully, staying informed with real-time updates, seeking guidance from local experts, and considering global economic conditions are essential practices. As the journey into 2024 unfolds, the Ibiza real estate market beckons with both challenges and prospects for those ready to explore its intricacies.
Do you have any questions or need more info? Send us a message and we will get back as quickly as possible!
Is 2024 a Good Time to Buy a Property in Ibiza?
Our latest real estate market update summary shows why Ibiza is still a great investment opportunity.
Property sales and prices in Ibiza in 2023 reflect a resilient and well-balanced market. Despite global and geopolitical uncertainty, the Ibiza property prices remain stable. Although demand has decreased, prices have continued to rise following established trends from previous years. As a result, some slight sales dips exist, but the market remains strong, healthy, and adaptable.
So, is 2024 a good time to buy a property in Ibiza? There is no doubt about it! Now is an excellent time to invest. It is more pressing to question whether it is a good time to sell a property, as the market may be gradually turning towards a buyer’s market. Check out our insights and forecast below for more information.
The General Balearic and Spanish Property Market over the Past Decade and in 2023
Spain and the Balearic Islands have demonstrated continuous growth over the past decade (pre-pandemic), reaching its peak in 2017. Sales and price averages remained steady until late 2019, when a mild decline began, indicating that the market was experiencing minor stagnation. Despite a temporary pause in 2020, sales and prices again reached their highest levels yet during mid-2022.
In the dynamic landscape of 2023, following the post-COVID-19 boom, we observe yet another minor dip in both buying activity and price fluctuations across Spain and the Balearics. It’s worth noting that this adjustment is often a natural part of the market’s evolution, allowing for stabilisation after remarkable growth. This phase may signify an opportunity for the market to recalibrate, ensuring long-term sustainability and setting the stage for a resilient and prosperous future.
However, prudent consideration is advised for individuals considering short-term investment strategies in light of prevailing market dynamics. Exercise caution until the second quarter of 2024, as this period will likely provide greater clarity regarding the enduring nature of present trends. To make informed investment decisions for Spain and the Balearics, following the evolving market landscape and thoroughly evaluating the prevailing market conditions during this interim period will be essential.
Ibiza’s Luxury Housing Market 2023 with Prestige Properties
Amidst global challenges, geo-political developments and financial uncertainty, the Ibiza luxury housing market is still flourishing. As one of Europe’s most popular holiday destinations, there is a high level of interest in investing in a property here.
We can see that the trend continues, and Ibiza’s price per square metre is still higher than the other Balearic Islands or the Spanish mainland, exceeding the price in 2022, even though demand and sales have slightly wavered.
Our Prestige Properties Ibiza’s sales data from 2023 calculated:
An overall 17% increase in price per square metre since 2018
Our sales volume doubled between 2020 and 2021 – which remained stable throughout 2022 and has now experienced a dip for the first time since 2019.
An 87% rise in enquiries over the past two years. Yet, we are very gradually shifting from a low supply/high demand (2022) to a higher supply/lower demand market (2023)
75% of our buyers purchased a property as a second home in 2023.
Our 2024 Forecast and is now a Good Time to Buy a Property in Ibiza?
As we look ahead to the Ibiza real estate market in 2024, the landscape appears to be uncertain. 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 more certainty.
Sales in the Ibiza real estate market for the upcoming year are anticipated to stabilise after the slight slow-down of 2023, with an observable increase in the number of properties available on the market. This trend may persist, leading to a greater inventory of properties in the following year. Despite this, the current market conditions suggest that it remains a favourable time to sell properties in Ibiza, as prices are currently high. However, the trajectory of future prices is still uncertain, and whether they will stabilise or experience a decline cannot be confirmed.
Ibiza’s real estate market has historically exhibited resilience, with prices recovering and often surpassing previous levels after experiencing a drop. This characteristic makes the market in Ibiza intriguing for long-term investors who may view potential downturns as opportunities for future gains.
For those considering buying property in Ibiza, the island’s real estate market has demonstrated its ability to bounce back after crises, distinguishing itself from mainland Spain and other real estate markets. Ibiza’s multicultural environment and high demand for luxury properties and holiday homes further enhance its attractiveness for both sellers and buyers in 2024.
In conclusion, while the Ibiza real estate market in 2024 is shrouded in uncertainty, it is currently a favourable time to sell due to high prices. Given the historical resilience of the market and the island’s unique and ever increasing appeal, potential buyers are sure to find long-term opportunities.
It’s recommended to monitor real-time market updates, consult local real estate experts, and factor in global economic conditions to make more accurate predictions for Ibiza’s real estate market in 2024.
