Market Report 2019-20 Spain and Andorra - Engel & Völkers

Market Report 2019-20

Spain and Andorra

MARKET REPORT 2019-20 · SPAIN AND ANDORRA

INDEX

05 Editor’s Note

16 Real Estate Market Trend in Spain

132 Andorra

06 World Economic

Outlook

Real Estate in Spain

4 | Market Report 2019-20 Spain and Andorra

Editor’s Note | 5

EDITOR’S NOTE

Juan-Galo Macià

The balance sheet of the real estate sector in 2019 did

not meet expectations. Although it was not a bad year,

political and economic uncertainty aff the housing

market, causing a drop in home sales in June and July,

when a new mortgage law came into full eff

Housing prices rose by 4% while sales dropped by 3,3%.

The belief among many Spanish households that

economy would soon undergo a recession, strongly

contributed to this decrease in sales. However, no such

recession took place in 2019 and no international organi-

zation believes one will aff our country before the

conclusion of this report.

Generally speaking, my current view is no diff than

the one I held last year. It is my opinion that the

housing market in Spain is still in its expansionary phase.

Nevertheless, within a phase of expansion there are some

fl with periods that are excellent, others that

are good, and some that are simply stable, the latter

of which would apply to 2019, and, according to our

forecast, to 2020. I disagree with the analysts who think

we are now approaching the transition from expansion

Juan-Galo Macià

CEO of Engel & Völkers in Spain, Portugal and Andorra

to recession. Interest rates are lower than at any period

in modern history, while banks are especially

willing to grant credit. a great formula for a strong

preventative medicine.

That being said, in 2020 the behavior will be

diff than in previous years. It is possible that big

capital, which was the driving force behind the market's

improvement, will no longer be so and that economic

uncertainty will cause investment to be withdrawn. The

demand for investment will therefore be lower than in

previous years.

At Engel & Völkers, we are ready to face the future of

real estate with confi and strength. As a well-or-

ganized company, we are more than capable of adapting

to the shifting tides. Whereas before we enjoyed smooth

sailing, this year we will be pushing forward of our own

accord. Our dedication to ensuring client satisfaction is

what will continue to achieve the excellent results we

value. The demand for housing has not disappeared, it

has simply changed. Fortunately, we possess the expertise

required to accomodate the needs of our potential clients.


Current Situation

Global Economy

In 2020, the world economy will maintain its moderate

growth rate of 2-3%, against 2.9% from last year. Its

development will be heavily conditioned by the impact

from the coronavirus, counteracting positive factors such

as the easing of commercial tensions between the United

States and China, an orderly Brexit, and an accommoda-

tive monetary policy.

International organizations warn that the situation is fra-

gile, and advocate extreme caution with regards to the

full extent of the epidemic which started in China. Both

the International Monetary Fund (IMF) and the Organi-

sation for Economic Cooperation and Development

(OECD) have assessed the downward trends in their eco-

nomic forecasts for 2020. The IMF has announced that

the economic growth could decrease by 0.1%

and 0.2% as a result of the extent. The OECD

has warned that the growth of the world economy could

be reduced by 1.5% in 2020, which is half of what was

forecast last November, if the epidemic is not stopped.

The impact caused by the coronavirus will aff all

regions. The United States is the only developed country

that will reach a growth of 1.9% to 2%, whereas the euro

zone will not reach 1%, and Japan will see no growth at

all, and might even enter a recession. Regarding China,

a decrease from around 6% to less than 5% is predicted.

In any case, the world economy will be capable of a swift

recovery and see its growth increase by more than 3% in

2021. This will happen if the virus is successfully con-

tained and if tax or monetary measures are implemented.

Although monetary policy remains expansionary, extraor-

dinary measures by the central banks, such as

maintaining fi costs at a minimum and injecting

liquidity, are not ruled out.

GDP Growth

4,5

4

3.5

3

Percentage Variation %

2.5 2011 12 13 14

15 16 17

18 19

20 21

22 23 24

Grupo de Cuatro World

Source: IMF Footnote. Grupo de Cuatro = China, eurozone, Japan and US

World Economic Outlook | 7

Spain’s Economy

A low growth profi marked by global economic uncer-

tainties for the better part of 2020, will condition the

development of economy. According to forecasts,

it will grow from around 1.5%-1.6%, against 2% in 2019.

The external sector will stop contributing to

growth due to deteriorating world trade. Export will be

weakened while imports will increase at a rate consistent

with the demand, but not lesser than the demand, which

is what happened in 2019.

The lower growth rate will also be conditioned by dete-

rioration in the internal sector. We are expecting to see a

decline in investment and public consumption. While we

can count on an upturn in some areas of private consump-

tion, it will not be sufficient to compensate for the degree

of moderation expected with regards to the domestic

demand.

The impact of the coronavirus on the economy could

result in the downturn hitting its lowest point by the

middle of the year. In the second half of the year, we will

see a rebound in activity as a consequence of the impro-

vement expected in the exterior sector, which will entail

greater growth in the Growth Domestic Product (GDP),

ranging between 1.7% and 1.9% in 2021.

The Evolution of the GDP in Spain

Inter-annual variation %

5

0

-5

Source: INE (National Statistics Institute)

National and External Demand

Contribution to annual growth in terms of GDP volume

6

4

2

0

-2

-4

-6

-8

-10

-8,2

4,0

0,4

-0,1

2,2

-5,3

1,9

-0,9

4,3

-0,1

1,5

1,0

3,1

-0,9

1,8 1,2

0,6 0,1

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

2007

T3

2007

T4

2008

T1

2008

T2

2008

T3

2008

T4

2009

T1

2009

T2

2009

T3

2009

T4

2010

T1

2010

T2

2010

T3

2010

T4

2011

T1

2011

T2

2011

T3

2011

T4

2012

T1

2012

T2

2012

T3

2012

T4

2013

T1

2013

T2

2013

T3

2013

T4

2014

T1

2014

T2

2014

T3

2014

T4

2015

T1

2015

T2

2015

T3

2015

T4

2016

T1

2016

T2

2016

T3

2016

T4

2017

T1

2017

T2

2017

T3

2017

T4

2018

T1

2018

T2

2018

T3

2018

T4

2019

T1

2019

T2

2019

T3

2019

T4


Domestic Demand Foreign Demand Source: INE (National Statistics Institute)

World Economic Outlook | 9

Infl could recover this year at an inter-annual rate

of around 1.3% by December. However the impact of the

coronavirus on the economy and on the price of petrol,

will be stronger in the fi part of the year, giving an

average annual rate of 0.8%.

The lower dynamics of the economy will also be refl -

ted in the labor market. The creation of employment will

slow down, even though more than 800,000 net jobs will

be generated in the next three years. This year the rate

of unemployment will decrease to around 13.5% and in

2021 to 12.3%.

The main problem for the Spanish economy continues

to be the public defi whose reduction will be minimal

during this period, remaining well above the target. The

public debt is also concerning, as it is above 95% of the

GDP, causing the price of financing to rise should interest

rates become normalized.

Rate of Inflation in Spain

Year-on-year change %

1,5

0

1,5

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2020


Unemployment Rate in Spain

%

28

7


1,3

1,1 1,0

1,1

0,8 0,5 0,8 0,4

0,3 0,4

0,1 0,1

2007

T3

2007

T4

2008

T1

2008

T2

2008

T3

2008

T4

2009

T1

2009

T2

2009

T3

2009

T4

2010

T1

2010

T2

2010

T3

2010

T4

2011

T1

2011

T2

2011

T3

2011

T4

2012

T1

2012

T2

2012

T3

2012

T4

2013

T1

2013

T2

2013

T3

2013

T4

2014

T1

2014

T2

2014

T3

2014

T4

2015

T1

2015

T2

2015

T3

2015

T4

2016

T1

2016

T2

2016

T3

2016

T4

2017

T1

2017

T2

2017

T3

2017

T4

2018

T1

2018

T2

2018

T3

2018

T4

2019

T1

2019

T2

2019

T3

2019

T4

Seal Estate in Spain | 9

Current Situation

In the context of an economic slowdown after 5 years of

consecutive growth, the real estate market showed the

first signs of decline in 2019. Data from the National

Statistics Institute (INE) register a drop in sales by 3.3%

compared to last year, with a total of 501,085 operations

completed. Prices have maintained an upward trend,

although at lesser intervals than in the last three years.

Along with the economic and political uncertainty, the

real estate sector was aff last year by the changes

implemented to regulate rent and enforce the Real Estate

Credit Law. Experts think these factors will cease to have

further repercussions in the market once agents become

accustomed to the new environment.

Therefore the real estate market foresees a favorable evo-

lution this year, but with regards to prices and sales, the

pace of progress will be moderate, and we will also see

a progressive adjustment.

Historically, the development of the real estate sector

paralleled the economic cycle. In the current deceleration

phase, we can expect moderate growth in the following

years. In any case, analysts see the risk of a real estate

bubble given that current prices are still below those rea-

ched during the crisis by 20%.

Number of Registered Home Sales

In the thousands

2015 2016 2017 2018 2019

New Used

501,1

467,6

405,4

355,6

426,3 408,2 384,4

330,3 278,6

77,0 75,1 83,2 91,7 92,9

Real Estate Sector in Spain


DIC

-18

EN

E-1

9

FE

B-1

9

MA

R-1

9

AB

R-1

9

MA

Y-1

9

JUN

-19

JUL

-19

AG

O-1

9

SE

P-1

9

OC

T-1

9

NO

V-1

9

DIC

-19

Financing

The interest rates and fi conditions will continue

to be favorable for a prolonged period due to policies set

forth by the European Central Bank. Experts predict

a rise in interest rates during the second half of 2021. In

fact, the market is awaiting a revision of the mone-

tary policy strategy, predicted to be fi during the

aforementioned period.

2019 was the fourth consecutive year of nega-

tive growth, which is not forecasted to rise above 0%

within the next two years. Its lowest point was recorded

last August to have an average of -0.356%, after which

it rose by the end of the year to an average of -0.261%.

Taking the last 12 months as a reference, the index regis-

tered a drop of -0.132 points. This meant that 30-year

mortgages of 150,000 euros, with a Euribor differential of

+0.99%, which will need a revision, undersold by 104.64

euros for its annual payment compared to the same month

last year, or, in other words, by 8.72 euros a month.

By midyear, the slow upward trend could cause

mortgages to become more expensive if they are revised,

as the rates in 2020 will not be as negative as in 2019.

Last Year’s Euribor

0,00%

-0,05%

-0,10%

-0,15%

-0,20%

-0,25% -0,261% -0,30% -0,35% -0,40% -0,45% -0,50%

Source: Bank of Spain


Financial Position of Spanish Households

Spanish families currently enjoy a healthy economic stan-

ding. The net wealth of households, obtained by deducting

fi liabilities from total assets, was at 1.57 trillion

euros in the third quarter of last year. This fi marks

a historical high point, representing a 7.1% increase com-

pared to the same period from the year before. It is equal

to 127.4% of gross domestic product. The ratio

between the two amounts shows an increase of 4.1 per-

centage points against the previous year.

According to data from the Bank of Spain, the balance of

financial assets from Spanish homes reached 2.33 trillion

euros, which is 4.7% more than the previous year. This

increase was the result of a net acquisition of 53 billion

in fi assets, due primarily to a rise in the price of

equity assets. Regarding the GDP, financial assets of Spa-

nish households constituted 189.4% at the end of the third

quarter in 2019, an increase of 1.8 points compared to the

Furthermore, in the third quarter of 2019, according to the

National Statistics Institute (INE), the household savings

rate was at 6.4%, removing seasonal and calendar effects.

This figure is 1.4 points less than in the previous quarter.

Spanish households spent more than they earned, and, not

including seasonal effects, families in Spain registered

savings at -1.3% of their disposable income. Between July

and September, household disposable income amounted

to 176,055 million euros, a 3.1% increase, while expendi-

tures rose by 2.5% up to 177,132 million.

Household Savings

Percentage of Quarterly Gross Disposable Income

Corrections of Seasonal and Calendar Effects

15

12,1

year before. The bulk of household fi assets was 10

in cash and deposits (39% of the total), followed by equity

holdings (27%), pension funds and insurance (17%), and 5

mutual fund shares (14%).

0

On the other hand, household debt stood at 708,499

million between July and September 2019, in line with -5

10,7

5,3

8,9

4,3

6,2 7,0

5,4

6,4

what was recorded in the same period in 2018. This level

of debt accounts for 57.4% of the GDP, a long way from

the 85% registered in 2010.

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


Property Ownership of Spanish Families

(Data in a million of millions of euros)

8

7

4

3

2 1,57

1

0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

6

5

5,463


Net Financial Wealth Real Estate Wealth

Source: Engel & Völkers with information from the Bank of Spain and Inverco


Price Development

In line with a curbed demand, last prices saw a

moderated growth. The appraised price of free housing in

2019 amounted to 1,653 euros/sqm, constituting a 2.1%

increase, the slowest growth rate registered in the last three

years, according to data from the Ministry of Transport,

Mobility and Urban Agenda. This amount is the highest

seen since the last quarter of 2011, but it is also slightly

more than 20% lower than the maximum reached in 2008,

when the real estate boom was in full swing.

The regions which registered the greatest increase in pri-

ces were the Balearic Islands (6.7%), Navarre (6.1%) and

Madrid (4.9%), whereas the largest decrease took place

in Cantabria (-2.2%), La Rioja (-1.9%), Extremadura

(-1.2%), Asturias (-0.5%), Murcia (-0.3%), and Castilla

La Mancha (-0.2%).

By province, again the Balearic Islands, Navarre and

Madrid showed the most growth, along with Valencia

(4.1%), Las Palmas (3.8%) and Biscay (3.5%). The lar-

The 10 most expensive

municipalities in Spain

(euros/sqm)

gest decrease by province took place in Soria (-8.7%),

Palencia (-7.8%), Lleida and Cáceres (both by -2.8%)

and Albacete (-2.6%).

Regarding municipalities with more than 25,000 inhabi-

tants, the highest prices were seen in San Sebastián, Ibiza

and Santa Eulalia del Río (Ibiza), all of which were above

3,700 euros/sqm.

In turn, the latest available data from the INE's Housing

Price Index (HPI) (which refers to house purchases)

corresponding to the third quarter of 2019 showed an

annual increase of 4.7%, six tenths less than in the pre-

vious quarter and the lowest annual percentage in the last

three years. By type of housing, both the annual rates for

new and second-hand housing decreased six tenths as

compared with the previous quarter, standing at 6.6%

and 4.4%, respectively.

Source: Ministry of Development

San Sebastián 3.811,1

Ibiza 3.809,9

Santa Eulalia del Río 3.711,5

Sant Cugat del Vallès 3.474,6

Barcelona 3.387,4

Madrid 3.332,9

Pozuelo de Alarcón 3.322,1

Castelldefels 3.191,7

Calvià 3.126,4

Majadahonda 3.033,3


IPV Annual Rate

General index, new and second-hand property. Percentage

10,4

6,3

7,0

6,8

7,2

8,0

6,6

6,8

7,2

6,6

5,7 5,7 6,1 6,4 6,2 5,3

5,0

4,7

4,4

General Index New-builds Second-hand


Experts point out that both prices and sales should see a

decline in the following years, but without dropping by a

significant amount except in certain urban centres with

overvalued housing markets. One forecast is based on the

fact that price levels, indebtedness, and the financial effort

of Spanish families, are still moderate.

Average property price per square metre (€/sqm)

2.200

2.000

1.800

1.600

1.400

1.200

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Source: The Ministry of Development

T1 T2 T3 T4 T1 T2

2019

T3

2018

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4

T1

T2

T3

T4


Mortgages and Purchases

The new Mortgage Law that came into force last June

marked an important development in mortgages in 2019.

The eff of the law were felt in August and September

even as the market returned to normal. In fact, the num-

ber of home mortgages transacted shot up by 43%, rea-

ching 30,285 in the last month of the year, according to

the provisional fi from the National Statistics Ins- titute

(INE). This means that a total of 357,720 home

mortgages were secured during the last period, a 2.7%

increase compared to 2018. The increase was the lowest

seen since 2014, although this is the sixth consecutive

year of growth and the best annual turnout since 2011.

The average value of signed mortgages amounted to

125,007 euros, 0.6% more than in 2018, while capital

loans from fi institutions reached 44,717 million

euros, a 3.3% increase. The communities with the highest

number of home mortgages in 2019 were in the Commu-

nity of Madrid (69,616), Andalusia (67,845) and Cata-

lonia (57,787). The most amount of loans were given in

these communities for mortgages.

Fixed-term mortgages are gaining ground. In December

they constituted 44% of all mortgages compared to 41.4%

in the same period of the year before. The average rate

of interest for mortgages at the end of last year was 2.20%

for variable rates (a 9.1% decrease), and 3.06% for fi ed

rates (a 2.6% increase).

For their part, the Association of Property Registrars

shows that the average contract period of mortgages is

279 months (23 years and three months), a decrease of

about 2.11%. The average monthly mortgage payment

in the fourth quarter of 2019 was 604.09 euros. The effort

made by Spanish households to pay off their mortgages

and interest rates reached around 31% of their disposable

income, which is lower than what was seen in 2008, when

it amounted to over 50%.

The highest average of monthly mortgage payments were

registered in the Balearic Islands (924.04 euros), the

Community of Madrid (876.69 euros) and the Basque

Country (636.24 euros).

1.600.000

1.400.000

1.200.000

1.000.000

800.000

600.000

400.000

200.000

0

Registered Home Mortgages

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



-2,4 %

-4,9 %

-7,5 %

-14 %

0,5 %

7,5 %

-3,3 %

2,5 %

1,2 %

-10,9 %

-0,3 %

After five years of growth, the buying and selling of homes

declined last period by 3.3% to 501,085 purchases, accor-

ding to the INE. This decline is due to the contracting of

second-hand flats, which fell by 4.2%, while sales of new

homes increased by 1.2% to a total of 92,844, thus accu-

mulating three consecutive years of growth. All in all, the

2019 sales figure is the fourth best in the last 13 years.

Here are the percentages by autonomous community: Cas-

tilla La Mancha (7.5%), Extremadura (5.7 %) and La Rioja

(3,1 %) registered the highest increase in buying and

selling, whereas the most pronounced decline was seen in

the Canary Islands (-14 %), the Balearic Islands (-10,9 %),

and Navarre Navarra (-9,7 %). Andalucía was the region

with the highest number of homes bought and sold

(100.339 transactions), followed by Catalonia (79,751),

the Valencian Community (74,910) and Madrid (70,835).

The latest figures for the third quarter of 2019, taken from

the Ministry of Development, show a drop in buying and

selling by 4% to a total of 411,234 homes sold.

Registered property sales based

on the buyer’s nationality

Year 2019

Source: Spanish Association of Registrar

Property Purchase by Autonomous Communities

Andalusia

Cataonia

Valencian Community

Community of Madrid

Canary Islands

Castile and León

Castilla-La Mancha

Basque Country

Galicia

Region of Murcia

Balearic Islands

Aragon

Principality ofAsturias

Extremadura

Cantabria Chartered Community

of Navarre La Rioja

0

10.000

20.000

30.000

40.000

50.000

60.000

70.000

80.000

90.000

-1,1 %

National Total

2014 347.170 2015 383.107 2016 436.574 2017 509.847 2018 410.883 2019 501.085

100.000


Nationalities % % Foreigners

United Kingdom 1,74 13,94

France 0,98 7,85

Germany 0,89 7,12

Morocco 0,77 6,17

Belgium 0,73 5,83

Romania 0,73 5,87

Italy 0,64 5,13

Sweden 0,56 4,48

China 0,49 3,97

Russia 0,40 3,20

Holand 0,34 2,74

Norway 0,23 1,87

Polond 0,20 1,63

Ukraine 0,19 1,56

Algeria 0,18 1,43

Ireland 0,16 1,30

Bulgaria 0,14 1,12

Denmark 0,12 0,96

Switzerland 0,11 0,87

Other 2,86 22,96

Foreigners 12,45% 100,00%

Nationalities 87,55% TOTAL 100,00%


16 1 Market Report 2019-20 Spain and Andorra

Real Estate Market Trend Residencial Español | 17

Spanish

Residential Market

18 COMMUNITY OF MADRID

Madrid

Surroundings

34

CATALONIA

Barcelona

Surroundings

Costa Brava

Tarragona

Cerdanya

66

VALENCIAN COMMUNITY

Valencia

Castellón

Alicante - Costa Blanca

84

ANDALUSIA

Costa del Sol

92

NORTHEAST REGION IN SPAIN

Galicia

Asturias

Castile and León

102

NORTHERN REGION IN SPAIN

Basque Country

Navarre

112

CANARY ISLANDS

Tenerife

116

BALEARIC ISLANDS

Mallorca

Menorca

Ibiza

122

NEW BUILDS


Community of Madrid

Madrid

3.226.126

38.224 €

30.094 €

3.732 €/m²

+1,3 %

Population or Number of Inhabitants

Average Gross Income

Disposable Income

Average Price 2019

Interannual Variation

The Spanish capital is the leader in attracting foreign

investments in the country. Madrid ranks as the fourth

most attractive destination in Europe for investing in

real estate, according to Emerging Trends in Real

Estate Europe in 2019 by ULI and PwC. One of every

five companies created in Spain has their offi in

Madrid, and 72% of the 2,000 main Spanish compa-

nies have their head offi in the city.

The entry into force of the new mortgage law along

with the moderation of economic growth have altered

the demand for homes in the whole country. In Madrid,

while the real estate market remains strong with pen-

ding urban developments such as Madrid Nuevo Norte

(The New North Madrid), or the Programa de Actua-

ción Urbanística (Urban Action Program) in southeast

Madrid. In the third quarter of 2019, housing sales in

the Community of Madrid reached 17,427 units, a

decrease by 3.57% compared to the same quarter the

year before, according to data from the Spanish pro-

perty registry.

Prices maintained some stability over the past year,

with increases of less than 5%. Forecasts from Engel

& Völkers point to sustainable growth throughout 2020

with similar spikes in areas where there is still room

for improvement and a correction in those that have

experienced strong increases. Despite their upward

trend, prices are still far from the highest point recor-

ded in 2007, about 33% below.

The Community of Madrid registers the highest bank

debt per square metre in the country. According to the

Spanish Association of Property Registrars, the debt

reached 1,985 euros / sqm in the third quarter of 2019.

Madrid also holds the greatest amount of home mort-

gage debt, reaching a sum of 202,426 euros / sqm. Its

longest average for periods of new mortgage contracts

was 307 months, 25 years and 7 months. The region

also holds the highest monthly mortgage rates, with an

average of 873.90 euros in the middle of last year.

With regards to the average time to sell a property, the

fi has fallen over the last four years from an average

of 6.4 months required to sell a property to 3.6

months at present. This fi is well below the 8.2

months that Tinsa has on average in Spain.

According to Tinsa, the average gross return on a home

for rent in the capital stands at 4.4%, although this

percentage varies considerably depending on the

district.

Real Estate Market Trend · Community of Madrid | 19

Districts in the City of Madrid

Fuencarral - El Pardo

Hortaleza

Barajas

Moncloa - Aravaca

Tetuán

Chamberí

Centro

Chamartín

Salamanca

Retiro

Ciudad Lineal

Moratalaz

San Blas

Latina

Carabanchel

Arganzuela

Usera

Puente

de Vallecas

Vicálvaro

Villa de Vallecas

Villaverde

Prices in euros / sqm

1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

6.000 - - - - - - - - - - -

1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 5.500 6.000 6.500

Salamanca 6.370 Hortaleza 3.800 Carabanchel 2.825

Retiro 5.150 Moncloa - Aravaca 3.660 Villa de Vallecas 2.430

Centro 5.105 Arganzuela 3.585 Usera 2.170

Chamberí 5.095 Barajas 3.350 Moratalaz 2.040

Chamartín 4.725 San Blas 3.095 Puente de Vallecas 1.895

Ciudad Lineal 3.905 Latina 3.035 Vicálvaro 1.645

Tetuán 3.895 Fuencarral - El Pardo 2.960


Centro and Arganzuela

The urban planning modifi carried out in the cen-

tral district were decisive for the signifi increase in

prices recorded in previous years. The expectation crea-

ted by the Canalejas complex and the pedestrianization

of the Gran Vía boosted the average price of the district

to 5,170 euros / sqm at the close of 2018. Since then the

price fell by 1.3% in 2019 to around 5,100 euros / sqm.

The neighborhoods closest to these projects-----Sol and

Universidad-----is where a small decline was seen in the

last year, whereas in other areas, such as Palacio and

Justicia, we saw a slight increase in prices of second-

hand homes.

The housing typology in highest demand are apartments

with more than two rooms, and a surface area between

80 and 150 sqm. Spanish clients constitute 68% of pur-

chases compared to 32% of foreigners, among which the

majority are from Venezuela, France, Italy, the US,

England and China. Looking at purchases according to

the nationality helps determine their motives.

50% of them seek a primary residence, 40% are making

an investment, and only 10% of the purchases are for a

second residence.

In Arganzuela, buyers tend to be Spanish families, cons-

tituting 90% of all transactions. Among the 10% of

foreign clients, it is worth pointing out that the Chinese

clients comprise the majority.

Palos de Moguer and Acacias are the neighborhoods in

highest demand, along with the residential area known

as Metales, where most fl complexes are new gated

housing projects offering community spaces such as pools

and gardens. Younger clients still prefer the area closest

to the Matadero because it is well connected and off

a variety of services.

Property Prices inCentro and Arganzuela

(Data in euros / sqm)

District by district

Minimum Maximum Average

Justicia 4.496 7.826 5.524

Cortes 4.324 6.915 5.261

Embajadores 3.089 5.123 4.082

Universidad 3.825 5.783 4.529

Palacio 4.102 6.520 4.901

Sol 4.493 4.500 4.400

Acacias 4.100 5.090 4.595

Palos de Moguer 3.125 4.529 4.017

Latina 2.938 3.692 3.034

Carabanchel 2.400 2.934 2.826


Retiro Salamanca

In 2019, the average price of the six neighborhoods com-

prising the Retiro district, surpassed 4,000 euros / sqm.

The top two were Jerónimos and Ibiza, both of them in

high demand due to their excellent location in front of

the most iconic park.

The buyer profi in 2019 became more international. If

in 2018, the ratio of clients was 90% Spanish and 10%

foreign, in 2019, we found that 70% of the buyers to be

Spanish, and 30% international, the majority of which

came from Mexico.

The stately street known as Alfonso XII is the main artery

of the Jerónimos neighborhood, and it continues to be

preferred by foreigners with a high purchasing power,

who seek houses with an area larger than 200 sqm, in

classical buildings. Meanwhile, wealthy Spanish families

opt for the neighborhoods Ibiza and Niño Jesús.

The 20.000 euros / sqm reached in the most exclusive

areas of the district highlight both the buyer profi and

the desired housing typology, in two of the most charac-

teristic neighborhoods in Salamanca: Recoletos and Cas-

tellana. Capacious and luxurious homes whose operations

are carried out by Spanish families and foreigners, both

with high purchasing power, in a ratio of 60% to 40%,

respectively.

However, other neighborhoods in the district, such as

Guindalera, offer more affordable prices, with an average

of about 4.440 euros / sqm. These neighborhoods join

the revival which Fuente del Berro already experienced

in previous periods.

After the surge of Venezuelans buying property in the dis-

trict for the past few years, in 2019 we saw that

now the main people doing the selling. Mexicans continue

to purchase homes with a surface area of around 120 sqm.

Property Prices in Retiro


Property Prices in Salamanca



Jerónimos 4.750 9.580 7.520

Ibiza 5.470 6.521 5.890

Pacífico 3.900 4.280 4.120

Niño Jesús 4.543 4.831 4.687

Adelfas 3.909 4.347 4.189

Estrella 3.697 4.472 4.136


Goya 3.740 8.155 6.300

Lista 3.378 7.745 6.299

Castellana 4.360 21.420 7.664

Recoletos 4.575 23.850 8.959

Guindalera 2.480 6.580 4.441

Fuente del Berro 2.170 9.400 4.545


Chamartín Chamberí

Homes of around 145 square metres distributed among

three bedrooms are typically in high demand in the

fi district. 80% of all purchases are carried out by

Spanish clients compared to the 20% by foreigners. Of

the latter, last year we saw a notable rise in transactions

involving Mexicans and North Americans.

Buyers mainly look for a main residence 84% of the time,

which they acquire using their own resources and through

fi Then a meager 8% of the purchases are for

investment purposes, and another 8% of buyers seek a

second residence.

Due to the excellent ratio of quality to price found in the

properties, this district boasts some of the most coveted

residential areas in the city centre, such as El Viso, Nueva

España, and Hispanoamérica.

In 2019 we saw a drop in prices by around 2% with a

volume of operations similar to the previous period. It

is worth pointing out that most sales were made for

properties under a million euros. 85% of the purchases

were carried out by Spaniards looking for 145 sqm

homes, with three bedrooms, preferably penthouses.

60% of the buyers fi their homes with mortgages

compared to 40% using their own resources. 15% of

the international clients, made up of primarily Venezue-

lans, French, Belgians, and Mexicans, sought remode-

led properties in classical buildings at prime locations

like Almagro, Trafalgar and Ríos Rosas.

Of these three aforementioned neighborhoods, the

second and third have become the most highly deman-

ded due to their slightly greater degree of aff

in comparison to the fi Therefore, the average price

in Almagro surpasses 5,500 euros / sqm, while Trafalgar

and Ríos Rosas remain beneath this fi re, with a diffe-

rence of little more than the 4,000 euros / sqm charged

in Vallehermoso.

Property Prices in Chamberí


Property Prices in Chamartín



Viso 2.889 7.417 5.273

Nueva España 2.941 5.548 4.652

Hispanoamérica 3.596 6.898 4.694

Castilla 2.800 5.618 4.711

Prosperidad 1.335 5.309 4.452

Ciudad Jardín 3.800 5.206 4.591


Almagro 4.095 7.100 5.598

Trafalgar 3.352 5.120 4.236

Ríos Rosas 3.215 5.210 4.213

Arapiles 3.021 5.500 4.261

Gaztambide 3.410 5.212 4.311

Vallehermoso 3.220 5.115 4.168

Argüelles /Moncloa 2.825 5.520 4.173


Tetuán Fuencarral

In the adjacent district known as Tetuan, Cuatro Caminos

is the area claiming the highest demand. It is in fact quite

similar to Castillejos in both the type of properties off

and the price range.

Then you have Valdeacederas, Almenara and Berruguete

undergoing a rising trend due to their proximity to the

Caleido Tower, fifth skyscraper. Their average

price stands below 3,300-3,500 euros / sqm.

The housing typology in highest demand is a fl with three

bedrooms distributed over an area of 180 sqm. These fl

are usually fi with a mortgage and purchased to be

used as primary residences.

The residential neighborhoods comprising nor-

theast region, are in great demand by families interested

in spacious homes with an area greater than 120 sqm

distributed among at least three bedrooms. However, the

type of property varies according to the nationality of the

client. While Spaniards prefer flats, foreigners seek either

terraced or single-family homes.

Property Prices in Tetuán


We have seen a lot of foreigners joining the common

buyer purchasing in Mirasierra, most of whom are Ger-

mans moved to Madrid since the German

College was established in Montecarmelo. Fuencarral

is a young district which, aside from its German com-

munity, attracts families with children that are younger

than in areas such as Mirasierra, Fuentelarreina or the

neighborhood known as El Pilar.

Peñagrande is also a good option for the young buyer,

especially after the major renovation carried out, so that

it now off terraced and single-family units at aff -

dable prices.

Property Prices in Fuencarral



Mirasierra 2.650 4.259 2.960

Montecarmelo 3.351 4.606 4.192

Peñagrande 2.261 4.500 3.380

Fuentelarreina 2.727 3.292 3.000

La Paz 2.600 4.600 3.600

El Pilar 2.200 4.200 3.200


Cuatro Caminos 5.800 3.200 4.500

Castillejos 5.800 3.200 4.500

Bellas Vistas 4.100 2.900 3.500

Valdeacederas 4.400 2.700 3.550

Almenara 4.500 2.100 3.300

Berruguete 4.300 2.300 3.300


Moncloa - Aravaca

Even though Spaniard comprise 85% of all purchases,

more and more clients buying in this district are interna-

tional. Of the remaining 15% who are international

buyers, the main nationalities we fi are Venezuelans,

Mexicans, and a growing presence of French and Bel-

gians in Moncloa-Arguelles, along with some Chinese.

The kind of property preferred by all of them are ample

homes with four bedrooms, in fl with more than 150 sqm

of surface area, or detached houses of around 300 sqm.

Specifi in the prestigious area known as Puerta de Hie- rro,

Spanish families tend to prefer fl whereas foreigners opt for

semi-detached, terraced, and single-family units.

Argüelles holds its status as the most premium area in

Moncloa, with prices reaching 6,000 euros / sqm. It is

located by the emblematic places like Parque del Oeste

and Temple of Debod.

In Aravaca and in the housing project called El Plantío,

maximum prices have remained at around 7,800 euros /

sqm, although a slight decline in the average price has

been registered in purchases.

Property Prices in Moncloa - Aravaca



Argüelles 3.532 6.109 4.815

Ciudad Universitaria 2.856 3.225 3.041

Valdemarín 2.091 7.375 4.465

Aravaca 1.803 7.754 3.790

El Plantío --- La Florida 1.250 7.800 2.693

Puerta de Hierro 1.751 3.785 2.900


Ciudad Lineal Hortaleza

Although It is one of the largest in Madrid, a unique

feature is that the entire district is structured around one

street: Arturo Soria, the main artery running through

several highly diff areas.

In the northern area you can find neighborhoods resisting

depreciation, such as Costillares, Atalaya, Colina and San

Pascual, where the average price stands at around 4,000

euros / sqm. While during the crisis in the previous decade,

these areas took the longest to suffer from lowering prices,

they were also the first to go up during the recovery.

Quintana, Ventas and Pueblo Nuevo are located in the

southern area, where average prices approach around

2,000 euros / sqm, with the neighborhood Concepción

representing the intermediate area with regards to both

price and the type of property.

In 2019 Ciudad Lineal experienced a large volume of

sales whose average prices have stayed the same in an

environment of light decline. The properties built are of

high quality and the abundance of trees and

green spaces make Ciudad Lineal one of the most inte-

resting areas in Madrid for investment.

Property Prices in Ciudad Lineal


Hortaleza is a very extensive district to the west of

Madrid, in which you can see numerous contrasts

between the types of homes and the profiles of inves-

tors. With prime areas like Piovera, where you find

extremely high-quality buildings and excellent services,

you also get affordable prices in neighborhoods like

Santiago Apóstol.

Palomas represents one of the most valued areas in the

district. Its prices are more moderate than in Piovera, but

with high quality homes. For their part, Canillas, Pinar

del Rey and Santiago Apóstol are attractive neighbor-

hoods to investors. You can fi excellent well-connec-

ted fl to rent out, which allow high returns within the

surrounding M-40 freeway.

Property Prices in Hortaleza



Palomas 2.894 4.211 3.553

Piovera 4.125 5.003 4.564

Canillas 2.895 3.189 3.042

Pinar del Rey 2.256 2.784 2.520

Santiago Apóstol 2.199 2.687 2.443


Costillares 2.575 5.200 3.888

Atalaya 3.557 4.700 4.129

Colina 2.200 5.417 3.809

San Juan Bautista 3.302 4.117 3.710

San Pascual 2.300 5.123 3.712

Concepción 2.412 4.720 3.566

Quintana 1.923 3.321 2.622

Ventas 1.258 3.050 2.154

Pueblo Nuevo 1.850 2.520 2.185


Sanchinarro,

Las Tablas and Valdebebas

Barajas - San Blas

Located in the north of Madrid, these districts are largely

comprised of family residential neighborhoods. The constant

growth and high demand kept prices on the rise in 2019, with

Sanchinarro at the top, where the average cost has climbed

by 8% compared to 2018, surpassing 4,000 euros / sqm.

The most sought-after areas in Sanchinarro are closest to

El Corte Inglés mall and to the Sanitas Hospital in La Mora-

leja. The preferred neighborhoods in Las Tablas are closest

to the BBVA and Telefónica offi The demand is not as

high in Valdebebas since it is still undergoing development.

Since these residential neighborhoods are primarily inha-

bited by young Spanish families, the properties in highest

demand have three bedrooms. In Sanchinarro and Las

Tablas, properties are distributed throughout a surface

area ranging between 100 and 130 sqm, and up to 120-

150 sqm in Valdebebas.

About 90% of purchased homes are used as main resi-

dences, while the remaining 10% is for investors. Most

clients require financing, although that has seen a decline

throughout this year, and 10% of the buyers made their

purchase using their own funds, as opposed to the 5%

who did the same in 2018.

Located near airport, these districts off ave-

rage prices at around 3,000 euros, although the costs

can range considerably due to the wide variety of pro-

perties off

Alameda-Barajas are not neighborhoods well-known by

the general public. However, the average price is relati-

vely high compared to similar areas. This is due to their

high demand by people who already reside there, who

value their tranquility, the ample green spaces and superb

public transport.

San Blas is a relatively popular district, whose interesting

development has future prospects. Despite its location

outside of the M-30 freeway, the fact that it is right on

the border makes it attractive, especially with regards to

neighborhoods like El Salvador, where you can find some

outstanding properties, mainly in Rosas and Simancas.

From an investment point of view, Rejas off a great oppor-

tunity in east Madrid. Improvements planned for public

transport in the area promise an upcoming revaluation.

Property Prices in Barajas - San Blas


Property Prices in

Sanchinarro - Las Tablas - Valdebebas



Sanchinarro 3.495 4.419 4.110

Las Tablas 3.360 4.270 4.027

Valdebebas 3.560 4.530 4.320


Aeropuerto 1.586 1.854 1.720

Alameda de Osuna 3.340 3.485 3.413

Corralejos 1.420 5.000 3.210

Casco Antiguo Barajas 1.827 3.729 2.778

Timón 2.027 3.756 2.892

Rejas 2.260 3.286 2.773

Salvador 3.041 3.272 3.157

Simancas 2.090 2.373 2.232


Rentals

What makes rent attractive as a vehicle for investment,

mainly in the context of alternative assets with reduced

profi , is the remarkable dynamism of

market. This situation caused an upward trend in prices

in the last few years, but in 2019, the trend came to a halt

in districts with the highest demand.

In the city as a whole, the average price has risen by 5%

to 16.4 euros / sqm, even though in the most popular

districts such as Centro, Salamanca, and Chamberí, a

slight decline was registered, whereas in areas like Mon-

cloa or Chamartín, the increase reached around 6%.

In 2019, the most in-demand home was an apartment

with a surface area of 80-100 sqm, with two bedrooms,

two bathrooms, and a good location.

Engel & Völkers increased its leasing transactions by

20% in the city of Madrid in 2019, a trend they hope to

continue for the rest of the year.

Price of rent in Madrid by districts



Centro 9 35 18,7

Salamanca 8,5 38 19,4

Chamartin 8,9 37,5 16,5

Chamberi 8 35 18,2

Moncloa 6,87 24,8 15

Hortaleza 5,5 23,1 12,4

Tetuán 9,25 26,7 16

Retiro 9,1 30 16,6

Noroeste 3,6 24,37 10,38

Norte 3,4 28 12,09


Madrid’s Surroundings

Pozuelo - Boadilla del Monte

Las Rozas - Majadahonda

La Moraleja

Zona Norte

Algete (Zona Norte)

San Sebastián de los Reyes (Zona Norte)

Cobeña (Zona Norte)

Las Rozas La Moraleja

Paracuellos (Zona Norte)

Majadahonda

Madrid

Boadilla del Monte Pozuelo


Pozuelo - Boadilla del Monte

Pozuelo de Alarcón and Boadilla del Monte remain the

municipalities with over 20,000 inhabitants and the

highest average of annual income per capita in Spain.

The first of the two, with an income of 25,957 euros per

inhabitant, is divided in two well-differentiated parts: La

Estación and Pueblo, two areas holding the bulk of the

district's services, and both surrounded by exclusive hou-

sing communities. Some of these communities, such as

Somosaguas, Montealina, Monte Gancedo, or Monteclaro,

are in high demand by Spanish families, who constitute

85% of the purchases compared to 15% of foreigners.

Throughout 2019, prices in the municipal centre

showed a notable increase, while the northern area and

the Estación maintained their maximum rates at 7,000

and 8,500 euros / sqm.

Property Prices in Pozuelo de Alarcón


Madrid’s Surroundings


Pozuelo Pueblo 1.786 4.853 3.320

Pozuelo Norte 1.800 7.353 3.033

Pozuelo Estacion 2.250 3.800 3.025

Avenida de Europa 1.971 5.611 3.790

Montealina 1.629 4.000 2.531

Prado Largo 1.267 5.000 2.636

Monteclaro 1.513 4.250 3.121

Somosaguas 1.257 12.667 3.196

Prado de Somosaguas 2.130 5.236 3.295

La Finca 1.708 8.264 3.672


In 2019, the average housing price in Pozuelo de Alar-

cón stood at 3,155 euros / sqm, while in Boadilla del

Monte it stood at 2.416 euros / sqm, and in Villaviciosa

de Odón, at 1.977 euros / sqm, with an increase between

5% and 10%.

The housing typology in Pozuelo can be divided into

two categories: fl between 150 and 200 sqm distributed

among four bedrooms, and spacious detached houses

in green areas. The fi one you fi in Boadilla del Monte

and Villaviciosa de Odón, where you have in-demand

housing projects such as Valdecabañas and Mon-

tepríncipe. The second category you have in El Bosque,

where houses have surface areas between 400 and 500

sqm distributed throughout more than 5 bedrooms.

Property Prices in Boadilla del Monte


Property Prices in Villaviciosa de Odón



El Bosque 877 3.780 1.821

Centro 566 4.980 2.477

Castillo - Campodon 1.014 3.798 1.781


Monteprincipe 1.220 4.087 2.278

Valdepastores - Las Encinas 1.013 6.977 2.391

Bonanza 1.100 3.246 2.015

El Olivar 1.301 3.160 2.043

Las Lomas 781 4.200 2.154

Sector S 1.730 3.400 2.568

Sector B 1.800 3.990 2.965

Centro 1.925 3.681 2.508

Parque Boadilla 903 3.385 1.881


Las Rozas - Majadahonda

Las Rozas de Madrid is the third municipality in Spain

whose population of over 20,000 people has the highest

income per inhabitant, according to the Urban Indicators,

published by the INE in 2019. It presents a pro-

fi similar to Majadahonda, Villafranca del Castillo and

Villanueva del Pardillo.

In Las Rozas and Majadahonda, Spanish families prima-

rily demand penthouse flats and apartments in the central

area, with a surface area of around 120 sqm, and three

or four bedrooms. Regarding foreigners, buyers from

South America comprise 20% of all purchases in the area,

with a clear preference for capacious stand alone houses.

Property Prices in Las Rozas


The rising prices observed in all of the areas in Maja-

dahonda, is proof that the municipality is one of the most

desirable locations in the northeast of the capital.

Property Prices in Majadahonda - Villafranca

del Castillo - Villanueva del Pardillo



Monte del Pilar 1.550 5.200 3.350

Centro 1.500 4.200 3.000

Golf - Carralero 2.300 5.400 3.500

Norte 1.450 4.800 2.900

Carretra del Plantío 1.200 4.800 2.760

Villafranca del Castillo 700 3.200 1.800

Villanueva del Pardillo 765 3.350 2.065


Centro 1.200 4.300 2.750

Molino de la Hoz 940 3.700 1.800

Pinar - Punta Galea 900 3.500 1.870

Club de Golf 750 3.500 1.850

La Marazuela 960 4.000 2.450

El Burgo - Abajón 1.650 4.800 2.650

El Cantizal 1.700 4.100 2.900

Monte Rozas 750 3.300 1.950

Las Matas - Peñascales 750 3.500 1.900


La Moraleja

To the north of Madrid you find one of the most prestigious

districts in the capital. It is composed of three residential

areas: La Moraleja, El Soto de la Moraleja, and Encinar

de los Reyes. They are close to Arroyo de la Vega, where

the offices of various multinacionals are located. You can

find two golf courses, tennis clubs, healthcare and shopping

centres, along with the highest number of private and inter-

national schools in the entire country.

The properties in highest demand are located in El Soto

and El encinar, and they are either terraced or semi-de-

tached housing with a garden, and a surface area of more

than 250sqm distributed throughout four or five bedrooms.

These housing types change to 500 sqm stand-alone

homes in enclosed residential communities, when it

comes to clients seeking homes in La Moraleja.

That said, the average price in La Moraleja, in euros per

square metre, is not elevated for two reasons.

First, there are properties set for demolition, so they are

valued only for the land. Second, large sized homes actua-

lly lower the value of euros to square metre. We see a

wide range of prices according to the residential area,

and even the street.

Regarding Arroyo de la Vega, where the average price

stands at 3,500 euros / sqm and the maximum price does

no reach 5.000 euros / sqm, the most demanded type of

housing is a fl with 180 sqm of surface area, four

bedrooms, plus a balcony or garden. The buyer profi

tends to be Spanish or foreign families, among which we

fi an increase of older married couples whose children

have grown up and live on their own.

Property Prices in La Moraleja



El Soto de la Moraleja 3.000 6.000 3.857

Encinar de los Reyes 3.953 6.839 4.577

La Moraleja 2.654 7.000 4.300

Arroyo de la Vega 2.212 4.900 3.500


Northern Region

In the region furthest to the north of the capital, you can

fi a variety of residential areas. Going beyond the La

Moraleja, we come across attractive modern municipa-

lities like San Sebastián de los Reyes, which is in full

expansion. It is well-connected, and increasingly desired

by young families, due to more aff ble prices when

compared to its neighbor, Alcobendas.

San Agustín de Guadalix has become a favorite desti-

nation for Madrileños wanting to purchase a second

home. Aside from the excellent stock of single-fa-

mily detached homes, and its proximity to the nearby

mountain range, the fl off aff prices, making

the properties an attractive investment to accommodate

the large number of people who work at companies in

the region.