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 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 2023 – The ultimate Easter and spring break holiday destination
In Ibiza, the spring and Easter holidays offer fantastic experiences and are rightfully regarded as one of the happiest times of the year due to its spectacular landscapes, breathtaking beaches and perfect climate. Of course, it is remarkably quieter, so it’s a great time to enjoy outdoor activities and cultural activities alike. This means that no matter what your tastes and preferences may be, you are certain to find something that suits you.
Check out our top recommended things to do in Ibiza below. We’re confident you will find everything you need to make your holiday enjoyable on the island during the spring and Easter holidays.
Nature Activities in the springtime, Ibiza
Engaging in activities in the fresh air is one of the most effective ways to boost energy, re-awaken the brain, and lift the spirits. Spring offers a variety of hiking, biking and watersports options for exploring the most picturesque parts of our island. Here are our top favourite outdoor activities to experience during your spring or Easter stay:
Walking Ibiza Tours
Walking Ibiza has been taking visitors around our beautiful island since 2010. Whether you wish to enjoy the peace and quiet or enjoy insider information about the island, you will be guided by someone who knows the island and routes well.
Kayak Ibiza
Kayak Ibiza has an international team that loves outdoor activities and nature. Taking you along the most scenic routes on the water and showing you hidden spots, they know Ibiza’s coastline better than anyone. Additionally, they offer guided stand-up paddle excursions and guided walks.
Bike Ibiza
Professionalism, adventure, and respect for nature are the hallmarks of Bike Ibiza. Various levels of tours are available around the entire island. Depending on your preferences, you can ride a mountain bike, a road bike, or an e-bike.
Golf Ibiza
Roca Llisa’s private housing urbanisation in Santa Eulalia is home to the island’s only golf course. With more than ten kilometres of outstanding countryside, breathtaking views and a constant sea breeze, Golf Ibiza is a unique and pleasant place to practice golf with family and friends during the winter season.
Say Yachts Ibiza
Our preferred collaborators, Say Yacht, offer low-emission yachting in Ibiza, Formentera, and Mallorca. The boat charter company has been providing conscious yachting options on Ibiza for over 20 years, aiming to significantly reduce emissions on our beloved island by being out on the water in an eco-friendly way. The perfect way to explore the island out at sea!
Cultural and social activities in the springtime, Ibiza
Hippy Markets in Ibiza
Ibiza has a number of unique and lively artisan markets. With weekly openings, events, great food, and live music, these island attractions have always been very popular and have drawn regular recurring tourists. The spring is a great time to gather for relaxed, casual weekends filled with history, culture, and community.
The top four hippie markets on offer are:
The famous Las Dalias Hippy Market with its brightly decorated outdoor terraces of over 200 market stalls
San Juan’s popular Sunday market, perhaps the most cultured hippy origin with entertaining live music, regular dancing and a delicious paella street food performance will be finally back from February 2023 onwards.
The grand flea market in Sant Jordi (every Saturday morning), sells an abundance of almost anything from ‘bric and brac’ to some relatively valuable household furniture.
Punta Arabi is a mix of San Juan’s low-key vibe and Las Dalias size…. Here, people arrive by ‘the coach load’ to shop the market stalls and enjoy a day out in Es Canar.
Museums and Galleries
Ibiza is known for its two main cultural attractions in Ibiza Town; the Museum of Archaeology and the Contemporary Art Museum of Ibiza. Both are well worth a visit. If archaeology is of interest, the Dalt Vila Museum preserves and researches remains found on the islands of Ibiza and Formentera over the last few thousand years. Visitors can discover ancient artefacts and excavated burial sites, tracing the history of the island from Punic to Roman times.
If art is more your style, then The Contemporary Art Museum of Ibiza also located in Dalt Vila, is a wonderfully unique art gallery showcasing permanent collections of art from the 1960’s all the way through to new modern art.
Planned in Easter and spring season festivities in Ibiza
There is no doubt that Ibiza is known as the Isle of Saints and as a place where almost all the villages and towns have been named after saints, and where each of them even celebrates their own Patron Saint.
Here are spring and Easter public holidays and planned fiestas for 2023 & 2024
March 2023
1st March: Balearic Day – Ibiza Carnival in Ibiza Town, Santa Eulalia and San Antonio.
19th March: Sant Josep (San José) – Patron Saint celebrations
April 2023
2nd April: Sant Francesc de S’Estany -Patron Saint celebrations
5th April: Sant Vincent de Sa Cala – Patron Saint celebrations
23rd April: Sant Jordi de Ses Salines – Patron Saint celebrations
Easter Weekend in Ibiza 2023
A traditional Catholic parade through old town Ibiza that begins on Maundy Thursday (6th April) and continues until Easter Sunday (9th April).
May 2023
3rd May (1st Sunday in May): Festivities in Santa Eulalia
Medieval Festival Ibiza Town (World Heritage celebrations) – normally first weekend of May (6th to 9th May 2021)
17th May: Puig d’en Valls. Patron Saint celebrations
Book your spring or Easter vacation villa with us!