Tres Cantos is a young, 35 year old modern city offering

a wide variety of flats, terraced housing and single-family

units, where Soto de Viñuelas claims the highest stan-

dards. The fact that it is so well-connected to Madrid

makes it desirable for many families, although its rising

prices are directing the interest of potential buyers

towards Colmenar Viejo.

Around the National I freeway, we can fi characteris-

tic residential areas such as Fuente del Fresno, Ciudal-

campo and Santo Domingo. Its single-family houses of

high standing, built in the 70s and 80s on large plots of

land, offer an excellent choice because of their affordable

prices, as opposed to the more modern homes in the area.

Lastly, we have the area known as Paracuellos del

Jarama. At the beginning of the century it saw significant

growth, making it a modern town that is well-organized

and equipped with high-quality properties, popular

among those who work at the airport and at industrial

companies nearby.

Housing price

in the northern region of Madrid



San Sebastián de los Reyes 1.250 4.125 2.688

San Agustín de Guadalix 1.589 2.075 1.832

Fuente del Fresno, Ciudalcampo, Santo Domingo 1.798 2.595 2.197

Paracuellos del Jarama 720 3.197 1.959

Tres Cantos 2.150 2.895 2.523

Colmenar Viejo 1.351 1.846 1.599


Barcelona

1.636.762

37.124 €

29.199 €

4.390 €/m²

-4 %



Disposable Income

Average Price 2019


In 2019, the housing market in Barcelona underwent

two diff stages. The fi one, which took place between

January and May, saw a slight increase in prices and

transactions. The second, between June and

December, saw both variables drop considerably. The

outcome at the end of the year was negative, with a

decline in sales volume of new homes by 7% and 4% in

second-hand homes.

Economic, legal and political factors marked the diff -

rence between both stages. On the one hand, the demand

shrank. Many families saw the economic slowdown as a

sign that another crisis was underway. They decided to

postpone acquiring a new home and save their money

instead. On the other hand, the new mortgage laws in

Spain came into full eff in June and July, causing a

large decline in real estate transactions, although the

decrease was temporary.

In Barcelona, an analysis by district allows us to sepa-

rate them according to price changes. The following

districts registered an increase in costs: Nou Barris,

Sant Andreu, Gràcia, Sant Martí y Horta-Guinardó.

Then you have districts that registered a decline: Sarrià-

Sant Gervasi, Les Corts, Eixample, Ciutat Vella and

Sants-Montjuïc.

The trend in the outskirts was quite diff Despite its

unattractive setting, prices and transactions saw a good

increase. Sales costs climbed by 8%, standing at 2,170

euros / sqm.

The rental market in Barcelona remained stable, with

prices staying at 17.7 euros / sqm. This amount does not

include renewed contracts, only new rental agreements.

Diff trends unfolded. Expensive fl saw their prices

get lower, as a consequence of all the tenants with more

purchasing power choosing to stop renting and start

buying. Meanwhile, cheaper fl became a bit more

expensive because of their growing demand. In the

outer area, rent rates rose by 2% to an average price of

10.8 euros / sqm.

In 2020, the price for both new and second-hand homes

will continue its decline in Barcelona, whereas in the rental

market, we will see a changing trend. Prices will undergo a

slight decrease in both the capital and the surrounding nei-

ghborhoods. The main reason will be that young families

switch from renting to buying. This change is owed to the

signifi raise in salaries seen in 2019 and 2020, along with

a greater willingness on behalf of banks willing to

concede loans and lower monthly costs, setting the mort-

gage rate at a similar amount as rent.

Catalonia

Real Estate Market Trend · Catalonia | 35

Districts of Barcelona


1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

6.000 - - - - - - - - - - -

1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 5.500 6.000 6.500

Sarrià-Sant Gervasi 5.010 Sant Martí 4.170 Horta-Guinardó 3.020

Les Corts 4.890 Ciutat Vella 4.085 Sant Andreu 2.900

Eixample 4.750 Sants-Montjuïc 3.790 Nou Barris 2.620

Gràcia 4.300

Sarrià-Sant Gervasi

Les Corts

Sant Andreu

EixEaimxapmleple

Ciutat Vella


Barcelona by district

Ciutat Vella

old city , encompasses the historical centre

of the city, which includes neighborhoods such as Raval,

the Gothic Quarter, Born and the seaside area, the Bar-

celoneta. The unique character of the Ciutat Vella has

maintained the demand for homes in the area, primarily

by international clients, whose presence has grown.

In 2019, 62% of clients buying through Engel & Völkers,

were foreign. That is four points more than in 2018. Of

this percentage, 28.3% are French, 15% are Italian, and

9.4% are German. The common denominator among all

of them is their preference for old historical buildings that

conserve some of their original elements, with hydraulic

flooring and traditional Catalan volta ceilings.

The most highly demanded property in the district has

between 60 and 80 sqm of surface area, with two rooms.

A special preference is given to flats with an elevator and

outdoor access. 54% of all purchases are for primary

residences, 20% for secondary residences, and the 26%

for investment purposes make the city centre the most

prized location in Barcelona for this type of purchase.

Furthermore, many clients turn their secondary residen-

ces into profi assets by renting them out.

In 2019, the average price for properties in Ciutat Vella

was held at 4.085 euros / sqm, which is an 8% decline

compared to 2018, the most popular neighborhoods being

Born, the Gothic Quarter, Raval and Barceloneta.

Property Prices in Ciutat Vella



Barri Gòtic 2.800 6.355 4.350

Raval 1.585 6.110 3.360

Barceloneta 1.760 7.930 5.030

Sant Pere, Santa Caterina i la Ribera 2.330 6.155 4.405


Eixample

Located in the centre of Barcelona, Eixample is the quin-

tessential modernist district, where the average price of a

home stood at 4,750 euros / sqm last year, which is a 7%

decrease compared to the previous period. Aside from the

decline in price, in 2019 the area saw a drop in foreign

clients and investors at the same time as a growing number

of national buyers sought to purchase their first residence.

The number of foreigners purchasing homes in Eixample

last year was 43%, compared to 52% in 2018. Chinese

buyers constituted most of the buyers, although a notable

rise in Italian and French clients was also observed. In

2019, Eixample claimed the most amount of expedited

Golden Visas transactions in Ciudad Condal (Barcelona).

Penthouse apartments and fl with balconies ranging

from 90 to 130 sqm, along with three rooms, represent

the most sought-after homes in Eixample. The most in-de-

mand areas are la Dreta de l'Eixample and l'Antiga Esque-

rra de l'Eixample, due to their proximity to major streets

like Passeig de Gràcia, the Rambla de Catalunya, and

Enric Granados.

That being said, Sant Antoni stands out as an increasin-

gly popular neighborhood to live in, with great restau-

rants, entertainment, and services, propelled by the remo-

deling of the market and the creation of new pedestrian

spaces such as Superilla.

Property Prices in Eixample



La Dreta de l'Eixample 3.470 8.400 5.290

La Nova Esquerra de l'Eixample 3.110 7.320 4.410

La Sagrada Família, Fort Pienc 2.490 6.660 4.125

L'Antiga Esquerra de l'Eixample 3.140 8.080 4.810

Sant Antoni 2.690 5.730 4.260


Sants-Montjuïc Les Corts

Located in the south of Barcelona, about 10 minutes away

by subway from the centre, Sants-Montjuïc is one of the

most iconic districts in the city, as it combines the moun-

tains, the sea, and an excellent array of cultural activities.

It is also next to the most important train station in Cata-

lonia and the second in Spain.

The value of the properties dropped by 2.8% last year in

this district till it stood at 3,790 euros / sqm. Sales closed

by Engel & Völkers dropped by 5% in this area to a total

of 35 units.

The most in-demand properties offer 50 to 90 sqm of sur-

face area, with two or three rooms, and all buyers show a

special preference for penthouse apartments. Sants and El

Poble Sec-Parc de Montjuïc, which share part of the

demand for property in Sant Antoni, represent the most

coveted areas. Hostafrancs holds the highest average price

at 4,280 euros / sqm. The largest portion of the demand

comes from national buyers, comprising 65% of interested

parties. With regards to the international buyers, the majo-

rity come from France. 71% of all clients purchase homes

intended as their primary residence.

Three neighborhoods comprise this middle-class district:

Les Corts, Pedralbes and la Maternitat. Les Corts, Pedral-

bes and la Maternitat i San Ramon. It has a number of

advantages granted by its location, known as a fi

centre hosting Universidad Politécnica.

The average price of housing last year stood at 4.890

euros / sqm, which represents a decrease by 4% from

2018. The housing in the highest demand are fl and

penthouses with three rooms, and a surface area of 70

to 90sqm.

The neighborhoods Pedralbes and Les Corts claim the

highest demand, with the former known for the most

exclusive residential areas in Barcelona, where interna-

tional buyers seek houses with gardens. Regarding Les

Corts, it is one of the most consolidated areas with the

best services in the city. It is a familial neighborhood

off excellent transport and lots of tranquility.

75% of buyers are Spanish, but although the presence

of foreigners is not as great as in other districts, last

year two Golden Visa operations. Most purchases are

for primary residences, with only 8% constituting an

investment.

Property Prices in Les Corts


Property Prices in Sants-Montjuïc



Poble Sec - Parc Montjuïc 3.100 5.225 3.950

Hostafrancs 4.120 4.340 4.280

Sants 2.215 4.565 3.530

Sants - Badal 3.270 3.800 3.625


La Maternitat i Sant Ramon 3.310 4.885 4.000

Les Corts 3.230 5.060 4.150

Pedralbes 4.015 6.970 5.445


Sarrià-Sant Gervasi

The area with the highest income per capita in Barcelona

holds the most distinguished neighborhoods in the city.

This comfortable residential district brings together

numerous parks, prestigious schools and health centres.

The average price of the area fell by 3% last year to 5,010

euros/m2, and will remain more or less at this amount,

as this year expects to see some stability after the read-

justments from recent months.

Houses, penthouses and fl with a communal area and

parking are the most demanded properties. Sought-after

homes have three or more rooms from 130 to 200 sqm.

Galvany is one of the neighbourhoods with the highest

demand and where requests are centred on royal estates,

while in Sarrià and Bonanova there is a high demand for

houses with gardens.

87% of buyers are domestic, an increase of percentage

points compared to the previous year. The local client

has entered the market more strongly and is causing

downward closing price adjustments. Even so, the pro-

perties of more than four million euros continue to be in

demand by the international client.

85% of the purchases are made to acquire a main resi-

dence, and only 6% as an investment. 53% of the opera-

tions are done with a mortgage, a percentage that is

growing due to the increase in Spanish clients and low

interest rates.

Property Prices in Sarrià-Sant Gervasi



El Putxet i el Farró 3.620 6.260 4.140

Sant Gervasi - Galvany 4.030 6.200 4.980

Sant Gervasi - La Bonanova 3.180 7.190 5.280

Les Tres Torres 4.530 6.070 5.440

Sarrià 3.160 7.000 5.075

Vallvidrera, el Tibidabo i les Planes

2.840

4.810

4.385


Gràcia

One of the oldest districts is also the smallest, but

that does not prevent it from registering the second

highest fi in terms of population density.

The price of properties reached 4,300 euros / sqm last

year, which is 7% more than the previous year. This

increase is due to a price adjustment for the type of pro-

perties sold by Engel & Völkers. More operations were

therefore carried out on refurbished properties in 2019,

whereas in 2018, they were done on unrefurbished pro-

perties.

Looking at 2020, an adjustment of current prices is expec-

ted considering the increase in foreign customers com-

pared to the previous year.

Property Prices in Gràcia


The area has stood out among international clients, who

are attracted by the charm of the neighbourhood's Cata-

lan-style atmosphere. Foreigners accounted for 37% of

the total purchases in 2019, compared to 15% in 2018.

Among them are a majority of French buyers, followed

by Chinese, Americans and British.

Flats and apartments from 70 to 90 sqm with two or three

rooms are the most requested in Gràcia. The four-be-

droom properties, although not frequently off in the

area, do have a high demand and are the ones that sell

the fastest. 80% of the buyers are looking for a main

residence, 10% for a second home and another 10% are

buying to invest.

The Vila de Gràcia, Camp d'en Grassot and Gràcia Nova

are the most sought-after neighbourhoods. All three are

characterized by having all kinds of services (hospitals,

schools, shops...), being located near the city centre, and

being well-connected.


El Camp d'en Grassot i Gràcia Nova 3.230 6.160 4.690

La Salut 1.035 4.320 2.210

La Vila de Gràcia 2.270 7.170 4.480

Vallcarca i els Penitents 2.995 5.545 3.750


Horta - Guinardó Nou Barris

Located in the northeast of the city in a large valley, Hor-

ta-Guinardó is the third largest district of Barcelona after

Sants-Montjuïc and Sarrià-Sant Gervasi. It has a very

differentiated and heterogeneous urban structure due to

the varied topography, which includes the Collserola

mountain range, the Hebron valley or the Horta stream.

Horta-Guinardó is in increasing demand because, like its

neighbour Gràcia, it is both very well-connected and

equipped with all the necessary services. A great off of

green spaces makes it complete. The average price of a

property reached 3,020 euros / sqm in 2019, which is an

increase of 2% compared to the previous year.

Houses and fl from 110 to 150 sqm with three to four

rooms claim the main demand in this district. Among

them, the most sought-after properties are single-family

homes with gardens. The neighborhoods Can Baró and

La Font d'en Fargues receive the highest number of appli-

cations, the latter due to the fact that it is a residential

garden area. Spanish buyers comprise 75% of the demand,

the majority of whom are also among the sellers. Prac-

tically all purchases are for a primary residence, while

only 3% are made as an investment.

Property Prices in Horta - Guinardó


The youngest district of the city is located in the north

of the city. Composed of13 districts, Nou Barris off

green spaces next to historical buildings such as the Cas-

tell de Torre Baró. This brick castle with a medieval feel

is located at the top of the Collserola mountain range and

is one of the city's most privileged viewpoints.

The average price of a home in this district reached 2,620

euros / sqm in 2019. Apartments between 75 and 90

square metres constitute the most popular housing type.

The neighbourhoods attracting the largest number of

purchase requests, all of which come from Spanish citi-

zens, are Vilapicina i Torre Llobeta and Porta, known as

economic hubs off excellent transport to the centre.

Property Prices in Nou Barris



La Guineueta 2.350 2.730 2.500

la Prosperitat 2.320 2.790 2.490

La Trinitat Nova 1.700 2.570 2.200

Porta 2.840 3.475 3.150

Vilapicina i la Torre Llobeta 1.245 3.000 1.850


Can Baró 2.550 4.640 3.245

El Baix Guinardó - - 4.120

El Guinardó 3.250 3.970 3.710

Horta 1.980 3.730 2.670

La Font d'en Fargues 2.280 5.000 3.015

Montbau 2.050 3.330 2.880


Sant Andreu Sant Martí

The urban transformation of Sant Andreu is closely linked

to the arrival of the AVE (high-speed train) in the district

and the creation of the new La Sagrera station. This new

infrastructure and its railway accesses will give a more

innovative character to the neighborhoods of La Sagrera

and Sant Andreu. Therefore, while the average cost of

housing stood at 2,900 euros / sqm in 2019, the new

developments will drive increased demand and rising

prices in 2020.

Apartments between 90 and 110 square metres with three

or four bedrooms attract the highest demand in a district

where 89% of the buyers are Spanish people looking for

their main residence. On the other hand, 7% of the clients

carry out their purchases as an investment strategy, since

rent off more profi than in other areas.

Property Prices in Sant Andreu


With a privileged coastal location within the city, excellent

transport, and a wide range of services, Sant Martí offers

opportunities to renovate large three to four bedroom apart-

ments. The area received a boost in opportunities generated

from the Glòries Tower, where relevant companies in the

technology sector established their headquarters, attracting

their workers to the area.

The average price of a property in 2019 was 4,170 euros /

sqm, an increase of 5% over the previous year. The number

of sales made by Engel & Völkers was lower in 2019, but the

prices were higher. With the real estate agency opening up a

new offi in the district, an increase in sales by 25% for 2020

is expected.

Apartments between 80 and 100 sqm with two to three

bedrooms receive the highest demand. In addition, properties

with extras such as parking and balconies are sought-after.

The most popular neighborhoods, Poblenou, Camp de l'Arpa

i Clot and the area of Diagonal Mar, attract families looking

for quiet areas with schools and community facilities such as

swimming pools. 78% of all buyers seek a main residence,

13% an investment, and 10% a second home.

The percentage of international buyers in this area reaches

36%, led by British, French and Italians, while the presence

of Russian and Chinese clients has gone down.

Property Prices in Sant Martí



Diagonal Mar i el Front Marítim del Poblenou 5.750 8.890 7.090

El Clot 2.565 4.510 3.460

El Parc i la Llacuna del Poblenou 2.990 4.085 3.650

El Poblenou 3.460 6.270 4.260

La Vila Olímpica del Poblenou 3.520 6.855 4.790

Provençals del Poblenou 3.100 5.615 3.915

Sant Martí de Provençals 2.735 3.810 3.060


El Congrés i els Indians - - 3.280

Navas 2.790 4.010 3.125

Sagrera - - 2.430

Sant Andreu 2.570 3.060 2.690


Rental

The price of rent remained stable in Barcelona throughout

2019, and even showed a slight drop in the average cost

of the city. The operations carried out by Engel & Völkers

refl this stability with an average rental price of 1,740

euros, compared to 1,705 euros in the previous year, in

all the areas where the real estate company is present.

Thus, the average cost per square metre to rent in Bar-

celona reached 17.7 euros / sqm, in line with what was

registered in 2018, while in the periphery it rose by 2%

to 10.8 euros / sqm.

The centre of the city and the periphery show diff

developments. Prices rising in the surrounding areas are

driven by a growing demand, while in Barcelona, espe-

cially in the more central areas, the decline in interna-

tional customers has led to a drop in prices. 66% of

rentals were made by foreigners in 2019, only one point

more than in the previous year, although the volume of

properties rented to Italians, Americans and Germans

is increasing.

Forecasts for 2020 suggest that demand will remain sta-

ble, but the interest of domestic customers will shift to

buying property to take advantage of low interest rates.

The international demand on the other hand will be sus-

tained. Fewer transactions are therefore expected, and

the price will undergo a slight drop.

In addition, there is some fear of price regulation and we

are aware of the new rent law extending the duration of

contracts to five years.

In the periphery, demand is expected to increase while

supply will be constant, with the possibility of prices

increasing beyond what is expected. The high volume of

people looking to rent will be driven by those who can-

not acquire a property due to their economic situation.

Another factor to take into account is the mobility of

tenants in the city who, faced with a raise in rent, will

have to look for properties further out.

The most sought-after areas are Eixample,

Sarrià-Sant Gervasi and Ciutat Vella. Flats or penthouses

from 50 to 90 sqm with two rooms attract the most popu-

larity. In the surroundings, Sant Cugat del Vallès claims

the highest demand.

Rental prices in Barcelona by district



Sarrià - Sant Gervasi 17 37 8

Eixample 18 40 7

Ciutat Vella 18 42 6

Les Corts 17 33 10

Gràcia 17 43 8

Sant Martí 18 32 11


Badalona and Hospitalet

Badalona

Hospitalet de Llobregat

Santa Coloma de Gramanet

Badalona

Sant Adrià de Besòs

Barcelona

Hospitalet de Llobregat


Badalona Hospitalet de Llobregat

Located 10 km away from Barcelona, Badalona has expe-

rienced a resurgence thanks to the port cons-

truction and the seafront redevelopment. The pos-

sibility of being close to the sea and the capital due to

excellent transport services is its strong point.

The average price of homes remained stable last year at

around 2,365 euros / sqm and is expected to see a slight

increase in 2020.

Both flats and duplexes, with three bedrooms, between

90 and 130 sqm, are the most sought-after properties,

although the hottest properties in the area are centrally

located fl with a balcony, which are close to the sea and

offer great views. The city centre claims the most

popularity in the area. All the buyers are from Spain and

the acquisitions are for a primary residence. In 2019,

small fl saw the most sales.

The second largest municipality in Catalonia (269,903

inhabitants in 2018) is part of the Barcelona metropolitan

area. It has excellent transport services to the city centre

and it is an ideal alternative for those seeking the comforts

of a residential environment without having to give up

living near the capital. The Ciudad Judicial has also dri-

ven a revitalization of the city and an important change

in urban development.

The average cost of properties last year reached 3,230

euros / sqm, which is very much in line with prices in

2018. Flats and penthouses from 90 to 110 sqm with four

bedrooms receive the highest demand, in areas such as

Plaza Europa and Santa Eulàlia, due to the architectural

typology of the buildings, most of them semi-new cons-

tructions built around the year 2000.

62% of the buyers are Spanish while the presence of

foreigners is comprised of Romanians, Chinese, Ukrai-

nians, Iranians and Nepalese.

Property Prices in Hospitalet


Property Prices in Badalona



Badalona 1.670 3.780 2.365


Hospitalet de Llobregat 2.465 4.650 3.230


Barcelona's surroundings

Vallès Oriental and Occidental

Baix Llobregat

Garraf

Vallès Oriental

Vallès Occidental

Barcelonés

Baix Llobregat

Garraf


Vallès Oriental - Vallès Occidental

The Vallès region, located between the rivers Llobregat

and Tordera, is divided into two administrative districts:

the Vallès Occidental, whose capitals are Sabadell and

Terrassa; and the Vallès Oriental, where the region's

capital is located: Granollers. In both districts housing

prices rose by around 4-5% in 2019.

Vallès Occidental

The average price of properties in Vallès Occidental rea-

ched 2,905 euros / sqm in 2019, 4% more than the pre-

vious year, with the demand centred on single-family and

terraced homes over 300 sqm, as well as penthouses and

fl with terraces between 90 and 110 sqm; all of them

with three or four bedrooms. The most profi fl

are those with four rooms, parking and an outside exit,

due to their scarce supply and because families comprise

the majority of the demand.

Sant Cugat del Vallès, Sabadell, Sant Quirze del Vallès

and Cerdanyola del Vallès are the most popular areas. In

Sant Cugat, both Parc Central and Eixample claimed the

highest demand from those looking for a fl while

Arxius, Valldoreix and Mirasol, areas close to the station,

attracted clients looking for a house. The strong points

of these residential areas include the high quality of life

offered, and their proximity to the metropolitan area. 90%

of the buyers purchase their primary residence while the

remaining 10% are making an investment.

Sant Cugat retains the title of the most premium area.

It is where the highest prices are reached at 5,600 euros

/ sqm, although the average cost has stood at 3,460 euros

/ sqm. On the other hand, in Sabadell the average price

remains below 2,000 euros / sqm, around 1,900 euros /

sqm, although operations carried out by Engel & Völkers

last year involved payments of up to 3,445 euros / sqm.

Barcelona's surroundings


Vallès Oriental

In Vallès Oriental the average cost of housing stood at

1,600 euros / sqm, a 5% increase, and prices are expected

to remain stable this year. Noteworthy is the increase in

Spanish buyers in 2019, accounting for 95% of all pur-

chases, compared to 80% in 2018.

Granollers holds the properties in highest demand, which

are the fl duplexes, and single-family homes with a

garden, more than 200 sqm and four rooms. Customers

seek well-connected houses close to the town centre, with

one or two fl on fl plots of land.

Granollers, La Garriga, Cardedeu and Caldes de Montbui

comprise the most sought-after areas for buyers; Grano-

llers for being the capital and the others for off an

excellent quality of life to its inhabitants, who also value

living in a privileged location between the Montseny

Natural Park and the Serralada Catalan Coast.

Cardedeu stands out as one of the most privileged areas

with an average price of 1,980 euros / sqm, and where

the most sales transactions were registered in 2019.

Property Prices in el Vallès



Vallès Occidental 1.150 5.600 2.905

Vallès Oriental 1.225 2.475 1.600


Matadepera

Located in the region of Vallés Occidental, Matadepera

is a residential town that enjoys high-quality local com-

merce and the services necessary for a town of its size,

whose population is close to 10,000 inhabitants.

The price of housing increased by 4% last year to 2,350

euros / sqm. The most demanded housing typology is a

single-family home of 250 sqm and four rooms. Districts

attracting the most interest are Centro, Drac-Parc and

Can Prat - La Plana. Buyers are mostly couples between

45 and 50 years old, with two or three children and a

competitive economic capacity. Sellers are older people,

around 60 years old, who sell mostly single-family

homes, because they want to live in smaller and more

practical houses.

Property Prices in Matadepera


Rentals

The price of homes for rent increased by 5% to an average

of 8 euros / sqm. The supply of rental properties is low

for such a high demand composed largely of young fami-

lies from Barcelona, Sabadell or Terrassa. These couples,

most of them under 40 years old, want to rent a house in

Matadepera to see if they can adapt to life in a much

smaller municipality, with few central streets and where

most of the districts are housing estates.

Clients are looking to rent a 300 sqm, four-bedroom sin-

gle-family house. The area with the greatest off is the

Cavall Bernat housing development, but the most sou-

ght-after districts are the centre or those located nearby.

Price of rent in Matadepera



Golf 2.400 3.000 2.700

Cavall Bernat/Can Roure 1.450 2.400 1.925

Centro 2.230 3.840 3.040

Drac Parc 1.710 2.700 2.205

La Plana/Can Prat 1.970 2.900 2.435

Les Pedritxes/Els Rourets 1.300 1.980 1.640

Verge de Montserrat 2.440 3.010 2.725


Golf 8,5 11,5 10

Cavall Bernat/Can Roure 5,5 6,5 6

Centro 7,5 11,5 9,5

Can Solà Del Racó/ Pla De Sant Llorenç 5,5 6,5 6

La Plana/Can Prat 7,5 11,5 9,5

Les Pedritxes/Els Rourets 5,5 6,5 6

Verge de Montserrat 8,5 11,5 10


Baix Llobregat

The third most populated region of Catalonia has its capi-

tal in Sant Feliu de Llobregat. From a real estate point

of view it can be divided into two large areas with diff -

rent prices. While the north has reached an average price

of 1,440 euros / sqm, after rising by 10%, in the south,

the price has reached 2,030 euros / sqm, with a slight

increase compared to 2018.

Baix Llobregat Norte

The residential offer in the north is competitive, allowing

access to single-family houses in residential environ-

ments surrounded by vegetation, as well as high-quality

fl or semi-detached houses in small towns.

The single-family homes of 200 sqm or more and four

rooms attract the highest demand in the area, with Valli-

rana, Corbera de Llobregat and Cervelló the most popu-

lar locations. They off the possibility of living close

to Barcelona and with good transport. Most of the buyers

are Spanish people looking to acquire their primary

residence, although the increase in the presence of inter-

national clients stands out, rising from 5% in 2018 to

12% last year.

Property Prices in Baix Llobregat Norte


Baix Llobregat Sur

The type of in-demand property is three to four bedroom

117 sqm flats in Molins de Rei, to the five or six bedroom

houses of 200-300sqm in Sant Boi de Llobregat, Caste-

lldefels and Gavà. In Molins de Rei, the average cost of

a fl is 300,000 euros and the cost of the houses is

607,000 euros.

The municipalities in greatest demand are Molins de Rei,

Castelldefels (Pineda, Bellamar, Montemar and Poal),

Gavà Mar, Sant Boi de Llobregat (Marianao), Cornellà,

Viladecans and the municipality of Begues, where there

is a lot of internal demand from within the municipality

itself. It is important to highlight that many of the pro-

perties in the prime areas of Gavà Mar and Castelldefels,

have undergone overvaluation.

The most popular areas are in front of the beach , with

houses located in Gavà and Castelldefels, off views

of the sea. 88% of the buyers are Spanish citizens, and

in recent months there has been an increase in Russian

customers.

Property Prices in Baix Llobregat Sur



Molins de Rei 1.450 4.035 2.120

Sant Boi, Castelldefels, Gavà, Begues, Santa Coloma de Cervelló 1.450 3.710 1.960


Martorell, La Palma de Cervelló, Sant Andreu de la Barca 1.340 2.200 1.620

Corbera, Pallejà 1.165 1.920 1.400

Vallirana, Cervelló 1.280 1.840 1.470


Sant Just

These municipalities, part of metropolitan,

share two traits that attract real estate clients: their great

transport connection to the airport, and the location of

international schools within the vicinity.

Two diff price trends took place in 2019: a slight

growth lasting until the summer, which then gave way to

a decline at the end of the year, resulting in stabilized

housing costs in the area.

Prices range from a maximum of 5,000 euros / sqm in

the centre of Sant Just and Ciudad Diagonal de Esplugues,

to a minimum of 2,500 euros / sqm in Sant Feliu de

Llobregat. Forecasts indicate that the market will remain

stable this year, although there could be a drop in prices

of less than 5%.

Semi-detached 250 sqm houses and single-family homes

between 300 sqm and 400 sqm are the most sought-after

properties in Sant Just Desvern and Esplugues, while

fl of 100 to 150 sqm claim the highest demand in Sant

Joan Despí and Sant Feliu.

Price of housing in Sant Just, Esplugues,

Sant Joan Despí and Sant Feliu de Llobregat



Esplugues: Ciudad Diagonal

3.700 5.000 4.100

Esplugues: La Mallola 3.000 3.600 3.200

Esplugues: Centro 2.800 4.000 3.200

Sant Just Desvern: Centro

3.000

5.000

3.800

Sant Joan Despí 2.600 3.800 2.900

Sant Feliu de Llobregat 2.500 3.700 2.800

Rentals

The price of housing for rent shifted in 2019 between

2,000 and 2,500 euros, an amount similar to that recorded

in 2018. As in the sales market, you fi the most expen-

sive properties in Esplugues and Sant Just Desvern, which

are 15-20% more expensive than those in Sant Joan Despí

and Sant Feliu. Also, regarding the cost of rent, there was

a slight increase which lasted until summer, but it was

compensated by the decrease seen at the end of the year.


Garraf

Sitges

The average time to sell a property in Sitges is six months,

which is hardly a change from 2017 and 2018. While last

year the average price of seafront properties stood at 6,800

euros / sqm, in the centre it was 4,400 euros / sqm. The

housing typology in highest demand are apartments

between 70 and 90 sqm, with three bedrooms. Parellades

street is the most popular area in Centro, where buyers are

mainly singles looking for a primary residence (40%) , a

second residence (40%), or an investment (20%).

The biggest drop in prices was recorded by Terramar, a

4.5% decrease compared to Vinyet's invariance, which

remained at 5,500 euros/sqm. In these districts buyers

mainly seek medium and large houses between 200 and

250 sqm, with four to five bedrooms.

Families comprise the main demand for a second home

near the promenade, like in Vinyet, where they appreciate

its proximity to the sea, and in Terramar, which is distin-

guished by its tranquillity.

While the sellers are only 20% international, most buyers

in Sitges are foreigners looking for apartments, with the

French accounting for 20% of the demand, and the

English carrying out 15% of the transactions. The Dutch

sign for 10% of the purchases and Americans for 10%,

both demand large houses, although Americans also opt

for apartments. Belgians, Germans and citizens of Eastern

countries account for 30% of the demand.

Property Prices in Sitges


Rentals

Rent in Sitges has remained unchanged at 13.5 euros/

qm. The most attractive type of housing to rent is an

apartment of 110 sqm and three rooms. The in-demand

areas are Vinyet and Terramar, both of which are close

to the town and the sea. 65% of the tenants are foreig-

ners, many of them French, and 75% of the landlords

are also foreigners. Properties are sought-after in equal

parts, both as a primary residence and as a second home.

Price of rent in Sitges



Sitges 12 16 13,5


Primera línea 6.000 8.500 6.800

Vinyet 5.000 7.000 5.500

Terramar 4.900 6.800 5.250

Centro 3.800 4.800 4.400


Bages and Anoia

Bages and Anoia are located in the centre of Catalonia.

This territory has a long history of real estate operations,

due to its important urban centres perfectly connected to

the A2 and C16 roads. Bages has its capital in Manresa

and Anoia in Igualada.

Both are popular places to live when it comes to buying

a home. These residential areas present an attractive and

varied offer to small and big investors, and also to buyers

not interested in living in Barcelona.

Prices for properties reached 1,340 euros / sqm last year,

with an increase in line with the rest of Barcelona's peri-

phery. The most requested properties are single-family

and terraced houses with 200 sqm or more, and three to

four bedrooms.

90% of the buyers are from Spain, a percentage which

has fallen by five points with regards to 2018, and all

purchases went for a primary residence.

Property Prices in Bages and Anoia



Igualada 1.080 1.660 1.410

Manresa 980 1.590 1.255


Costa Brava

Cadaqués

Empuria Brava

Roses

Gerona

Costa

Brava Sur

Costa Brava


Cadaqués

With a population of almost 3,000 inhabitants, Cadaqués

is the easternmost town on the Iberian Peninsula, belon-

ging to the Alt Empordà region. An exclusive bohemian

enclave, its economy is based on tourism. The proximity

it enjoys to Barcelona and France makes the town a very

popular place for second-home buyers.

The Cadaqués real estate market experienced a quiet

year in 2019, but is looking forward to the prospect of

increased activity in 2020. Properties reached the

highest price with maximums of 10,000 euros/sqm,

which do not constitute a major change compared to

2018. In this exclusive area, buyers seek houses of 170

sqm, with three bedrooms, located close to the centre,

with great view of the sea and lots of charm. 90% of

the buyers are foreigners, but in recent months there we

have seen an increase in French clients.

Apartments and houses represent the most sought-after

properties in the centre overlooking the village. Buyers,

mainly families, want three-room apartments with a sur-

face area between 70 and 100 sqm, while those interested

in houses want a surface area ranging between 120 sqm

and 220 sqm, also with three rooms. Families make the

most purchases.

Property Prices in Cadaqués


Costa Brava


Primera Línea 4.000 10.000 7.000

Centro 2.500 4.900 3.700

Port Lligat/ Parque Natural 3.500 7.400 5.450

2.750 3.550 3.150

Caials 2.000 3.350 2.675

Sa Conca/Es Quers 2.500 8.000 5.250

Poblaciones no Costeras 899 1.598 1.248


Peralada - Figueres

The region of Alt Empordà, bordering France, is one of

the most touristic areas in northern Catalonia. The local

economy is based on both tourism and winemaking, and

apart from the coastal towns with high demand for real

estate, the quiet and charming inland villages are sought

by those wanting privacy. The property demand goes for

country houses and farmhouses.

Figueres, the capital of the region, is the cheapest area

covered by Engel & Völkers, where one can buy a house

within the region of Alt Empordà. The properties with

more demand are fl from 60 to 200 sqm distributed

among two to five rooms. Buyers want to make an invest-

ment with their property purchases. Clients are divided

equally between middle-aged Spaniards and foreigners.

Located 9 kilometres away from Figueres, in Navata, the

popular housing typology in the Torremirona and Peralada

Golf communities consists of 200 sqm villas with three to

five bedrooms. Both exclusive areas are sought by golf

lovers. In peralada Gold, 100% of the buyers are 45 to 70

year old French citizens, while in Torremirona the demand

is divided equally between Spanish and foreigners.

In the town known as Peralada, buyers primarily seek

fl but also townhouses from 60 to 250 sqm with two

to five rooms, whereas in the outskirts both villas and

fl claim the demand.

Property Prices in Peralada y Alto Ampurdán



Peralada 1.500 2.000 1.750

Torremirona Golf 1.500 2.000 1.750

Alrededores 2.000 2.500 2.250

Alto Ampurdán centro y norte 750 1.400 1.075

Figueres 600 1.000 800


Roses

This municipality is one of the most touristic in the region

of Alt Empordà. It claims the most renowned fishing port

on the north coast of Catalonia.

The buyer profile is composed of foreign citizens, who

account for 95% of the acquisitions. The majority are 45

to 75 year old clients looking for single-family homes with

a surface area between 100 and 120 sqm, along with plots

of up to 500 sqm. A noticeable decline in demand from

the French, German and English was registered last year.

Almadrava, Roses Puerto and Pau claim the highest pri-

ces, with a maximum of 2,500 euros/sqm, an amount

lower than those reached in previous years. The fi of

these areas, located four kilometres from town, is on the

beachfront. Its most sought-after properties are two-room

60 sqm fl and three-room 200 sqm villas. While in both

Roses Puerto and Pau, the properties sought are large

villas, the reasons for this preference differs in each area.

In the former, buyers value the proximity of the

marina, the promenade and the shops , reached in just a

few minutes, whereas in Pau, clients appreciate the great

views and the privacy.

Property Prices in Roses



Roses Pueblo 1.000 2.000 1.500

Mas Busca 1.000 1.500 1.250

Almadrava 2.000 2.500 2.250

Puig Rom 1.500 2.000 1.750

Canyelles 1.500 2.000 1.750

Roses Puerto 2.000 2.500 2.250

Palau Savardera 1.500 2.000 1.750

Pau 2.000 2.500 2.250

Santa Margarita 1.500 2.000 1.750

Mas Fumats 1.500 2.000 1.750


Empuriabrava

Surrounded by the Marismas del Ampurdán Natural

Park, Empuriabrava stands out as the largest residential

marina in Europe. It off more than 30 kilometres of

navigable channels, allowing one to have a mooring in

front of their home.

The average price of real estate in Empuriabrava reached

2,615 euros/sqm in 2019, an increase of almost 15% over

the previous year, although prices ranged considerably

according to the location.

The profile of the buyer is made up of middle-aged entre-

preneurs, 90% of whom are foreigners, mostly French,

German and Belgian families. In recent months there has

been an upturn in demand from German buyers. The

sellers, also foreigners for the most part, upon taking the

generational leap, wish to get rid of their house to fi a

larger or smaller one.

The most demanded property typology is a house with

great views, access to the canal, 500 sqm of land, and

200 sqm distributed throughout four rooms. Houses offe-

ring views of or direct access to the canal or sea claim

the highest demand. 60% of the buyers seek a second

home while 30% are buying to invest.

Property Prices in Empuriabrava



Canal ancho 2.700 4.000 3.300

Canal estrecho 2.300 3.600 3.000

Anteriores a los puentes 3.600 5.500 4.400

Sin canal ni amarre 2.000 2.900 2.400

Castelló d´Empuries 800 1.600 950


Costa Brava Sur

Only one hour away from Barcelona, and 20 minutes

from Girona, the southern Costa Brava holds some of the

most touristy areas on the Catalan coast. It also off a

rich interior where the Montseny and Les Guilleries natio-

nal parks represent the main attractions.

On the coast you fi a wide range of property types and

prices depending on the location. In Blanes, Platja d'Aro,

Sant Feliu de Guixols and Palamós, where apartments

attract the most demand, buyers look for three bedroom

80 sqm homes located in the centre, or on the front line

with views of the sea, and next to the shopping centre.

In areas such as Lloret de Mar, Tossa de Mar, Mont-

seny-Guilleries, Selva Interior, Calonge and Baix

Empordà Interior, the demand goes to single-family four

to five bedroom houses between 300 and 400 sqm, whose

prices are much higher. In fact, in Platja d'Aro, a village

that stands out for its location near the sea and the main

transport axes, a maximum of 8,000 euros/sqm was regis-

tered in 2019.

Spanish and foreign families constitute the buyer profile,

the latter being the majority in Lloret de Mar (where the

presence of Americans has increased), Tossa del Mar,

Platja d'Aro, Sant Feliu de Guixols and Calonge. While

Spaniards opt for flats, foreigners want houses. The majo-

rity buy secondary residences, although those who buy

to invest account for 30% of the buyers in Lloret de Mar

and 20% in Platja d'Aro.

Property Prices in el sur de la Costa Brava



Lloret de Mar 1.200 4.500 2.700

Tossa de Mar 1.500 5.000 3.000

Blanes 1.200 4.500 2.400

Montseny 800 2.200 1.300

Selva interior 600 1.800 1.200

Platja d'Aro 1.800 8.000 3.500

Sant Feliu de Guixols 1.200 4.500 2.800

Calonge 1.200 4.000 2.200

Palamós 1.500 4.500 2.800

Baix Empordà interior 1.200 3.000 2.500


Tarragona

Tarragona

Tarragona

Tarragona


Tarragona

134.515

30.117 €

24.340 €

1.734 €/m²

+1 %



Disposable Income

Average Price 2019


Located on the shores of the Mediterranean, in the heart

of the Costa Daurada, Tarragona is a tourist attraction, but

also a World Heritage Site, as declared by UNESCO for

its archaeological ensemble called Tarraco. In 2019 the

average price of the properties in the city moved within

the range of the highest amounts of 2,208 euros/sqm in La

Mora-Tamarit, and 1,432 euro/sqm in Barris Marítims.

Located at 11 km from the city of Tarragona, La Mora-Ta-

marit is distinguished for being a residential area of single-fa-

mily homes. The most sought-after property in this neigh-

bourhood is a 200 sqm house in Tamarit, with the bulk of the

demand coming from families (58% Spanish) looking for

their second home. In 2019, the average price fell by 8.6%.

In Eixample, Rambla Nova is the most popular area for

buying a house, right in the heart of the city. The average

price in this district increased by 4.27% in 2019 to 1,874

euros/sqm. The most popular properties are 120 sqm flats

with three to four bedrooms, sought by families, midd-

le-aged couples and young people. 85% of the buyers are

Spanish and 80% want to establish their primary residence.

The properties requested in this area vary from flats to

houses to be renovated, including penthouses. Buyers want

100 sqm homes with three to four bedrooms. Most of the

buyers are young people, 65% of whom are Spanish citi-

zens looking for their primary residence. The average price

increased in this area by 18.6% to 1,820 euros/sqm.

The most requested locations in the Urbanisations of Lle-

vant are the neighbourhoods overlooking the sea. Families

with children, in 71% of the cases involving Spaniards,

represent the main demand for housing with an area of

about 150 sqm and a minimum of four bedrooms. The

average cost of the properties here reached 1,776 euros/

sqm in 2019.

Finally, the maritime neighborhoods in Fonts del Serrallo

claim the most coveted territory, where buyers seek 100

sqm apartments with three to four rooms. Most clients are

couples and 84% are Spanish. In the last year, the average

price has increased by 5.5%.

Property Prices in Tarragona


Tarragona


Parte Alta 1.667 2.679 1.820

Eixample 1.165 2.385 1.794

Urb. Llevant 960 2.815 1.776

La Mora - Tamarit 1.920 2.405 2.208

Barris Marítims 940 2.145 1.432


Catalan Pyrenees

Cerdaña

Catalonia

Cerdanya


Cerdanya

Surrounded by the Catalan Pyrenees, the natural border

crossing between Catalonia, France and Andorra, the

Cerdanya Valley has excellent transport connections from

both Barcelona and Girona, making it the primary choice

for many Catalans in search of their second or third home.

The essential features of a property for sale in Cerdanya

are views of the valley and the mountains, as well as a

garden area. The demand in this region is entirely made

up of Spanish families.

The average price of second hand houses commercialized

by Engel & Völkers in Cerdanya was 2.100 euros/sqm

last year. The highest average cost was reached in Bolvir

at the Real Club de Golf Cerdanya, where it exceeded

4,000 euros/sqm.

Cerdanya is made up of 17 municipalities that can be

divided into five areas. The villages with the greatest real

estate activity are those equipped with all the necessary

services, such as Llívia, Puigcerdá, Bellver and Alp. Pri-

ces have remained stable in recent years.

Alp is a village in Cerdanya that is only 7 kilometres

away from the ski slopes of Masella and 12 kilometres

from La Molina. The most sought-after properties are

houses of 150 sqm, with a minimum of three rooms.

Nearby you have Soriguerola, which stands out for the

high demand of apartments on the ground floor with direct

access to the Golf de Fontanals. Another popular location

is Queixans. It is a village with a large child population

where buyers seek single-family homes of 170 sqm and

a minimum of three bedrooms.

The second territory comprises the municipality of Llívia,

which is in great demand for its family atmosphere, active

culture and diverse gastronomic off The most

demanded area is Camí d'Ur and Camí Ral, with its terra-

ced houses and private gardens. Buyers want single-fa-

mily houses of 150 sqm and three bedrooms.

Catalan Pyrenees


The municipality Puigcerdá is the capital of La Cer-

danya and the nerve centre of the region. The most

popular areas are Lake, Closa de l'Angel and the centre.

Services and commerce are the strong points.

Most requested properties are 125 sqm houses with a

minimum of three rooms.

La Solana is an area in Bolvir with one of the most popu-

lar municipalities, as it is a summer resort for well-to-do

middle-class Catalans. It is home to some of the main

residential developments in La Cerdanya, such as the

Real Club de Golf Cerdanya, Mas Sallent and La Corona.

The small village called El Remei also stands out, where

the few existing properties enjoy great tranquillity and

exclusivity. The buyer profi in this location seeks the

social life and prestige that comes with residing in this

area. The demand is focused on single-family houses

from 325 to 375 sqm with a minimum of five rooms, and

100% of all purchases are for secondary residences.

The fi territory is the closest to the municipality of

Bellver, the sub-region of Batlia. It is characterized by

small villages and isolated farmhouses. It is also one of

the largest areas of the region but with fewer tourist

crowds. Most of the clients who choose this area belong

to the middle or upper-middle class. The fashionable

areas are the El Pla and Tartera housing developments,

along with the small restored houses in the more quiet

isolated locations.

Property Prices in Cerdaña



Puigcerdá 1.650 2.500 2.050

Llívia 2.420 2.420 2.420

Prats, El Pla 2.540 2.540 2.540

Bellver 892 1.100 925

Bolvir, RCGC 3650 5.300 4.165

Bolvir, Corona 2.900 3.870 3.160

Bolvir, Pleta 2.150 3.500 2.785

Alp 1.480 2.930 1.670

Fontanals 1.760 2.270 2.243

Guils de Cerdaña 1.700 2.200 1.955


Valencian Community

Valencia

794.288

29.498 €

23.835 €

1.779 €/m²

+3 %



Disposable Income

Average Price 2019


Valencia is the third largest city in Spain after Madrid and

Barcelona. It has a relatively young population of 794,288

inhabitants, 15% of whom range from 15 to 29 years old,

and 30% from 30 to 49 years old. 83% of the population

works in the service sector, which is vital for the

economy. Industrial activity continues to be an important

base, with 11% of the population working at small and

medium enterprises involved in paper and graphic arts,

wood and furniture, metallic products, and footwear.