The perfect spring or Easter getaway can be found in a holiday rental villa, which will offer you more than you can possibly imagine. Vacating in a villa rental is an ideal option for a relaxing vacation with your family and friends, especially if you want privacy and the freedom to escape the crowds while enjoying all the island has to offer.
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!
Ibiza 2022: The end of a significant year here at Prestige Properties Ibiza
We at Prestige Properties Ibiza are proud to say that 2022 has been an exceptionally successful year, despite its unexpected hardships. Together as a team, we are stronger than ever and are proud to announce our company milestones and share our accomplishments with you.
Here is a brief summary of what the past year has brought us, our progress, and the new adventures we plan on taking on in 2023.
Tribute to Pascale – a truly exceptional woman
2022 kicked off with a very unexpected loss for Prestige Properties. Sadly, on Friday, April 1st 2022, we said goodbye and celebrated Pascale Dufournier’s life after losing her fight with cancer. We lost a wonderful person who was our beloved company’s very heart and soul. A young woman from Paris, Pascale came to Ibiza in 1976 to follow her dreams. Her passion for design, elegance, and the island she loved led to the creation of Prestige Properties in 1983.
The many beautiful qualities that Pascale brought to her life and work will never be forgotten – generosity, a caring way of being, exquisite style and humour, a joyful zest for life, and her love for the island of Ibiza. Throughout the course of her life, she was dedicated to sharing her joy with family, friends, and those of us who were thankful to be a part of her company. As Pascale often said, "Prestige has never been "work" to me; it has been my family." She will be so deeply missed, yet her presence remains with us in our lives and at Prestige. Read our full tribute to the wonderful Pascale here, a truly exceptional woman.
Social responsibility, community Initiatives and going green campaign Ibiza
Corporate Social Responsibility (CSR) is what we at Prestige Properties Ibiza consider a humble way of giving back to Ibiza. As a company and individuals, we are grateful for our home and opportunities, which motivates us to acknowledge our accountability through change.
Since 2017, we have prioritised green living and charitable giving as part of our company and lifestyle. These actions include:
Reducing Co2 Emissions through Calculation, Reduction & Recycling
Donating a portion of every sale and rental commission to IbizaPreservation
Regular Contributions to Local Charities Focusing on Social Equality
Supporting Local Sports and Youth Clubs via our UD Ibiza Sponsorship and others
Throughout 2022, we have invested in more hybrid cars, participated in beach clean-ups, and devised home guides for owners and tourists, ensuring energy efficiency and promoting sustainability in Ibiza. We have all the latest news, home guides, collaborations, and achievements on our going green page.
In an exciting development, we have recently launched our most recent green campaign as part of our commitment to the environment and love for the island.
Our recently launched campaign, ‘Campaña Escombro‘, was developed in collaboration with Novaforma construction company to clean up illegal construction dumping on the island. Contributing to solving problems caused by tourism, renovations, and the influx of ongoing construction projects. Here, we encourage everyone, from our clients, collaborators, local businesses and island residents, to actively participate and join forces with us in "Going Green & Giving Back".
You can read more here and learn how to get involved, be part of the solution, and make a difference for Ibiza’s optimal habitat.
Last but not least, in keeping with our green campaign and to ensure that our clients have the most enjoyable Ibiza experience, we now include the De Angel amenities line of organic hair care and body care in our rental welcome gift pack. De Angel makes natural body cleansing products that are 100% natural and derived from local sources. A little something to make your stay both sustainable and memorable.
New team members at Prestige Properties Ibiza
The island has certainly grown more than expected in general since the pandemic, becoming a much more desirable and trendy place to live, with both the selling of homes and long-term rentals, as well as tourism at an all-time high, especially among families and international buyers. The influx of inquiries was such that Prestige Properties Ibiza had to hire more staff by the summer of 2021 to handle the influx of inquiries. This trend continued directly into 2022 as well. So, with that said, a special warm welcome and thank you to our brand new team members from 2022, Edgar, Gabriel Dufournier, and Carlos.
Our new Prestige Properties Ibiza concierge service
Having built up reliable connections and collaborations on the island, we launched our brand new concierge services in 2022, ensuring the finest service on the island. Whatever you need, we can arrange it. Our services include airport pick-up and return, yacht charters and island boat tours, in-house chefs, event management referrals, grocery shopping, delivery and pre-stocking, wellness, yoga, personal training, spa and massage treatments, home cinema and entertainment, VIP reservations, and much more. We’ll do everything we can to ensure you experience the best of Ibiza.
With Prestige Properties, we offer multiple complimentary packages, or you can also choose from our paid packages for that extra memorable stay! Visit our concierge page or a recent blog for more information.