The decrease in both the real estate demand and in tou-

rism has been felt in the Valencian economy, which,

like the rest of the country, has been aff by Bre- xit.

However, foreign demand will continue to drive real

estate activity in the Valencian Community throu-

ghout 2020.

The latest data from the Spanish Association of Pro-

perty Registrars regarding the third quarter of 2019,

show a slight decrease by 0.63% in home sales carried

out in the Valencian province, amounting to 29,556

units. On the other hand, the Valencian Community

registered the greatest relative real estate activity, mea-

sured in the number of buying and selling per thousand

inhabitants, 3.83, as compared to the entire

average of 2.62 in the third quarter of the year. For the

city of Valencia, this ratio was 2.95, which placed it as

the eighth province in the country with the greatest rela-

tive real estate activity.

Data from the Spanish Association of Property Regis-

trars also underline the importance of foreign-purchased

homes in the Valencian Community. In the third quarter

of 2019, the region occupied second place, surpassing

the Canary Islands, behind only the Balearic Islands in

sales to foreigners, which accounted for nearly 26% of

all transactions.

The BBVA research service forecasts that the Commu-

nity's Gross Domestic Product (GDP) will close 2019

with a growth of 2% (above the national average fore-

cast) and 1.4% this year.

With regards to property prices, Tinsa data indicate that

the average cost of housing in the city of Turia recorded

a year-on-year growth of 8.4% in the third quarter of

last year, a fi more than 30% lower than the maximum

reached in 2007. However, the comparison of the

second half of the year with the fi does show some

containment in the rise in prices.

Tinsa places the average profi of renting a home

in Valencia at 4.4% for foreign families looking for a

second home.

Real Estate Market Trend · Valencian Community | 67

Districts of Valencia City


1.000

1.500

2.000

2.500

3.000

3.500

4.000

4.500

5.000

5.500

6.000 - - - - - - - - - - -

1.500 2.000 2.500 3.000 3.500 4.000 4.500 5.000 5.500 6.000 6.500

Camins al Grau 3.035 Poblats Marítims 2.045 La Saïdia 1.650

2.960 Quatre Carreres 2.035 1.590

El Pla del Real 2.690 Extramurs 1.955 Rascanya 1.465

Ciutat Vella 2.605 Patraix 1.845 Jesús 1.280

Benimaclet 2.395 Benicalap 1.740

Campanar 2.365 Algirós 1.705

El Pla del Real Ciutat Vella

Poblats

Camins al Grau

Quatre Carreres

Pobles del Sud


The city of Valencia is distributed among 19 administra-

tive districts, which are in turn subdivided into 89 neigh-

bourhoods and smaller districts. Engel & Völkers covers

the best locations in the capital and the province, grou-

ping them into three large areas: the Centre, made up of

Ciutat Vella, Eixample, Extramurs and La Saïdia; the

Beach, made up of Pla del Real, Ciudad de las Artes y las

Ciencias, Patacona, Malvarrosa, Alboraya, Puig, El Saler

as well as municipalities Puzol and Cullera, among others;

and the Surroundings, comprised of Paterna, Rocafort,

Godella, El Vedat, Bosque, La Eliana and Betera.

Centre

The Centre remains one of the most sought-after areas in

the city. However, in 2019 we observed two clearly distinc-

tive shifts: one coincides with the fi half of the year, where

prices rose by 28%, to give way to a second half of sharp

declines in which the market digested the previous excesses.

At the end of the year, the average price of a property in this

area reached 2,248 euros / sqm, which represents a 9.21%

decrease compared to the previous year.

The neighbourhoods with the highest demand are Ruzafa

and Arrancapins. The former, located in the Eixample dis-

trict, the most fashionable and exclusive area of Valencia,

is very attractive to housing investors and foreign buyers.

Arrancapins, on the other hand, located in the Extramurs

district, is characterised by being an upper-middle class

neighbourhood where prices are more competitive than in

the Eixample.

The maximum cost of a house in the Centre, which reaches

5,081 euros / sqm, is easily found in Pla del Remei, a

district part of the Eixample. However, the highest average

price of 3,758 euros / sqm, is registered in El Mercat,

which belongs to the Ciutat Vella district. The most affor-

dable prices are in Sant Francesc and Extramurs.

The property in highest demand is a 135 sqm apartment

with three bedrooms. The profile of the buyer is a Spanish

family, although foreign clients account for 30.8% of all

operations carried out in the area, with a greater presence

of Mexicans last year.

62% of those interested in buying a house in the centre of

Valencia want to acquire their main residence, while 27%

are looking for a second home, and only 12% are making

an investment. The profile of the seller is primarily made

up of Spanish families, compared to the 10.6% of inter-

national sellers, among which the British stand out. Last

year, Engel & Völkers carried out 25% more Golden Visa

transactions in this area.

Property Prices in el Centre



Gran Vía 2.030 3.991 3.016

Pla del Remei 2.907 5.081 3.568

Ruzafa 1.367 3.125 2.300

El Pilar 2.368 2.699 2.487

El Carmen 1.986 3.031 2.481

La Seu 1.465 3.077 2.208

El Mercat 3.494 4.022 3.758

La Xerea 2.857 3.296 3.077

Sant Francesc 1.350 1.816 1.621

Extramurs 1.563 2.514 1.956


Alameda - Costa

The city's largest and most heterogeneous district off

a wide range of properties, from beachfront apartments

and houses to flats near the city centre. The average price

of housing in this area closed the year at 2,088 euros/

sqm, a 2.9% decrease compared to 2018.

The most popular property is a 154 sqm apartment with

three bedrooms. 58% of the purchases are for a main

residence, 30% for a second residence, and only 12%

constitute an investment. The demand comes mostly from

families, 34% of which are foreigners, primarily Mexi-

cans and Venezuelans.

Regarding the most sought-after type of dwelling by

nationality, it is worth noting that fl are in the highest

demand from Spaniards (68.5%), followed by French

(9.3%) and Russians (4%). With a marked presence of

domestic buyers, Spaniards were also those who reques-

ted the most houses (64%), although the French accoun-

ted for 18% of the purchases of this property, followed

by Mexicans (9%) and Germans (9%).

The most attractive neighbourhood is Cabanyal, which

belongs to the Poblats Marítims district, an area in full

growth due to its remodelling, and which enjoys the par-

ticularity of being by the sea. The changes carried out

have made this area more cosmopolitan and urban. The

main buyers in Cabanyal are mainly investors, due to the

boom in demand for holiday and short-stay tourism,

which has led to a considerable increase in prices based

on profi .

Property Prices in Alameda-Costa



Albors, Algirós o La Vega Baixa 1.706 1.706 1.706

Pla Del Real, Ciudad De Las Ciencias o Patacona 2.019 5.130 2.732

Urbanizaciones de Alto Standing 2.500 3.500 2.800

Trinital, Orriols, Torrefiel, Ayora 1.467 1.703 1.585

Poblaciones de Costa Norte de Valencia 613 1.361 1.035

Poblaciones de Costa Sur de Valencia 1.370 2.595 1.887

Poblaciones no costeras 899 1.598 1.248


Around Valencia

This extensive territory in the interior of the province

off a wide range of properties which vary according

to the diff municipalities. The most demanded property

is a single-family house of about 240 sqm and three

bedrooms, with well-connected transport lines and mul-

tiple services.

68% of buyers in these neighbourhoods and municipalities

are Spanish citizens, compared to the 32% who are foreig-

ners, of which the French, Swiss and British seek houses

while the Chinese opt for flats. The latter buy their homes

via Hong Kong because of limited capital outflows.

These are the exact areas around the city where Engel &

Völkers Valencia carried out the most Golden Visa ope-

rations in 2019, practically doubling the amount from

the previous year.

The wide range of prices present in this area goes from

an average of 1,330 euros/sqm in Alzira, to 2,567 euros/

sqm in Nou Campanar. However, the average price of a

house remained virtually unchanged in 2019 compared

to the previous year, standing at 1,325 euros/sqm.

The most expensive and highly popular districts are Nou

Campanar and L'Eliana, in demand for their extensive

services and excellent transport connections. The fi

neighbourhood, close to the Turia River and Cabecera

Park, is a relatively new growing area within walking

distance of the airport, port and train station, as well as

the bypass that connects to the centre of Valencia.

L'Eliana, on the other hand, is 18 km from the capital

and only 15 km from the airport. It also has a large sho-

pping centre, El Osito, and extensive green areas.

Price of homes in Valencia’s surroundings



Nou Campanar 1.926 3.091 2.567

L'Eliana 1.727 2.715 2.287

Betera 655 2.459 2.095

Vedat-Torrent 1.257 2.106 1.640

Urb. El Bosque 1.387 2.123 1.985

Alzira 817 1.845 1.330

Godella 1.309 1.995 1.815

La Pobla de Vallbona 1.071 1.746 1.578

Mislata 1.215 2.134 1.550


Rentals

The rental market in Valencia is infl by the fact

that there is not enough supply for the existing demand.

The average price per square metre of fl to rent in the

city of Turia in 2019 was 10.6 euros, a 6% increase over

the previous year. However, there is a considerable range

of prices according to each area, from an average cost of

14.88 euros/sqm and 14.83 euros/sqm in Pla del Real and

Ciudad de las Ciencias, respectively, to the minimum of

5.69 euros/sqm registered in Betera.

The area with the most in-demand properties is Ruzafa,

located in the Eixample district. It is known for its color-

ful emblematic neighbourhoods, where you can fi

most traditional markets.

The prized apartment for rent off 100 sqm and holds

three bedrooms. The profi of the tenant is of families

looking for apartments, with a strong presence of foreig-

ners, while Spaniards constitute only 43% of the demand.

Among the foreigners, an increase in the arrival of Ame-

ricans stands out. They have gone from being the fourth

nationality looking for more homes to rent in 2018 to

taking fi place last year.

Price of rent in Valencia



Eixample 5,63 22,64 14,13

Ciudad de las Ciencias 6,33 23,33 14,83

Ciutat Vella 5,56 22,22 13,89

Pla del Real 5,09 24,67 14,88

Extramurs 5,93 22,62 14,27

Playa de Valencia 7,92 15,34 11,63

Betera (Mas Camarena - Torre Conill) 4,57 6,82 5,69

L'Eliana 7,14 7,14 7,14

Godella - Campolivar 5,33 8,00 6,67

Rocafort - Santa Bárbara 5,50 12,86 9,18


Castellón

Castellón

Peñíscola

Castellón Alcossebre

Oropesa

Benicasim

Castellón

Vila-Real

Burriana


Castellón

579.962

27.327 €

22.156 €

1.102 €/m²

-1 %



Disposable Income

Average Price 2019


Within only a few kilometres, the province of Castellón

offers the possibility of going from the sea - it has a 120

km long coast - to the mountains. In fact, it is the second

most mountainous province in the country. The service

sector carries great weight in the economy. It mainly entails

commercial activities, both wholesale and retail, as well

as the hotel and catering industries. Of course we

forget the importance of the tile industry in the province.

According to data from Engel & Völkers, the average price

of housing in Castellón last year reached 1,250 euros/sqm,

which is an 11% decrease compared to the previous year.

The most sought-after areas in the province's real estate

market are Peñíscola, Alcossebre, Burriana and Benica-

sim, all of them spread along the coast. You fi the

highest average cost in Benicasim, at around 1,930 euros/

sqm, its strong points including beautiful beaches and its

proximity to the capital. Vila-Real, on the other hand, is

where properties off the most aff , with an

average price below 1,000 euros/sqm.

The type of property in highest demand is a 140 sqm

single-family house with three bedrooms, which in 64%

of the cases is used as a second residence. Spanish fami-

lies, with a clear preference for a fl or apartment,

account for 64% of purchases compared to the 36% of

foreigners with a preference for single-family homes.

The seller's profile is mostly composed of singles, and in

71% of the cases they are Spanish. Among foreigners, an

increase in sales has been noted, led by Russian citizens.

Property Prices in Castellón


Castellón


Alcossebre 1.380 2.176 1.735

Benicasim 1.883 1.978 1.930

Burriana 740 895 799

Castellón - - 1.074

Oropesa - - 993

Vila-Real - - 848

Peñíscola 1.243 1.785 1.256


Rentals

The average price of a house to rent in Castellón reached

7.34 euros/sqm in 2019. The 80 sqm, three-bedroom apart-

ment is the most requested property for rent, and the area

with the highest demand is the centre of Castellón.

The profi is single, and 58% of time Spanish,

who is looking for both a fl and an apartment. Among

foreigners, there is a growing demand for rental housing

by Russian citizens. As for the landlords, they are all

Spanish families.

Price of rent in Castellón



Moncofar 3,59 6,71 3,6

Castellón 3,39 7,25 5,49

El Grao de Castellón 3,69 3,69 3,69

Benicasim 4,79 25,97 17,01


Costa Blanca

Alicante

Marina Alta

Marina Baja

Denia

Jávea

Benissa Moraira

Calpe

Alfaz del Pi

Benidorm

Alicante

Alicante


Alicante

1.858.653

26.673 €

21.818 €

1.513 €/m²

+6,2 %



Disposable Income

Average Price 2019


Alicante is the province with the highest relative Real

Estate activity in Spain. Good proof of this is the number

of sales per thousand inhabitants, a fi that reached

20.02, according to the latest report by the Spanish Asso-

ciation of Registrars.

combination of excellent infrastructure, gas-

tronomy, beaches and a superb climate, off enough

attractions to make the province one of the most popular

tourist destinations in Spain, and a place of residence for

all nationalities, including Germans, French, Belgians,

Swiss, Dutch and people from Scandinavian countries.

The most sought-after feature of a property in Alicante

is its view of the sea, which is why apartments with a

balcony and fl on the beachfront claim the highest

demand. The buyer profile is mostly Spanish families,

and only in the area of El Campello-Coveta does the

demand from foreigners exceed that of citizens. The

majority are looking for a second home with the excep-

tion of Vistahermosa, where 80% of the buyers intend to

acquire their primary residence.

In 2019, the highest average price was reached in Cabo

Huertas with a cost of 3,250 euros/sqm in 2019, an 3%

increase over the previous year. The most sought-after

property in this neighbourhood is a 300 sqm house with

three bedrooms, sea views and a garden. The cheapest

cost was in La Font, remaining unchanged since the pre-

vious year. In this neighbourhood the demand goes to

independent villas with their own garden, swimming pool

and good transport connections to the city.

Property Prices in Alicante


Costa Blanca


Centro 1.600 4.500 2.750

Casco Antiguo 1.875 2.790 2.000

Cabo Huertas 1.500 5.000 3.250

Alicante Golf 1.000 3.100 2.050

Playa San Juan 1.780 4.500 2.900

Vistahermosa 1.200 2.600 1.900

La Font 1.000 2.300 1.650

El Campello - Playas 1.000 3.900 2.575

El Campello - Coveta - La Nuza 1.500 3.000 2.250


Rentals

The dynamic behavior of rental market has

been stable in recent years. The average price underwent

some moderation and in 2019 a small variation was regis-

tered between between 8 and 11 euros /sqm.

As with the market for buying and selling, the most

expensive properties are located in Cabo Huertas, but

there is also a strong demand in very specific areas of the

city centre such as the Explanada de España and Avenida

Doctor Ramón y Cajal, where prices can reach 20 euros/

sqm. However, the highest cost does not usually exceed

15 euros/sqm except in the areas mentioned.

Price of rent in Alicante



Alicante Centro 8 15 11

Cabo Huertas 5 12 8

Alicante Golf 5 12 8

Playa San Juan 9 13 11

El Campello - Playas 5 12 8

El Campello - Coveta 5 12 8


Marina Alta

Denia

The kilometres of long beaches and the charm of the town

attract home buyers to Denia, where they seek great views

of the sea, peace and quiet, and an area with less crowds

than in other municipalities.

With a profi of mostly Spanish buyers, two areas stand

out where international customers account for 90% and

80% of purchases, namely La Sella Golf and Els

Poblets-El Verger, respectively. On the other hand, in

Pego and Montepego, although there is a German colony,

and it is very popular among European retirees, there is

also a high percentage of Spanish buyers looking for 200

sqm villas with three bedrooms and views of the sea.

The urban centre is, however, where the Spanish prefer

to make their purchases and live all year round. They are

looking for a village house or a 100 sqm fl with three

bedrooms, and value having public services nearby.

Property Prices in Denia



Centro Urbano 1.800 2.300 2.050

Las Marinas 1.560 2.500 2.030

Las Rotas 2.500 3.000 2.750

Montgó 1.600 1.800 1.750

Els Poblets-El Verger 1.250 1.600 1.425

La Sella Golf 1.950 2.100 2.025

Ondara-Beniarbeig 1.000 1.100 1.050

Pedreguer 1.300 1.600 1.450

Pego-Montepego 1.500 1.800 1.650


Jávea

Located between Denia and Moraira, on the northern

coast of the Marina Alta, Jávea stands out not only for

its historical centre but also for its mountainous topogra-

phy. Unlike nearby fl towns, Jávea is home to El

Montgó, the most outstanding mountain peak in the

region with an altitude of more than 750 metres. You also

have the bay stretching between Cabo San

Antonio and Cabo Prim.

Housing prices in Jávea have risen by an average of 3%

in 2019 to almost 4,000 euros/sqm in residential develo-

pments such as Montañar II near Arenal Beach, where

maximum costs reached 5,200 euros/sqm, making it the

most expensive area in the municipality.

On the contrary, the lowest prices are registered in the

village or the port, where you can fi apartments for

1.500 euros/sqm, a housing typology not as commonly

requested in Jávea, where large villas with between 300

and 600 sqm usually attract the highest demand.

Property Prices in Jávea



Balcón al Mar/ Costa Nova/Portixol 2.800 4.700 3.600

Javea Golf 1.900 2.700 2.300

La Corona/Puchol/ San Antonio 2.370 4.250 3.300

Montañar 1/Via Augusta/El Arenal 2.300 3.300 2.800

Montañar 2 3.500 5.200 3.990

Pueblo/Puerto 1.500 2.000 1.800

Tosalet/Cap Martí/ Adsubia 1.780 3.225 2.300

Montgó 1.890 2.850 2.090


Calpe, Benissa and Moraira

Located in the Marina Alta, in the northern part of Ali-

cante, these municipalities in the province facing the

Balearic Islands, off a stunning landscape combining

mountains and stunning beaches. The most sought-after

properties are 200 to 350 sqm houses with three to four

bedrooms, with prices varying from one municipality

to the next.

In Calpe the price increased by 6% in the last year to

1.926 euros/sqm. Its most sought-after properties are

located in residential developments close to the city cen-

tre and offer views of the sea. 83% of the demand in Calpe

comes from foreign families, although the presence of

Polish people has recently grown. Most people are also

looking for a second home (67%), compared to those

looking for their primary residence (17%). The profi

of the seller is 67% foreign families, with an increase in

sales by Swedes.

Benissa is divided into two areas, inland and coastal. In

both areas the demand and supply is made up entirely of

foreign families. The highest average price is 3,088 euros/

sqm for homes close to areas with supermarkets or res-

taurants, distributed throughout different towns in the

surroundings. The tranquillity of a rural area is what

attracts people to the interior of Benissa, where 100% of

the buyers seek their main residence.

In Moraira, prices rose by 15% throughout 2019 and it

is where you fi the greatest demand for housing. In

fact, the most popular properties are 350 sqm houses in

residential developments close to the beach, off

views of the sea.

In Cumbre del Sol, a residential area within the commu-

nity of Benitachell, the most sought-after houses off

views of the sea in an area known for its tranquillity.

Foreign families looking for their permanent home com-

prise the entire demand in the area. An increase in appli-

cations from US citizens was registered in the last few

months of 2019.

Property Prices in

Calpe, Benissa and Moraira



Calpe 875 2.857 1.927

Benissa Interior - - 1.440

Benissa Costa - - 3.088

Moraira 1.637 3.609 2.490

Cumbre del Sol 2.125 2.359 2.267


Marina Baja

Benidorm

Considered the capital of the Costa Blanca, Benidorm is

the third city with the most hotel rooms in Spain, after

Madrid and Barcelona. It is a privileged place with a

microclimate attracting both Spaniards and foreigners.

The main real estate market can be divided into three

main areas: Playa de Levante, Poniente and Rincón de

Loix.

The highest prices reached in Playa de Poniente have an

average cost of 2,900 euros/sqm, which can climb to a

cost of 4,500 euros/sqm. In the other two areas the ave-

rage price stands at 2,400 euros/sqm.

On the beaches, the most demanded housing typology

are apartments between 90 and 120 sqm with two or three

bedrooms, preferably penthouses. In Rincón de Loix, the

demand goes for villas of 250 sqm and four bedrooms.

In this area, in-demand properties are located in prime

developments within a quiet residential environment

well-connected to the city centre.

Over the past year, the city has seen a notable increase

in Russian buyers. Also noteworthy has been the fact that

95% of the buyers do not require fi to make their

purchases.

Property Prices in Benidorm



Playa de Levante 1.600 4.000 2.400

Rincón de Loix 1.400 3.600 2.400

Playa de Poniente 1.700 4.500 2.900


Finestrat and Villajoyosa

In the surroundings of bustling Benidorm, an inland

village called Finestrat off four well-diff

areas in less than 10 kilometres. From the beach of La

Cala to the more than 1,000 metres of altitude in Puig

Campana, you fi the town and its commercial boule-

vard. This window to the sea, as its name indicates, is

one of the villages in Alicante with the smallest popula-

tion . It is a quiet area where the 170 sqm three-bedroom

houses are in highest demand, mainly in Sierra Cortina

thanks to the new builds.

The buyer profi is notably familial and foreign. 70%

of villa acquisitions are made by international clients,

led by Benelux nationalities, but with a signifi

increase of Russians registered last year. The remaining

30% are Spanish.

40% of buyers want a second home, 35% a primary

residence, and 25% are making their purchase as an

investment.

For its part, Villajoyosa is the municipality where most

investment properties are purchased, accounting for 40%

of all sales. It also has the highest proportion of foreign

buyers, 80%, led by Scandinavians who prefer apartments.

In this coastal town known for its colorful houses and

rich historical heritage, the type of house claiming the

highest demand is a two-bedroom 100 sqm apartment,

even more so if it is a penthouse, and if its location is on

the beachfront. Prices for such properties are similar to

those found in the interior of Finestrat, with maximum

amounts reaching 3,300 euros/sqm, although the average

cost can drop to 2,350 euros/sqm.

Alfaz del Pi

Located 49 km away from Alicante city, the municipa-

lity Alfaz del Pi bases its economy on tourism, and it

is distinguished by a large population of foreigners. In

fact, 80% of the real estate demand is made up of

foreign buyers, with a noteworthy arrival of Belgians

in the last year.

Two types of properties comprise the main market in the

area. On the one hand, you get individual homes with an

average age of 10 years, a surface area ranging between

150 and 250 sqm, and plots between 800 sqm and 1,000

sqm. On the other hand, you fi two or three bedroom

apartments between 65 and 80sqm, with an average age

of 15 years. Purchases of the fi type are for a primary

residence, while the second type is for holiday rentals.

Property Prices in Alfaz del Pi


Property Prices in Finestrat and Villajoyosa



Villajoyosa 1.200 3.300 2.350

Finestrat 1.600 3.300 2.250


Playa del Albir 2.300 2.800 2.500

Alfaz del Pi 1.600 2.000 1.800

La Nucia 1.200 1.800 1.600

Polop 1.500 2.100 1.700


Andalucía - Costa del Sol

Málaga

Málaga

Milla de Oro

Puerto Banús

Mijas

Marbella

Estepona

Costa del Sol

Real Estate Market Trend · Andalucía - Costa del Sol | 85

Málaga

1.661.785

23.248 €

19.479 €

2.213 €/m²

+4,1 %



Disposable Income

Average Price 2019


The capital of the Costa del Sol holds one of the most

important Real Estate markets in the country. Its wide

cultural offer, constant innovation, strong business

network and solid infrastructure have made Malaga the

target of many investors.

In a market where foreigners already account for 25%

of purchases, in 2019 prices reached an average of

nearly 4,000 euros/sqm in areas such as La Malagueta

and the centre, both of which represent the most sou-

ght-after areas of the city, as they even exceed the 3,000

euros/sqm seen in areas like El Limonar and Pedrega-

lejo, in the eastern part of Malaga. The massive arrival

of the international investor in search of a second home,

together with the exclusive new construction projects,

has driven the maximum price throughout the centre to

8,000 euros/sqm.

Both the historical centre and the beachfront are still

suff from a mismatch between supply and demand, due

to the scarcity of land, which means that prices con-

tinue to rise in the most popular areas.

Andalucía - Costa del Sol


Although price growth is observed throughout the city

and forecasts for 2020 point to a more moderate increase

in both prices and volume of transactions, there are still

areas with properties costing around 2,500 euros/sqm,

such as Cerrado de Calderón or Palo.

The most demanded housing typology in Malaga is split

according to the buyer's nationality. While foreigners

prefer penthouses, apartments with balconies, and deta-

ched houses, Spaniards choose flats and terraced houses,

with a special preference for new properties. Among

foreigners, it is worth noting that there is no one natio-

nality that stands out, but you do see a greater number

of Scandinavian, Dutch, Belgian, French, English, Irish

and German buyers than Iranians, Swiss or Americans.

Property Prices in Málaga


Rentals

The rental market remains in good shape with supply far

below demand, leading to an average price increase of

10% in 2019.

The average price of a house to rent already exceeds 10

euros/sqm in almost all areas of the city, to the point that

it can reach 18 to 20 euros / sqm in the historic centre,

La Malagueta and Limonar.

The rental market has also sparked a lot of interest among

international customers, taking up more and more of the

market share.

Price of rent in Málaga



Oeste 1.800 8.000 2.700

Centro histórico / Soho 3.000 8.000 4.000

Malagueta 3.000 8.000 3.900

Limonar 2.200 6.000 3.300

Cerrado de Calderón 2.000 4.000 2.600

Pedregalejo 2.200 5.000 3.000

Pinares de San Antón / Candado / Palo 1.800 4.000 2.100


Oeste 7 17 11

Centro histórico / Soho 9 18 13

Malagueta 9 20 11

Limonar 9 18 12

Cerrado de Calderón 8 12 11

Pedregalejo 8 15 12

Pinares de San Antón / Candado / Palo 7 15 10


Mijas

The location of Mijas at the foot of the Sierra Blanca

mountain range grants privileged views of the Medite-

rranean Sea, which are highly valued by customers loo-

king for housing in the municipality, mainly foreigners.

International buyers account for 65% of the sales tran-

sactions closed in 2019 by Engel & Völkers, compared

to 35% of Spaniards.

Over the last year, the average price has risen by just over

5% to 2,222 euros/sqm, shooting up to a peak of almost

7,000 euros/sqm.

The growing demand along the 14 kilometres of the muni-

coastline, has already triggered prices to peaks

of over 15,000 euros/sqm in areas such as Chaparral - El

Faro, followed by Calahonda or Cala de Mijas, where

they reach maximums of 12,000 and 10,500 euros/sqm,

respectively.

You can divide the most sought-after type of housing into

two groups. On the one hand, you have two-bedroom

apartments, and, on the other, three-bedroom single-fa-

mily homes with more than 100 sqm, in great demand

among foreigners and Spanish families.

Property Prices in Mijas



Calahonda 822 12.092 2.122

Riviera del Sol 780 6.786 1.878

La Cala de Mijas 776 10.571 2.538

Chaparral - El Faro 625 15.556 2.630

Cerrado del Aguila 423 4.468 2.011

Campo Mijas 344 9.032 1.689

Mijas Pueblo 518 6.923 2.222

Mijas Golf 781 6.667 1.896


Marbella

Synonymous with luxury, and undoubtedly the top holi-

day destination on the Costa del Sol, Marbella has once

again reemerged as a Real Estate investment for both

international and national clients. It is the most popular

and prestigious destination chosen by Northern European

clients as their second home.

The variety of housing typology offered oscillates within

a wide range of prices, allowing us to divide the popular

Andalusian tourist city into diff areas:

West Marbella – Puerto Banús

The western part of Marbella, with Puerto Banús at the

head, is one of the most sought-after areas in Costa del

Sol, off renowned developments such as Nueva

Andalucía and La Zagaleta. 70% of the buyers in these

two areas are foreigners, with an increase in those

coming from Northern Europe. Nueva Andalucía and

La Quinta are areas coveted by golfers, among which

British and Scandinavians stand out. In La Zagaleta,

Country Club with the highest prestige, the

aforementioned nationalities are joined by Germans,

French, Belgians and Russians. In Puerto Banús, howe-

ver, the demand from Arabs and Spaniards is higher.

The most demanded type of housing are 50 sqm to 1,000

sqm single-family villas close to golf courses and with

a view of the sea. In Puerto Banús, La Quinta and San

Pedro, the sought-after property is an apartment with

surface areas ranging 140 and 160 sqm, distributed over

two bedrooms.

Property Prices in

Marbella Oeste - Puerto Banús



Benahavis 2.045 4.182 3.441

Guadalmina 4.125 9.157 5.684

La Alquería 2.708 3.027 2.850

La Quinta 2.784 3.690 3.339

La Zagaleta 3.517 6.250 4.450

Los Flamingos Golf 3.322 4.625 3.500

Nueva Andalucía 2.446 9.495 4.846

Puerto Banús 5.958 8.449 4.464

San Pedro Playa 2.647 3.022 3.296


East Marbella

Los Monteros, Rio Real Playa and the residential deve-

lopments Las Chapas and Marbesa continue to be the

most exclusively demanded areas in eastern Marbella. In

fact, although prices remained stable in 2019, the highest

average cost was recorded in Los Monteros at 6,500 euros

/ sqm, with peaks reaching 25,000 euros / sqm. In con-

trast, Cabopino claimed the cheapest price at an average

cost of 3,000 euros / sqm.

Milla de Oro

In the five kilometres of coastline known as the Golden

Mile, you fi the residential developments known as

Puente Romano, Sierra Blanca or Marbella Club, which

guarantee the buyers privacy, security and exclusivity.

The profile of the buyer mainly entails European families

looking for a second home, with a preference for modern

properties in gated communities. They seek especially

large villas in Sierra Blanca measuring up to 700 sqm,

and apartments of at least 120 sqm near the beach.

In Puente Romano, the most requested housing typology

is a 160 sqm apartment located in a resort with a wide

array of amenities and services. The area holds the highest

price in the Golden Mile, with an average cost of 12,000

euros / sqm.

East in-demand properties consist of newly

built villas off views of the sea, located next to the

beach. Most of the clients, both buyers and sellers, are

foreigners. The purpose of the purchase is to acquire a

second home, except in Marbesa and Rio Real Villas,

where 50% of purchases are investments.

Property Prices in la Milla de Oro


Property Prices in Marbella Este



Marbesa 3.000 7.000 4.000

Las Chapas 3.500 15.000 4.700

Río Real 2.500 10.000 3.750

Los Monteros 4.500 25.000 6.500

Bahía de Marbella 3.500 8.000 4.500

Elviria 2.000 7.950 3.500

Cabopino 2.500 5.000 3.000

El Rosario 2.000 5.700 4.000

Costabella 2.000 8.000 5.000


Puente Romano - - 12.000

Altos Reales 3.698 4.712 4.133

Cascada de Camoján 3.900 6.313 5.131

Lomas de Marbella Club - - 2.449

Marbella City 3.723 5.294 4.042

Marbella Hill Club 2.175 5.646 5.028

Sierra Blanca 4.500 8.000 6.500


Estepona

Known as The Garden of Costa del Sol , this munici-

pality boasts a renovated old town whose pedestriani-

zation started in 2011, and now totals 120 streets and

16 kilometres. This transformation has not gone unno-

ticed by private investors and home buyers.

Engel & clients are mainly families, 68%

foreign and 32% Spanish, except in the Estepona town

where local clients account for 55% of all purchases

compared to 45% of international buyers.

The strong demand for real estate in the municipality

drove prices in 2019 to grow by almost 15%. However,

areas such as the Estepona town, Playa Bahía Dorada

and Costa Natura, where double-digit growth was recor-

ded, contrast with areas such as Altos de Estepona,

Punta Plata and Selwo, where a decrease of between

7% and 2% occurred, in some cases due to oversupply.

The most popular housing types are, on the one hand,

two-bedroom apartments, and, on the other, three to

four bedroom houses of over 120 square metres, located

mainly in Selwo, Benamara and Atalaya.

Property Prices in Estepona



Altos de Estepona 821 8.569 2.151

Benamara - Atalaya 1.230 14.520 2.228

Costa Natura 952 9.850 2.097

Estepona Pueblo 789 4.502 2.052

Playa Bahia Dorada 985 5.879 2.052

Punta Plata 1.020 10.256 2.961

Seghers 1.340 9.546 2.610

Selwo 892 6.217 2.112


Northwest Spain

Galicia

Asturias

Castilla and León

Gijón

Oviedo

La Coruña Asturias Cantabria

Galicia Pontevedra

Vigo

Valladolid

Castilla and León

Real Estate Market Trend · Northwest Spain | 93

La Coruña

245.711

28.657 €

23.206 €

2.033 €/m²

+3,8 %



Disposable Income

Average Price 2019


Galicia's second largest city is made for taking long won-

derful walks. The city is unique for how the central area

intersects with the beaches, and how its surrounded by a

lovely promenade. La Coruña concentrates half of all

business wealth generated in the autonomous community.

Enterprises are closely linked to the fashion industry, and

the city also has one of the most important ports in Spain.

Here are the three areas covered by Engel & Völkers in

the city with the Tower of Hercules: Ensanche-centro,

Ciudad Vieja-Pescadería and Oleiros-alrededores, pre-

mium areas in La real estate sector, which com-

plement each other.

Ensanche is the area with the greatest projection for new

families with a high level of purchasing power who want

to live in the centre. Its location and multiple services are

its strengths. This area is also where the highest prices in

the city are reached, although the average cost of a house

in this district fell by 5.7% in 2019 to 2,450 euros / sqm.

The most demanded properties are apartments between

120 and 160 square metres, with four rooms. 70% are

looking for their primary residence and 20% for their

second home.

Galicia


The Old Town and Pescadería represent the Soho of La

Coruña. They have great appeal for young people who want

to live in a unique centrally-located neighbourhood. You

find a significant presence of investors who acquire their

property to rent out. You also have buyers with interests in

art and history, looking to live in a particularly unique buil-

ding. The properties with the highest demand are 100 sqm

three bedroom apartments. The average cost of a home in

this district was reduced by 4% to 2,200 euros / sqm.

In the middle of La bay and only 8 kilometres

from the city, Oleiros has become the residential town

par excellence. It mainly off developments with sin-

gle-family homes and communal facilities, which make

it attractive to families looking for peace and quiet. The

average price dropped in this area last year by 4% to

1,100 euros / sqm. The most requested properties are 250

sqm houses with four rooms, which in 90% of all pur-

chases are acquired as a permanent home.

Rentals

Average rental prices in the city of La Coruña range from

7 euros / sqm in the Old City, where the maximum prices

are close to 11 euros / sqm, to 5.5 euros / sqm in Oleiros.

The most requested properties to rent in Ensanche and

the Old City are apartments. In the former, you have

families looking for 100 sqm apartments with three

rooms, and in the latter, mainly singles requesting 65

sqm apartments with two rooms.

On the other hand, the demand for homes to rent in Olei-

ros is focused on single-family houses with 190 square

metres and four rooms, preferably in the central area.

Families make up most of the requests in this area.

Price of rent in La Coruña


Property Prices in La Coruña



Ensanche/Centro 1.900 3.800 2.450

Ciudad Vieja/ Pescadería 1.700 3.600 2.200

Oleiros/Alrededores 730 1.250 1.100


Ensanche 7,5 11 6

Ciudad Vieja 7 10,5 7

Oleiros 4 7 5,5


Vigo

295.364

26.636 €

21.858 €

1.921 €/m²

+6,8 %



Disposable Income

Average Price 2019


Vigo stands out for being the most populated city in Gali-

cia, with nearly 300,000 inhabitants, and for its marked

industrial character. According to data from Engel &

Völkers, the average price of housing in Vigo last year

was 2,900 euros / sqm, a figure that represents an increase

of 3.75% over the previous year. The most demanded

housing typology is an apartment with 100 square metres

and three rooms.

The most sought-after areas are Centro, Arenal, Casa-

blanca, Traviesas and Casco Vello. The profi of the

buyer is made up of either families or investors. 90% of

the demand comes from Spaniards and only 10% from

foreigners, which includes Germans, English and Chinese

who have been living in Spain for years. While domestic

buyers are looking for houses with three bedrooms and

a garage, foreigners opt for single-family homes or char-

ming apartments.

On the other hand, 100% of the sellers are Spanish,

mostly recently retired people who sell their houses on

the beach. 75% of the purchases are made to acquire a

primary residence, 20% are investments, and only 5%

are for a second home.

Engel & Völkers increased operations carried out in Vigo

by 30% and this year foresees an increase above 20%.


Baiona

Integrated in the metropolitan area of Vigo, Baiona is an

area offering tranquility, proximity to the beach, and great

public services, with the average price of properties at

1,600 euros / sqm last year, 7% more than in 2018.

The most requested properties are terraced houses with

more than 100 square metres, three bedrooms, and a gar-

den. Spanish families looking for a terraced house as a

regular residence represent the buyer profi in the area.

Nigrán

Located 10 kilometres away from Vigo and integrated in

its metropolitan area, Nigrán has excellent beaches, such

as Playa America, which is one of the busiest in the pro-

vince, or Paxón, among others. The average cost of a

property reached 2,300 euros / sqm in 2019.

A penthouse of more than 60 square metres and two

rooms is the most requested housing typology. All of the

demand comes from Spanish families looking for their

primary residence.

Rentals

The most valued property for rent in Vigo is located in the

central area. It is a flat with two or three bedrooms and an

area between 80 and 90 sqm. The profile of the tenant is

composed of both families and singles, 70% of whom are

Spanish. The price of rent in the central area increased by

5.2% in the past to an average of 10 euros / sqm.

The beaches and tranquility are the main attractions in

Alcabre-Oia-Coruxo-Saiáns, an exclusive area with

luxury villas. The property with the highest demand is a

four-bedroom 200 sqm house with a garden. The profi

of the tenant is of a family, but also football players. 30%

of the demand comes from foreigners. The rental price

remained stable in 2019 at around 9 euros / sqm.

The same trend happened in Nigrán and Baiona, where

the cost of rent remained at 8 euros / sqm. The beach is

the main attraction of these two locations, where there

is no demand from foreign buyers. While in Nigrán clients

seek 200 sqm houses with a garden and three or four

bedrooms, in Baiona apartments of 90 sqm with three

bedrooms claim the most requests.

Property Prices in Vigo, Baiona and Nigrán


Price of rent in Vigo, Baiona and Nigrán



Centro - Arenal 2.700 3.200 3.000

Casablanca 1.700 2.100 1.800

Traviesas 1.600 1.900 1.800

Venezuela/Plaza Elíptica 2.000 2.600 2.400

Casco Vello 1.900 2.600 2.300

Baiona 985 4.048 1.595

Nigrán 1.415 6.875 2.300


Centro de Vigo 8 15 10

Alcabre/Oia/ Coruxo/Saiáns 6 12 9

Baiona 6 11 8

Nigrán 6 11 8


Pontevedra

83.029

26.108 €

21.452 €

1.552 €/m²

+1,7 %



Disposable Income

Average Price 2019


Pontevedra stands out as one of the most comfortable

European cities to live in. In 1999, the city began a pro-

cess of transformation that has turned it into a world

reference for urban planning and sustainable mobility

policies. Most of the urban centre of Pontevedra is pedes-

trianised and the city boasts an absence of fatal car acci-

dents. This is facilitated by the fact that it is a compact

city of six square kilometres, the longest journey being

half an hour on foot, with almost all neighbourhoods only

a 15 minute walk from the centre.

According to data from Engel & Völkers, the average

price of a property in Pontevedra last year was 1,304

euros / sqm, 2% more than in 2018. The most demanded

type of housing is an apartment from 120 to 150 sqm

with two or three bedrooms. The most popular areas are

A Parda and the city centre, both in demand due to their

price, location and proximity to public services. Most of

the buyers are Spanish families and couples.


Poio

The same type of buyer profile is found in Poio, a town

distinguished by its almost 20 km of coastline. It off diff -

rent types of beaches, tranquility and good transport services.

The average cost of a property in this area underwent a strong

31% increase to 1,671 euros / sqm. The most demanded

property is the 100 sqm apartment with two bedrooms, and

the most requested locations are the Combarro and San Sal-

vador de Poio districts.

Sanxenxo

A large part of the attraction in the Sanxenxo municipa-

lity is the urban beach called Silgar. Prices in this area

registered a drop of 11% last year to 1,424 euros / sqm.

Buyers are looking for apartments of 70 to 80 square

metres with two or three bedrooms, with a central location

on Paseo Silgar because of its views. The demand here

is made up of families and investors, with 45% of home

purchases intended as an investment and 50% for a

second home.

Salnés and Morrazo

In Salnés and Morrazo, the demand comes from singles,

couples and investors. In Salnés, buyers look for apart-

ments located in Vilagarcía and Vilanova, ranging from

70 to 80 square metres and with two to three bedrooms.

In Morrazo, the most requested properties are fl and

houses from 80 to 200 square metres and with two to

four bedrooms. 20% of the demand in this town is made

up of foreigners looking for single-family homes.

Property Prices in Pontevedra


Rentals

Pontevedra off more aff average rental prices

than other big cities in the province despite having regis-

tered a 7% increase last year. In 2019, the average cost

was 5.6 euros / sqm, slightly below the 6 euros / sqm cost

found in Poio.

The demand for fl to rent in Pontevedra goes to apart-

ments between 70 and 80 sqm with two to three rooms.

While in the city the most requested area is the centre,

in the municipality of Poio the most sought after areas

are Combarro and San Salvador. In both Pontevedra and

Poio the demand comes from couples and singles.

Price of rent in Pontevedra y Poio



Pontevedra 906 2.564 1.304

Poio 1.419 1.923 1.671

Sanxenxo 1.354 1.494 1.424

Salnés 1.019 1.384 1.197

Morrazo 739 1.476 1.043


Pontevedra 4 8,5 5,6

Poio 3 7,7 6


Oviedo - Gijón

1.022.800

26.084 €

21.614 €

1.342 €/m²

-1,1 %



Disposable Income

Average Price 2019


The Principality of Asturias has Oviedo as its capital and

Gijón as its most populated municipality. With an eco-

nomy centred on public services, the city of Oviedo is

the commercial, religious, university and administrative

centre of the Principality. Gijón, on the other hand, has

a markedly industrial character in which tourism has been

gaining more prominence in recent years.

The areas marketed by Engel & Völkers in Asturias regis-

tered signifi price increases in 2019, ranging from 30%

in the centre of Gijón and Somió, to 21% in the centre

of Oviedo. The centre of the two big cities have the

highest prices.

In Gijón, a maximum amount of 3,000 euros / sqm was

reached. The upward pressure on prices is owed to the

high demand for housing in the heart of the city and to

the low supply of both second-hand and new homes. The

most demanded typology are apartments of a little more

than 100 square metres and three rooms, preferably near

the Begoña street, the Nautico and the San Lorenzo beach.

The area with the greatest demand in the municipality of

Gijón is Somió, one of the most exclusive neighbour-

hoods in the city. This residential area has numerous parks

and facilities where you can practice sports, and it is

where the largest volume of operations by value were

carried out last year. However, the average price per

square metre is more contained due to the larger houses.

The most sought-after properties are 480 sqm houses

with four rooms and a plot.

As far as the capital is concerned, Oviedo has a larger

offer for housing than Gijón. The most requested property

is a 195 sqm, three-bedroom apartment located in the

centre or in Campo de San Francisco. The demand is

made up of families, 80% of whom want a primary resi-

dence and 20% of whom are making an investment.

Property Prices in Asturias



Gijón Centro 1.156 3.026 1.872

Somió 682 2.049 1.304

Oviedo Centro 1.221 3.978 1.788

Asturias


Castilla and León

Valladolid

298.412

27.420 €

22.700 €

1.492 €/m²

+1,3 %



Disposable Income

Average Price 2019


The capital of Castilla y León, Valladolid, has excellent

transport connections, from its airport, the AVE high-speed

train to an important network of motorways and highways.

Also known as Pucela, it is home to the seats of parliament

and the Junta of Castilla and León (governing body). It is

the most populated city in the region, with nearly 300,000

inhabitants, although its area of socio-economic influence

reaches more than 600,000 inhabitants.

According to data from Engel & Völkers, property pri-

ces last year in Valladolid shifted from 2,491 euros /

sqm in the central area, 6% more than in 2018, to 1,550

euros / sqm in San Juan-Batallas-Circular-Vadillos. The

off of super homes in the centre has shot up, with

properties reaching over 4,000 euros / sqm in areas like

Acera Recoletos and Miguel Íscar located in the outs-

kirts. This district receives its demand from singles

looking for two-bedroom 85 sqm apartments, with 65%

of all purchases are for a primary residence, while 25%

are investments.

The biggest increase in prices took place in Villa del

Prado, where they rose by 12.1% to 2,298 euros / sqm.

This area has established itself as one of the most

fashionable districts, surpassed only in price by the

centre. It is a young, quiet and quality neighbourhood,

with garden areas, parks and large roads.

On the other hand, the cost of housing was reduced by

8% in San Juan-Batallas-Circular-Vadillos, due to a drop

in demand directly proportional to the increase in the

supply of new properties in other neighbourhoods of

the capital.


In areas such as Santa Ana, Covaresa and Parquesol,

the marked drop in the minimum price is due to the high

volume of single-family homes in stock, their stagnation

caused by a lack of demand. Only the last two in the

list manage to contain the downward trend due to the

increase in the supply of new properties and the increase

in the price of multi-family homes.