Almost time to celebrate our 40th anniversary at Prestige Properties Ibiza
The year 2023 will be an exceptional one for us at Prestige Properties Ibiza, as the year that will mark our 40th anniversary in business. It would be an understatement to say that the journey has inspired us all so far. We are proud of our role as one of the leading real estate agencies in the island’s luxury housing market. As part of celebrating this milestone, we have invested in renovating and reconstructing the Ibiza office to make it more energy-efficient and comfortable for our team members. Even though the process is still in its infancy, we look forward to revealing a redesigned and improved office that will also provide our clients with an inviting and exciting environment to do business.
Looking forward to a great year ahead in Ibiza 2023
Our company is grateful for the success we have experienced this year, and we are looking forward to the next year with great anticipation. You can keep up to date with all our latest news and updates here at Prestige Properties Ibiza!
With love, Team Prestige wishes you all a happy new year 2023!
The best Ibiza property is waiting for you, whether you’re just starting out on your buyer’s journey, considering selling your villa, or looking for your dream summer holiday home… let us help you with our exceptional service and the finest island portfolio! 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!
Plan your Ibiza Private Event with Prestige Concierge Services
Looking to Plan your Ibiza Private Event?
Our concierge services are here to help you organise the perfect private Ibiza event. From finding a perfect villa location, sourcing excellent vendors and suppliers, or providing the right event management teams for larger-scale events. We assure you of the highest quality service thanks to our reliable connections on the island.
Read on to find out how our concierge team can assist with your event planning at Prestige Properties Ibiza.
Let our concierge team arrange the perfect Ibiza private villa event
We have a wonderful array of enticing properties that can help you celebrate your special event with ultimate privacy in a sun-soaked location. Whether you want a modern villa with pools and chill-out zones, a peaceful country setting, a traditional farmhouse or Finca, sea views, or being close to the nightlife, we have everything you need! In addition to every municipality, we also cover Ibiza’s top hotspots, including Cala Jondal, Vista Alegre, Cala Tarida, San Carlos, Santa Gertrudis, San José, Cala Molí, Ses Salines, and Es Cubells.
Once you have booked your villa stay for a week or more for your celebration, birthday, wedding anniversary, Christmas, or New Year, we’ll start working on the finer details to make your event memorable.
Book your Ibiza event management team and catering service through us
If you’re staying with Prestige Properties and would like to host that ultimate birthday party, poolside BBQ or any other form of entertainment at your villa, then you’re in the right place. Our events team has built strong relationships with some of the island’s finest catering and hospitality teams, DJs, pop-up cocktail bars, and cinema nights under the stars. Just tell us what you have in mind, and we will work on making it happen for you!
A larger event requires excellent event management services, food choices, and menus. If you’re looking for a luxury wedding or a large-scale party, we will place you in contact with our experienced and highly recommended event management collaborations.
Go the extra mile with yacht and boat trips, health and wellness, and VIP reservations
Every trip to Ibiza usually accompanies a few days of extracurricular activities. We are happy to help arrange all those memorable moments during your stay. We can, of course, offer and suggest plenty of exciting activities in addition to those relaxing days by the poolside or beach so that you can make the most of your Ibiza stay.
We can arrange anything during any point of the year, from water sports and nature activities to a much-needed break from the stresses of life with one of our home wellness programs or massages, through to a luxury yacht trip to discover all the island’s hidden coves and beaches. We can also find the best nightclubs, dinner shows, VIP reservations and social scenes on the island of Ibiza so that you can party in style.
Don’t forget the kids…
Occasionally, even the most attentive parents need a brief break from time to time! With Prestige Properties, hiring a nanny, babysitter, or even children’s entertainment while you are on vacation is safe. No matter whether you’re taking a short break or celebrating a child’s birthday. Let us take care of the little ones during your vacation so that you can relax knowing they are in safe hands.
You can rest assured that our trusted services are both reputable and experienced. We have agency collaborations with qualified, multilingual staff committed to ensuring that your children are well cared for. This will take the pressure off so you can finally enjoy some alone time.
An overview of our Ibiza holiday concierge services
There is nothing like having your concierge service assist you with every step of your Ibiza holiday or event. Among the many services we can arrange are airport pick-ups, private driver services, yacht charters, boat tours, in-house chefs, catering, grocery shopping, food delivery, yoga, personal training, home spa treatments, massages, home cinema, entertainment, VIP reservations, childcare services and much, much more.
Our goal is to ensure that you enjoy all the best Ibiza has to offer for your event – and we will do everything we can to make that happen – so just get in touch with our team, give us your requirements, and we’ll do the rest.
Why not consider our exclusive Ibiza concierge packages
Do you suspect the complimentary package won’t meet all of your needs? Similarly to our special events concierge, we can create a custom package for you or discuss our concierge packages so that your vacation is stress-free while we handle all the details.