The most demanded type of housing is an apartment

between 65 and 110 square metres with two to four

rooms. Only in the Las Villas-Santa Ana neighborhood

is the most requested property a single-family home of

250 square metres and four rooms.

Rentals

The highest cost for rent in Valladolid was reached in

2019 in the Santa Ana district, with an average price of

around 8.87 euros / sqm, a fi representing a 10.7%

increase over the previous year. Rental prices increased

throughout the city except in Covaresa, where they fell

by 10.8% and where they also registered a minimum of

3 euros / sqm.

Apartments from 65 to 85 square metres, with two or

three rooms, are the most popular to rent in the Pucelan

city. Singles choose the centre and the Santa Ana area to

rent a house, while students take a large part of the

demand in San Juan due to its proximity to the university.

Price of rent in Valladolid



Centro 5 17 9

Covaresa 3 8 5

Santa Ana 8 9 9

Paseo Zorrilla 4,5 11,5 7

Parquesol 5 12 7

San Juan 6 8 7

Villa del Prado 7,5 10 8

Property Prices in Valladolid



Centro 1.930 4.485 2.491

Covaresa/ Parque Alameda 1.215 2.942 1.703

Las Villas/Santa Ana 1.451 2.362 1.788

Pº Zorrilla/Cuatro de Marzo/C.Grande 1.425 3.579 1.706

Parquesol 1.150 2.984 1.735

S.Juan/ Batallas/ Circular/Vadillos 1.043 2.418 1.550

Villa del Prado 1.651 3.512 2.298


Northeast Spain

País Vasco

Navarra

Hondarribia - Irún

Bilbao San Sebastian

País Vasco

Vitoria - Gasteiz

Pamplona

Navarra

Real Estate Market Trend · Northeast Spain | 103

Vitoria - Gasteiz

251.774

20.643 €

17.245 €

2.232 €/m²

+6,7 %



Disposable Income

Average Price 2019


The administrative capital of the Basque Country and

seat of its Parliament, Vitoria is a city designed for peo-

ple to live comfortably. Replete with natural spaces com-

prising the Green Belt, it also holds one of the best pre-

served medieval quarters in the peninsula.

The minimum and average property prices in Vitoria

registered slight increases last year, although the maxi-

mum prices remained stable. The central area recorded

the greatest increase (12.5%) in the average cost of hou-

sing, reaching 3,200 euros / sqm, followed by a rise of

9% in Avenida-San Martín, and 5% in Lovaina-Aranza-

bal. It is in the latter district that the properties reached

the highest average price at 4,000 euros / sqm.

The only area where prices fell was in Armentia, where

a 7% decrease to 2,800 euros was registered. This decline

was owed to the fact that the shortage of demand does

not cover the ample supply.

Properties from inheritances make up a large part of the

flats for sale. The seller profile also includes older people

who leave their homes to acquire smaller residences or

those simply looking to change their location.

The taller fl with a south or west orientation, between

130 and 150 square metres, with a minimum of three

rooms, claim the most demand in the central area of Vito-

ria and in Desamparados. The streets Prado, Manuel

Iradier and the fi addresses on Florida street, together

with the squares of Amárica and Fueros, comprise the

most sought after properties in the heart of the city, while

the Plaza de Santa Bárbara is the most requested in Des-

amparados. In both areas, the demand comes from fami-

lies with school-age children or older people who want

to have all the necessary services nearby.

The Basque country


The three-bedroom properties of 100 to 120 square

metres, with direct garage access, good orientation and

height, are the most sought-after homes in Leuven-Aran-

zabal, Avenida-San Martín and Txagorritxu. The proxi-

mity to schools and to the city centre, together with its

large parks, are the most valued features in these areas

popular among the elderly and families with school-age

children.

In Batán-Mendizorroza, Armentia, Zabalgana and Are-

txabaleta, the highest demand goes to residential deve-

lopments with green areas, to houses with three to four

rooms and a garage, with a collective surface area of 100

to 160 square metres. Families with children, elderly

people and investors drive the main demand in Batán-Men-

dizorroza, whose greatest appeal is its proximity to the

Prado park. Armentia, on the other hand, stands out as a

prestigious residential area. Zabalgana has high-quality

semi-new homes and is in great demand from people

between the ages of 25 and 40. A similar age group makes

up the buyer profi in Aretxabaleta, a newly built resi-

dential area with large balconies and 10 minutes from

the city centre.

Property Prices in Vitoria



Centro 2.400 5.000 3.200

Desamparados 2.050 4.000 2.700

Lovaina-Aranzabal 2.500 6.000 4.000

Avenida-San Martín 2.500 4.200 3.300

Batán-Mendizorroza 1.900 5.500 3.200

Armentia 1.900 3.900 2.800

Txagorritxu 2.200 2.800 2.500

Zabalgana 2.700 3.200 2.900

Aretxabaleta 3.000 4.500 3.800


San Sebastián

187.415

25.141 €

20.486 €

4.540 €/m²

+6,2 %



Disposable Income

Average Price 2019


Donostia has a privileged geographical enclave and good

transport infrastructures, soon to be joined by the high-

speed train that will connect Madrid to Paris. We must

add the popularity that the Basque gastronomy has acqui-

red worldwide, leading to the creation of a reference

centre for innovation and research in the last decade, the

Basque Culinary centre (BCC). As a result, San Sebastian

has become the city with the most Michelin stars per

inhabitant.

The great beauty of the city lies in its perfect combination

of sea and mountains, and its traditional and vanguard

architecture. It is also attractive because of its size, some

187,000 inhabitants, which makes it a comfortable, clean

and safe city. Important cultural events, such as the Inter-

national Jazz Festival or the International Film Festival,

have led to an increase in international luxury tourism.

Donostia-San Sebastián has become a leading tourist city.

Proof of this is in the urgency with which the legislation

on tourist fl has been regulated and the exponential

increase in the construction of new hotels, which will

exceed ten between 2018 and 2019, and whose trend is

expected to continue in 2020.

This increase in tourism employment, which has excee-

ded 80% on average per year, together with the boost

given to the Gipuzkoan industry over the last two years,

has generated longer-term accommodation and, conse-

quently, an increase in rental and property acquisition.

All of this means that the purchase of a property in San

Sebastian is a very profitable investment with a tendency

to increase prices. This has caused repercussions for the

increase in sales along with the recovery and stability of

values in the sector. Property prices rose in all of San

neighbourhoods in 2019, from 8.6% in Onda-

rreta-Igueldo to 1% in Miramón.


The areas with the highest value per square metre are those

covering the entire perimeter of San Sebastian Bay. The

maximum average price was reached in Zubieta-Miracon-

cha at 10,200 euros / sqm, 2% more than in 2018. Behind

it is the centre with an average cost of 8,325 euros / sqm,

a 4% rise. As we move inland, the price of the houses gets

lower. However, as it is one of the most expensive areas

in Spain, this decrease is not entirely significant.

The buyer profile is made up of Spanish families, with the

greatest presence of foreigners in the Centre and Gros

neighbourhoods, where they represent 20% of all the

clients. The majority of the buyers acquire a primary resi-

dence. The areas chosen by those looking for a property

to invest in are Miraconcha, the Centre, Gros and the Old

Town. In these areas, apartments attract the highest

demand. Their typology varies from 150 to 300 square

metres with three to four rooms, which are in demand in

Miraconcha, to apartments of 70 to 130 square metres

with two to four rooms, in demand everywhere else.

Houses are the most popular type of property in Onda-

rreta, Miramón, Berio and Aiete. In Aiete, buyers look

for three-room single-family homes with a minimum of

90 square metres, and in Miramón, a four-room unit with

a maximum of 350 square metres.

Property Prices in San Sebastián



Zubieta-Miraconcha 9.200 11.200 10.200

Centro-Área Romantica 6.150 10.500 8.325

Ondarreta-Igueldo 4.300 7.650 5.975

Gros 6.400 8.300 7.350

Parte Vieja 5.900 7.500 6.700

Miramón 4.000 7.100 5.550

Berio 5.200 7.000 6.100

Aiete 4.730 6.165 5.448

Aretxabaleta 3.000 4.500 3.800


Hondarribia - Irún

Less than 25 km from the capital of Guipúzcoa, San

Sebastián, and close to the border with France, Honda-

rribia and Irún are two municipalities steeped in history.

Hondarribia has managed to preserve its great natural

and historical heritage, and it represents a holiday desti-

nation par excellence.

On the banks of the Bidasoa River, Irún is one of

main border crossings with France, which gives it unde-

niable importance as a commercial, railway, road and

logistical hub.

Both the Hondarribia and Irun real estate markets are

homogeneous and stable in terms of prices. In general,

prices between 2018 and 2019 only saw a slight change.

This invariable market off s a magnifi investment

opportunity, as it generates high returns and security.

The valued properties in Hondarribia are those close to

the sea, preferably with good views. The mountain

village off few possibilities to build in these coastal

areas, so the off is limited to what is available. The-

refore, the centre with views of the sea has the highest

average price at 5,500 euros / sqm. The in-demand areas

are the Paseo Miramar and Paseo Butrón, as well as the

private developments. Here, families are looking for

houses or apartments from 60 to 170 square metres,

with two or three bedrooms.

The most demanded properties in Irun are the comfor-

table quality homes for families located in Mendibil,

the centre or Palmera-Montero. The typology is of

apartments measuring from 80 to 110 square metres,

with two to three rooms. 90% of all purchases go to a

primary residence.

The profi of buyers in both Hondarribia and Irún is of

small families (two-four members), who have diff

but complementary needs (location, proximity to servi-

ces, beach, etc).

Property Prices in Hondarribia and Irún



Hondarribia Norte 3.000 4.500 3.500

Hondarribia Centro (Vista Mar)

5.000

6.500

5.500

Hondarribia Centro 3.000 4.600 3.800

Hondarribia Sur 2.500 3.700 2.800

Golf Jaizubia 1.800 4.900 2.600

Irún 1.800 4.900 2.700

Rentals

The offer of long term rental properties is limited in Hon-

darribia. Focused on tourism, in the summer months the

town attracts a large demand from vacationers willing to

pay high amounts of money to rent properties near the

beach as well as luxury villas in both the Golf area and

the Campiña area.

In Hondarribia, families and singles are looking for two

to three bedroom apartments from 80 to 120 square

metres. The rental market is more varied, with a large

demand from American and Swiss clients.

In Irún the situation is diff Rent comes mainly

from clients looking for a primary residence. The supply

is much lower than the requests, as there is a high

demand for low-middle-range fl for workers. It

should also be noted here that 40% of all operations are

carried out by foreigners.

Price of rent in Hondarribia and Irún



Hondarribia 9 13 11

Irún 7 11 8


Bilbao

346.843

21.245 €

17.556 €

2.931 €/m²

+2,5 %



Disposable Income

Average Price 2019


The capital of the Biscay province has an area of 41.6

square kilometres and an important transport infrastruc-

ture connecting it to the main capitals of Europe. The

city is the heart of a metropolitan area with more than

one million inhabitants, the sixth largest in Spain. It is

the main axis of the economic and social deve-

lopment, and a driving force in its modernization.

The real estate market in Bilbao continues to be stable.

Although it is true that between 2000 and 2008 prices

underwent a notable increase, after a decrease of approxi-

mately 20%, no signifi variations have been registered.

The average cost of a home in the capital of Biscay

switched in 2019 from the maximum recorded in Aban-

doibarra at 5,500 euros / sqm, to the 3,700 euros / sqm

reached in Indautxu. The latter is the only area to regis-

ter a drop in prices in 2019, specifi by 3.8%. The

biggest increase was noted in the central district, with a

rise of 6.9%.

Couples between 40 and 50 years old, who have chil-

dren, are looking for spacious fl from 120 to 180

sqm. They normally choose the neighbourhoods Indau-

txu and Ensanche. The most emblematic buil-

dings, unique historic properties, are the main attraction

of Bilbao's Ensanche, where a large number of homes

for sale come from inheritances, and where the popular

area is Plaza Jado. In Indautxu, which stands out for its

commercial and service off , the popular street to live

on is Estraunza.

Located next to the estuary and the site of the Guggen-

heim Museum, Abandoibarra stands out for having

become the axis of the urban regeneration, with its

quality 10-year-old constructions. Families with high

purchasing power, sportsmen, lawyers, doctors, and

more, comprise the buyer profi They seek three-be-

droom 140 sqm homes.


A wide range of leisure activities coupled with the

traditions are of great appeal in Bilbao's Old Town, where

the demand comes from young couples without children,

looking for a two-bedroom 100 sqm flat. The Plaza Nueva

is the hot spot.

Property Prices in Bilbao


Rentals

Bilbao has undergone an urban transformation that began

in the 1990s, by changing its industrial character, reha-

bilitating emblematic parts of the city, recovering the

area around the estuary, and creating new transport infras-

tructure such as the underground.

One of the great icons of this New Bilbao is the Gug-

genheim Museum, and it is precisely in this area that

Abandoibarra registers the highest rental price in the city,

which, last year, reached 16 euros / sqm, 6.6% more than

in 2018. The most requested place in this neighbourhood

is Plaza Euskadi. As with purchases, properties with the

highest demand for rent are the 140 sqm three-room flats.

In 2019, the Ensanche was the district that registered the

greatest rise in prices, a 25% increase to 15 euros / sqm.

While the cost remained unchanged in the Casco Viejo

and Indautxu, the latter is where the lowest price was

reached at 12 euros / sqm.


Abandoibarra 4.900 6.800 5.500

Indautxu 3.300 4.200 3.700

Ensanche 3.900 4.900 4.100

Casco Viejo 2.000 3.500 2.500


Pamplona

Pamplona, the capital of the Autonomous Community of

Navarre, is a historic gateway to the Iberian peninsula,

and a crossroads of cultural, historical and economic

paths. Located along the Camino de Santiago, and famous

worldwide for its San Fermin festival, its walled Renais-

sance city is an undeniable European reference. In addi-

tion to all this, its traditional gastronomy based on the

high quality of its local product, together with a varied

and extensive cultural offer, make Pamplona an important

city for national and international tourism.

Pamplona is the financial, commercial and administrative

centre of Navarre. It is the seat of the auto-

nomous and territorial administrative institutions. The

city has an important nucleus of industrial activity and

two important universities: the Public University of Nava-

rre and the University of Navarre.

The average price of a home in Pamplona was 198,000

euros in 2019. The average cost of the properties marke-

ted by Engel & Völkers last year reached 2,411 euros /

sqm, which represents an increase of 25.7% over 2018.

All of the districts registered price increases, espe-

cially Soto Lezcairu, where the average price reached

2,800 euros / sqm. The smallest increase was recorded in

Mendebaldea, which rose to 2,700 euros / sqm.

Roncesvalles street in the 1º Ensanche is where properties

reached the highest price, which stood at 3,700 euros /

sqm. Afterwards, the Paseo Sarasate in the Casco Viejo

took second place, with an average cost of 3,400 euros /

sqm, followed by Monte Monjardín in the 2º Ensanche,

with 3,300 euros / sqm.

With regards to fl the typical property marketed by

Engel & Völkers in the city has between 120 and 200 sqm,

three to four bedrooms, two bathrooms, an excellent loca-

tion, a garage and storage room. Its average price is

between 300,000 and 550,000 euros. For their part, the

single-family homes, mostly villas located in the surroun-

dings, have an average price between 350,000 and 600,000

euros, surfaces between 300 and 350 sqm, and a plot of

up to 900 sqm.

90% of the buyers are Spanish, compared to 10% of

foreigners, of which French, British and German buyers

stand out.

Property Prices in Pamplona


Navarre


Casco Viejo 1.500 4.500 2.200

1º Ensanche 2.200 4.500 2.900

2º Ensanche 1.800 3.500 2.500

Soto Lezcairu 2.200 3.800 2.800

Iturrama 2.200 4.000 2.900

Mendebaldea 2.300 3.300 2.700

Barañain 1.800 2.800 2.400

San Juan 1.700 3.000 2.200

Berrioplano / Artica 1.500 2.300 1.700


Canary Islands

Tenerife

Canary Islands

Tenerife

Real Estate Market Trend · Canary Islands | 113

Costa Adeje

47.869

21.912 €

18.429 €

2.573 €/m²

+0,8 %



Disposable Income

Average Price 2019


Located in the southwest of Tenerife island, Costa Adeje

is one of the most visited tourist destinations in Europe

thanks to its more than 26 km of coastline distributed

among 17 beaches. It offers one of the most modern hotel

networks in Europe, large shopping centres, and some of

the most renowned theme parks in the Canary Islands,

such as Siam Park.

The average price of the houses commercialized by Engel

& Völkers in Costa Adeje, goes from the 2,100 euros /

sqm registered in the Los Gigantes-Puerto Santiago area,

to the 6.000 euros / sqm reached in Golf Costa Adeje.

Golf Costa Adeje is one of the most exclusive areas in

the south of Tenerife. It reached the biggest price increase

in the last three years with an increase of approximately

20%. Macaronesia Avenue and Las Palmitas, next to

Samarin Street, are the most demanded areas in the high

standing sector. Buyers in this area are foreign families

looking for houses of approximately 250 sqm with a

minimum of four rooms. 90% of the buyers seek to

acquire a second residence, while 10% are making an

investment.

Abama Resort, a luxury residential area with hotel ser-

vice, is another of the most sought-after areas in sou-

thernTenerife. The prices here reached 6,500 euros / sqm

last year, which is 13% more than in 2018. The 150 sqm

apartments with two bedrooms are in the highest demand.

Again we see that foreigners comprise the majority of

the property buyers and sellers. 70% of the purchase goes

to a second home, while 30% are investments. Abama

has several projects underway, such as Los Jardines de

Abama, Villas del Tenis and Las Atalayas.

Tenerife


The demand in Costa Adeje, where the price of the pro-

perty marketed by Engel & Völkers has increased by

8.5%, is focused on two-bedroom 100 sqm apartments,

with districts Playa del Duque, Jardines del Duque and

La Caleta claiming the highest demand. Foreign families

account for 90% of the purchases, with a greater presence

of Belgian, German, Austrian and Swiss nationalities.

Last year saw a strong growth of Polish buyers.

Flats at a minimum of 80 sqm with one or two bedrooms

attract the most demand in Adeje, Los Cristianos and

Palm Mar. The latter two are of interest to both foreign

residents and Spanish citizens. 20% of the buyers acquire

their primary residence in these areas, while in Playa de

las Americas, a more touristic area, more purchases are

made as an investment in holiday apartments.

The most requested properties in San Eugenio-Caldera

del Rey, Roque del Conde-El Madroñal, Los Gigan-

tes-Puerto Santiago and Callao Salvaje-Playa Paraíso,

are the terraced and detached houses of approximately

100 sqm with two or three bedrooms.

Property Prices in Costa Adeje



Costa Adeje 2.100 6.684 3.800

Golf Costa Adeje 4.500 8.000 6.000

Roque del Conde/ El Madroñal 1.700 4.400 2.800

Palm Mar 1.600 4.000 2.300

San Eugenio/ Caldera del Rey 2.000 5.000 2.500

Abama Resort 5.600 7.800 6.500

Los Gigantes/ Puerto Santiago 1.600 4.600 2.100

Callao Salvaje/ Playa Paraíso 1.900 3.900 2.500

Playa de Las Américas 2.400 5.000 3.400

Los Cristianos 2.100 8.000 3.400


The Balearic Islands


Menorca

Mallorca

The Balearic Islands Ibiza

Real Estate Market Trend · The Balearic Islands | 117


The real estate market in the Balearic Islands has main-

tained its positive and stable evolution. This stability is

underlined by the balance between supply and demand.

In the best locations, demand often exceeds supply in

terms of high-quality, modern and reasonably priced pro-

perties. The Balearic Islands attract clients with high

purchasing power and in Mallorca there is a growing

interest from wealthy buyers. According to the Ministry

of Development, the total sales volume in 2019 reached

the expected result of some 4,000 million euros, in line

with the fi from the last three years.

The high-end average prices, although among the highest

in Spain, remain stable. This, again, emphasises the stren-

gth of the Balearic property market, a driving

force for their economic growth. Many factors, such as

continued investment, indicate that the islands will main-

tain their appeal to international clients.



Palma de Mallorca

Palma de Mallorca is booming. The apartment market is

still on the rise. The Old Town and Genoa are the main

locations, with average prices of 800.000 euros in Genoa,

and between 700.000 and 800.000 euros in Old Town.

Around Playa de Palma, the average cost of apartments

stands at 400.000 euros. The apartments are in high

demand, although townhouses are popular. Portixol, Es

Molinar and Ciudad Jardín off interesting investment

opportunities, with average prices between 1.5 and 2

million euros.

Engel & Völkers has a wide range of clients: families,

couples and entrepreneurs. They are mainly looking for

penthouses and apartments with a terrace and balcony,

which are either new or renovated properties. Buyers

increasingly value sustainable and environmentally

friendly architecture.

Palma Surroundings & Son Vida

Son Vida is associated with exclusivity, security and

peace of mind. In the surrounding area you will fi tra-

ditional villages such as Establiments, Esporles and Pui-

gpunyent, which are in increasing demand from interna-

tional buyers. The profi of Engel & Völkers clients in

this area is made up of families and people passionate

about sport. Most of them come from German-speaking

countries, followed by British, Scandinavian and Spanish

ones. The high-quality villas with avant-garde

architecture are sold within six months of their construc-

tion. Especially popular locations are on the golf course

or those with sea views.

Son Vida is the most coveted district in Palma for those

acquiring a villa, whose average price is 4.7 million euros.

In the surrounding areas, such as Puigpunyent, Establi-

ments and Esporles, average prices for villas and country

estates drop to 2 and 2.5 million euros.

Southwest Mallorca

This part of the island, near Palma, has a unique infras-

tructure. Port Andratx has developed a special dynamic

among clients with high purchasing power, establishing

a stable high average price level of over 4.3 million

euros for the villas. The average cost of villas and hou-

ses in Camp de Mar, Portals and Bendinat is between

2.8 and 4 million, while prices in Santa Ponsa remain

stable at between 1.8 and 2.8 million. In rural areas

such as Es Capdellà, properties cost between 1.4 and

1.8 million euros.

The main areas in the south west for those wanting to

buy flats and apartments are Bendinat and Port Andratx.

In Bendinat average prices remain at 800.000 euros.


West Mallorca

Authenticity, culture and a traditional character are what

attract buyers in West Mallorca. The clients of

Engel & Völkers in this area are mostly British, and

clients with high purchasing power are increasing. Pro-

perties with outdoor facilities, a swimming pool and

great views are the most sought-after.

The prices of villas and estates remain stable. George

Sand, Deià and Port de Sóller have an average price of

3.5 million euros. Valldemossa, Estellencs and Banyal-

bufar (for properties with lots of land and views), ave-

rage prices range from 2.5 to 3 million euros. In For-

nalutx, Biniaraix and Sóller, houses and properties reach

prices between 1.3 and 2.5 million euros, and there are

opportunities below one million in Valldemossa. The

apartments in Puerto de Sóller are the most expensive

in the area, with average prices of 450.000 euros, while

the most aff can be found in Valldemossa, star-

ting at 310.000 euros.

North Mallorca

The coastal towns and historical villages contrast with

the mountains and the natural park S'Albufera. Tradi-

tional Mallorcan estates with modern facilities, as well

as seafront apartments and villas, lead the demand. Pro-

perties with a tourist rental licence are in great demand

by investors.

The area off a wide range of villas and estates. In

Formentor, due to the few properties available on the

market, average prices are up to 5.7 million euros, howe-

ver some houses are more expensive. The areas around

Alcúdia and Pollensa have stable prices, between 1.5

and 2.5 million euros. Rural areas such as Búger and

Campanet off a good and stable quality / price ratio,

with prices between 1.1 and 1.5 million euros. The

apartment market in Puerto de Pollença, Alcanada and

Puerto de Alcúdia remains at a stable level with prices

starting at 400.000 euros.

Northeast Mallorca

Buyers in this part of the island are looking for scenery

and tranquility. Couples and families buy property between

Colònia de Sant Pere and Porto Cristo, both for holiday

use and for extended stays. There is a particular demand

for modern properties with higher prices and an excess

demand for high-quality penthouses.

In the best locations, around Colònia de Sant Pere and

Artà, average house prices stand at around 1.7 million

euros, with the possibility of rising. The same applies in

the coastal area between Cala Mesquida and Canyamel,

as well as in Manacor; here the average prices are between

1.5 and 1.7 million euros. Buyers can find apartments

even in the best locations, such as Colònia de Sant Pere

or the village Artà at average prices of 350.000 euros.

Central Mallorca

The proximity to Palma, the views of the Sierra de Tra-

muntana mountains and the mixture of a rustic and

modern lifestyle, represent the main attractions,

where primarily German customers are looking for a

second home. New buildings with modern architecture,

good views and high quality construction draw the grea-

test demand.

The Santa Maria area is the most popular due to its proxi-

mity to Palma. Its average housing price is at 1.8 million

euros. Inland villages in the areas, such as Binissalem,

off great value for their cost, with average prices

between 1.2 and 1.6 million euros.

Southeast Mallorca

Dreamlike landscapes, fishing ports, good connections

to Palma and the airport make up the offer in the southeast

of Mallorca. Most buyers use their properties here as

holiday getaways.

In the southeast, the market for estates and villas is at a

high level. Between Cala Llombards and Portocolom,

with Santanyí in the centre, average prices continue to

stand above 1.6 million euros. Elsewhere on the coast

(Sa Rapita, Colonia de Sant Jordi, Ses Salines and Cala

Murada), prices fluctuate between 1.4 and 1.6 million

euros, and inland they stand at around 1.35 million euros.

As for apartments, there is a great demand along the

coast, from Cala Murada to Cala Llombards, with an

average price of 350.000 euros.

South Mallorca

South Mallorca takes good advantage of its proximity to

Palma airport and the city centre. Due to the grea-

ter appeal, prices have risen and there is a clientele with

increasing purchasing power.

The preferred locations are still by the sea, near Cala

Blava and Son Verí Nou, where the villas can be pur-

chased at an average price of 1.85 million euros. In the

areas adjacent to Maioris Décima and Puig d'en Ros,

prices are expected to rise from the current average of

between 1.4 and 1.5 million euros. Elsewhere on the

coast, such as Cala Pi, properties can be acquired for an

average price of around 1.4 million euros.

Rentals

The change in the tourist rental law has had a positive

eff on long-term rentals. Once again, more and more

properties are being off for long-term rental, which

slows down the constant increase in prices, balancing

supply and demand. Interest in rental property from

buyers and investors has increased significantly. In many

areas, foreign buyers are looking for licensed rental pro-

perties with the intention of earning income while using

the properties themselves. Engel & Völkers off r these

properties mainly in the north and southwest of the island.

As far as long-term rental properties are concerned, the

prices off at Engel & Völkers in diff regions depend

on size, location and facilities. These prices range from

2.000 to 15.000 euros per month for houses, and from

1.200 to 7.000 euros for apartments. The property rental

market shows that investors are convinced of the

property magic triangle in Mallorca, off

all three elements: security, liquidity and profi .



Menorca Ibiza

The quiet sustainable tourism of Menorca guarantees its

lasting attraction. Improvements include the main

road, which is currently being refurbished, and even lar-

ger yachts can be moored at the port, Mahon.

The second largest island in the Balearic archipelago has

always been a fascinating place that reinvents itself to be

in line with world trends, but not only with regards to

gastronomy and entertainment. The experts on the island

know the quietest corners, especially in the north.

Ibiza also attracts a heterogeneous international clientele

in search of property. Modern properties overlooking the

sea are in particular demand. Around Ibiza town, like the

southwest with its famous sunsets, and the rustic interior

with towns like Santa Gertrudis, are highly sought-after

fashionable areas. The prices of properties remain high

and stable. Villas and country estates in the best locations

can be purchased for about 3 million euros. New cons-

truction projects in coveted locations have a modern

design. Some off new housing concepts and a wide

range of optional facilities. Many road improvements

will be completed in 2020, and they will have a sustai-

nable, long-lasting positive eff on the infrastructure.

Since the island has been declared a UNESCO biosphere

reserve, no more tourist buildings can be built. Those

who want to buy a property can expect to pay between

900.000 and 3 million euros for a villa, while townhouses

in Mahon or Ciutadella are available for prices between

300.000 and 1.5 million euros. Menorca is particularly

popular with the French.


Madrid

The buyer profi of new builds remained unchanged in

2019 with respect to recent years. Since 2018, the young

buyer looking to expand his home in areas undergoing

growth, has been joined by a customer with high purcha-

sing power, who is looking for homes with all kinds of

features in prime areas of the city.

This modifi boosted prices in Madrid's most pre-

mium developments, an upward trend that eased in 2019,

in iconic districts such as Salamanca, Centro and Cha-

martín, but not so much in Chamberí or Retiro, where

prices had a slight increase over the last year.

At present, six districts in Madrid maintain the average

price of new builds above 5.000 euros / sqm, with Cham-

berí leading the way at almost 8.000 euros / sqm. Behind

them you have Salamanca, Retiro, Chamartín, Moncloa

and Centro.

In addition to the most exclusive projects in these dis-

tricts, demand is concentrated in small housing develo-

pments of 50-80 sqm in areas like Tetuán, and somewhat

larger in Latina. Likewise, in the northern area of Madrid,

it is possible to get access to large houses exceeding 200

sqm in developments in Pozuelo, Boadilla del Monte, or

Las Rozas, at prices around 3.000-3.500 euros / sqm.

Engel & Völkers’ most significant

promotions in Madrid


New Developments

Residential project District or area Min. Max. Average

General Oraa 9 Salamanca 9.777 13.691 11.612

Fuencarral 142 Chamberi 5.558 11.655 7.961

Bailen 37 Centro 5.094 7.462 6.559

Zorrilla 19 Centro 8.097 12.309 9.857

Dulcinea 45 Tetuan 5.141 6.577 5.773

Cantueso 93 Tetuan 3.169 4.722 3.838

Manuel Marañon 4 Ciudad Lineal 6.611 8.972 7.536

Cuevas Del Valle 26 Aravaca 2.762 2.779 2.768

Calvo Sotelo 44 Pozuelo 3.131 3.364 3.218

Valdemarin 5 Valdemarin 3.494 3.965 3.802

Reyes Catolicos 6 Boadilla del Monte 3.227 3.703 3.403

Real Estate Market Trend · Obra Nueva | 123

Barcelona

The average price of new developments in Barcelona

reached 5.485 euros / sqm in 2019. The price of new

builds increased throughout last year in districts such as

Sarrià-Sant Gervasi, Eixample, Sant Martí, Gràcia, Hor-

ta-Guinardó and Sants-Montjuïc, while it has decreased

in Ciutat Vella and Les Corts.

The rising periphery

Development activity

Activity on behalf of promoters has shifted to the outs-

kirts. A signifi increase in the number of operations

is expected in surrounding, due to its 30%

reduction in the number of licence requests. This sce-

nario of political uncertainty has driven the buyer of

new builds to fi or rehabilitated products about

to be completed.

After reaching 3.470 euros / sqm, forecasts indicate that

the average price of new build property on the periphery

will remain stable but with a slight upward trend in 2020.

62% of the buyers are Spanish compared to the 38% who

are foreigners, among which French, German and British

buyers stand out. Most of the purchases, 69%, are made

to acquire a primary residence while 30% go to second

homes. There has been a decrease in the number of inves-

tor clients, which only accounted for 1% last year. 80%

of the sellers are Spanish, whereas Israelis stand out as

the majority of the international sellers.

Ground fl and penthouses with terraces, between 70 and

90 sqm, with three bedrooms, represent the most

requested properties. The highest demand is concentrated

in Eixample, Horta-Guinardó, Sants-Montjuïc and Grà-

cia. One outstanding development consists of the largest

building refurbishment where buyers continue to put their

stakes in premium areas such as Eixample, although in

2020 the periphery will have more protagonism with

regards to the construction of new properties.

The most significant promotions of

Engel & Völkers in Barcelona and

surrounding areas


Residential project District or area Min. Max. Average

Jacint Esteve Fontanet Pedralbes 5.340 7.980 6.980

Ausias Marc Eixample 11.500 13.320 12.570

Girona Eixample 8.145 14.240 10.155

Gran Via Eixample 5.165 5.535 5.420

Piquer Sants - Montjuïc 3.730 5.660 4.800

Valldonzella Ciutat Vella 5.670 7.933 6.850

Mare de Deu del Coll Gràcia - Vallcarca 4.695 5.790 4.965

Diagonal Mar Front Marítim 5.320 7.910 5.490

Taulat Poblenou 6.490 7.030 6.740

Caldes de Montbui Caldes de Montbui 2.640 2.990 2.850

Bonavista Beach Gavà Mar 5.390 6.585 6.260

Residencial Marianao Park

Sant Boi de Llobregat

2.525

3.605

2.860


Catalonia

Sitges

In Sitges, Engel & Völkers is marketing a new building

in the centre: Sant Antoni. These are 90 sqm apartments,

with an average price of 5.500 euros / sqm. Their strong

point lies in their proximity to the town centre and to the

sea. Most of the demand for new housing comes from

foreigners, as only 20% are Spanish. Purchases are made

for both fi and second homes.


promotion in Sitges


Costa Brava Sur

In the south part of Costa Brava, half of all new purcha-

ses go to second homes, mainly in towns such as Lloret

de Mar and Platja d'Aro, while 20% to 30% of all pur-

chases are investments.

Engel & Völkers off three new build developments

in diff locations in southern Costa Brava, with prices

reaching a maximum of 7.000 euros / sqm in Lloret de

Mar.

In Lloret de Mar, Infi is a seafront project consisting

of 80 sqm apartments distributed among two to three

rooms. Customers are divided equally between Spaniards

and foreigners.

With a more Spanish buyer profile and an offer of two to

three bedrooms 80 sqm apartments, in Marina Port d'Aro

in Platja d'Aro, and Metropol in the centre of Sant Feliu

de Guixols, 70% of the purchases go to primary residences.


promotions in Costa Brava Sur



Lloret de Mar 2.100 7.000 5.000

Tossa de Mar 2.300 2.700 2.500

Blanes 2.000 4.000 2.500

Platja d'Aro 2.800 3.700 3.300

Sant Feliu de Guixols 2.500 3.000 2.800

Palamós 2.500 3.200 2.800


Sant Antoni. Centro 5.000 6.000 5.500


Cerdanya

Last year, Engel & Völkers commercialized diff

promotions of new developments in Cerdanya, at an ave-

rage price of 3.600 euros / sqm. The three developments

promoted by the real estate agency are Mas Barrera, Mas

Sallent and Pleta de Ger, which have average prices

between 3.000 euros / sqm and 4.400 euros / sqm.

Mas Barrera is the fi gated village in La Cerdanya.

It is a mixed project of both new and rehabilitated pro-

perties, with 18 houses located in a private area, which

have 90 sqm and two or three bedrooms. It is an area

for skiers.

The housing development called Mas Sallent, in Bolvir,

maintains the essence of mountain houses defining a new

standard of quality and modernity. All the houses are

unique structures built with Llívia stone. They are four-

room homes with a minimum of 200 sqm. They have

common facilities such as a social club, swimming pool

and paddle tennis courts.

Finally, the new housing project called Pleta de Ger, con-

sists of 50 single-family homes starting at 150 sqm, with

four rooms, top quality finishes and Ceretano styled mate-

rials. It is necessary to emphasize the technology found

in these houses, used to obtain maximum energy effi-

ciency, and to minimize maintenance costs.


Costa Blanca

Benidorm

Engel & Völkers is marketing five new developments in

Benidorm and Finestrat. The most expensive is the exclu-

sive Azure Sky. Located in Rincón de Loix, it is a private

community of homes with at least four bedrooms and

437 sqm, where 90% of the buyers are foreign families.

Also, in Rincón de Loix there are the Villas de Estocolmo,

a community of five-bedroom 400 sqm detached houses

with individual swimming pools. In this project, 70% of

the applicants are Spanish while 30% of the foreigners

are English.

The InTempo development is located in Playa de

Poniente, a unique building 200 metres high with two

to four bedroom apartments between 75 to 300 sqm.

The development is equipped with a spa, infi pool,

heated pool, sky lounge and chillout terrace with

jacuzzis and Balinese beds. 65% of the buyers are

foreigners, 50% of the purchases are investments, and

45% are buying for second homes.

Finestrat already has a promotion for both terraced and

single-family houses with two to five bedrooms, a swim-

ming pool and a gym. 80% of the buyers are foreigners,

with an increase in demand from Russian citizens, and

a clear preference for villas. 45% of the buyers purchase

the property as a second home, and 30% as an investment.


promotions in Benidorm



Rincón de Loix - Villas Estocolmo 2.067 2.222 2.135

Rincón de Loix - Azure Sky 4.411 5.432 4.950

Playa de Poniente - InTempo 2.044 6.371 4.200

Finestrat 1.715 4.195 2.848

Alfaz del Pi

Engel & Völkers off five new developments in Alfaz del

Pi, in three areas: Playa del Albir, La Nucia and Polop,

where the vast majority of new home buyers are foreig-

ners looking for their main residence.

The area with the highest demand is Playa del Albir,

although it is an enclave with little supply of new pro-

perties, for which promotions are low and prices high,

causing a shift in purchase applications to the city of

Alfaz del Pi and its surroundings.

At the moment, supply exceeds demand in La Nucia and

Polop, where three-bedroom houses of 100 to 195 sqm

are for sale. On the other hand, in Playa del Albir the

typology of single-family houses ranges from 236 to 536

sqm and has four rooms.


promotions in Alfaz del Pi



Playa del Albir 2.500 3.200 2.850

La Nucia 1.980 2.400 2.190

Polop 1.800 2.400 2.100


Moraira

The developments marketed by Engel & Völkers in

Moraira involve four-room homes with 238 to 280 sqm,

equipped with a private pool. The possibility of walking

to Moraira and the sea views constitute the main attrac-

tions. The buyer profi is composed of foreign families

looking for a second home.


promotions in Moraira


Jávea

New builds in Jávea reach prices of up to 6.000 euros /

sqm in the most popular areas. Large villas, between 400

and 500 sqm, are the most sought-after by families and

non-resident investors in developments such as Balcón al

mar, Costa Nova, La Corona or Jávea Golf, among others.

Residents, for their part, prefer Tosalet with traditional

Mediterranean villas, as well as Cap Martí or Adsubia,

where prices do not exceed 4.000 euros / sqm.


promotions in Jávea


Denia

The new developments in Denia are concentrated in

three areas: Las Marinas, Las Rotas and El Montgó,

with the later two also off a wide range of newly built

individual housing projects in high demand.

In both Las Rotas and El Montgó buyers are looking

for nearby villas with views of the sea, and surface areas

between 250-300 sqm. The greatest demand in Las

Marinas is for apartments of around 100 sqm, located

on the seafront.

The buyer profi in Las Rotas is familial, with Spanish

citizens accounting for 80% of acquisitions, while in

the two remaining areas this percentage drops to 60%.


promotions in Denia



Las Marinas 1.800 2.000 1.900

Las Rotas 2.800 3.000 2.900

El Montgó 2.200 2.500 2.350


Moraira 2.606 2.615 2.610


Balcón al Mar /Costa Nova/Portixol 4.000 6.000 5.000

Jávea Golf 3.900 4.550 4.225

La Corona/Puchol/ San Antonio 5.500 6.000 5.750

Tosalet /Cap Martí / Adsubia 3.800 3.960 3.880


Galicia

La Coruña

For the present year, a great increase of new single-family

properties is expected in the residential areas of Oleiros,

and a slight decrease of development in the city. In fact,

Engel & Völkers is marketing five new developments in

La Coruña, three of which are located in Oleiros: Jardines

de Santa Cruz, Oleiros Village and Urbanización Club de

Tenis, all of them high standing developments.

Jardines de Santa Cruz is only 50 metres from the pro-

menade and the beach. The houses have one to four

bedrooms. 70% of the buyers are families, most of which

seek their primary residence, while 20% are looking to

invest. The Oleiros Village and Tennis Club developments

are made up of single-family homes with three to five

bedrooms.

In La Coruña, Engel & Völkers is off Residencial

Naútica, located in the main urban area of the new build,

Riazor. The sought-after properties are one to four

bedroom apartments, with 30% of the buyers making their

purchase as an investment. In the premium area,

in the Ensanche, you can fi the Artium building, which

has one to three bedroom apartments. Here 25% of the

purchases are made by investors.

Vigo

Engel & Völkers is marketing four new builds in Vigo.

Alameda 1, located in Plaza de Compostela, a few metres

away from the marina, yacht club and the A Laxe shopping

centre, off fl and apartments measuring 45 square

metres and with one to two bedrooms. Half of the buyers

of these properties are making an investment while the

other half is purchasing their primary residence.

Ecuador, 73 and the Balandrón building are located in the

city centre. The fi project consists of two to three

bedroom fl while at Balandrón the homes have three

bedrooms. The buyers are entirely Spanish clients mostly

looking for their main residence. On the other hand, the

Luis Taboada 6 development is made up of 12 one to four

bedroom homes, in a privileged location of the city, where

the Luis Taboada and Castelar streets intersect.


promotions in Vigo



promotions in La Coruña



Jardines de Santa Cruz 3.712 3.952 3.832

Edificio Artium 2.769 3.673 3.221

Residencial Náutica 4.112 7.500 5.806

Oleiros Village 2.206 2.377 2.291

Urbanización Club de Tenis - - 2.179


Centro - Luis Taboada 3.200 5.000 3.500

Centro - Alameda 1 1.700 2.100 2.000

Casablanca - Corte Inglés, Ecuador 73 1.800 2.300 2.000

Centro - Edificio Baladrón 2.300 2.800 2.500


Pontevedra

The Casas da Nova Pedra development is located in Pon-

city centre. It consists of two to three bedroom

fl between 100 and 130 sqm. They off a parking space,

a storage facility, social lounge, game room, and a

garden area. The demand is made up of Spanish couples

and singles acquiring their primary residence.


promotion in Pontevedra


Asturias

The market for new developments in Asturias experienced

a year with two clearly diff trends: an active fi

semester, in particular during the fi quarter, and a

second part where a general slowdown was detected.

Among the new builds marketed by Engel & Völkers in

Luanco, the one that stands out is La Quinta de Luanco.

Commercialized exclusively by the agency, the develop-

ment consists of 18 houses designed by the architect Joa-

quín Torres, with views of the Cantabrian Sea, and an

individual swimming pool.

In the centre of Gijón, the project located in Emilio Tuya

40 is made up of 12 homes with an average price of around

2.584 euros / sqm. A step away from San Lorenzo beach,

the fl have two to three bedrooms, a storage room and

garage space.

Surrounded by nature and in surroundings, you

fi the Parque de Viesques residential complex, which

has one to three bedroom apartments of up to 127 sqm,

equipped with parking and storage facilities. The deve-

lopment also off a swimming pool and a garden.

Finally, the Playa de la Espasa development, located

between the towns Ribadesella and Colunga, consists of

homes with direct views of the sea. They are 174 sqm

houses with three rooms, a porch and balcony.


promotions in Asturias



Centro 2.424 3.125 2.584

Viesques 1.206 2.486 1.945

Quinta de Luanco 2.271 3.395 3.347

Playa de La Espasa - Colunga 2.031 2.363 2.139


Casas da Nova Pedra 1.414 2.100 1.873


Castilla and León Andalusia

Valladolid

Engel & Völkers is offering four new developments in

Valladolid. As with second-hand housing, the boom in the

Villa del Prado neighborhood stands out. In this district,

the new Monasterio housing development located in Santo

Domingo de Silos street, has 96 homes with an average of

112 sqm, two to four bedrooms, a garage and storage room,

in an exclusive development with gardens, a children's

play area, swimming pool and paddle tennis court.

You can also find the Las Eras residential complex in Villa

del Prado. It offers single-family homes with four bedrooms

and a surface area of 250 sqm. Both developments benefit

from the fact that the demand for four-bedroom homes

over 100 sqm, is above the supply.

The Colmenares new development is located in the centre

of Valladolid, and consists of 14 homes. It is a unique new

housing project that maintains the facade from

the beginning of the 20th century. It has attractive ameni-

ties such as a gym, Finnish sauna and bithermal shower,

a parking and storage room. The homes have an average

of 105 sqm distributed among two to four bedrooms.

For its part, the new development called Bajada de la

Libertad, is located in the heart of the historic quarter.

The building was refurbished to create 100 sqm homes

with three bedrooms. In the Centro district, an increase

of investors making purchases can be seen. They now

constitute about 30% of the buyers. The reason for this

has less to do with the net profi than with the

revaluation of the property.


promotions in Valladolid


Mijas

El Chaparral and Cala de Mijas off new build develop-

ments with prices ranging between 2.000 and 6.000 euros

/ sqm. The most requested typologies are apartments and

penthouses of more than 100 sqm, with two or three

bedrooms. Also in high demand are semi-detached or

terraced houses, with four bedrooms, 150 square metres,

gardens and a swimming pool. For new builds, the per-

centage of foreign buyers rises to 70% compared to the

30% of Spanish buyers.

Engel & clients who buy a new build property

in these locations mainly use it as a second home (65%),

although 30% of them are making an investment, and only

5% seek a main residence.


promotions in Mijas


Residential project Minimum Maximum Average

Villa del Prado - El Monasterio 2.209 3.488 2.662

Villa del Prado - Las Eras 1.928 2.050 1.980

Centro - Colmenares 3.180 5.415 3.705

Centro - Bajada de la Libertad 3.360 4.605 3.593

Residential project

Area Mini- mum

Maxi- mum

Average

Eden by Kronos El Chaparral 2.479 5.148 4.180

Aria by the Beach El Chaparral 3.215 5.123 4.522

Residencial Mediterraneo El Chaparral 2.394 6.038 2.750

One Residences Cala de Mijas 2.174 3.212 2.736


Marbella

The new developments in Marbella have been very

well-received by foreigners, who account for 70% of all

purchases as opposed to the 30% of Spaniards.

Engel & Völkers Marbella off about 45 new develop-

ments from which it has carefully selected the six best to

market exclusively. Due to the limited space available and

the little guarantee of new licenses, soon after the begin-

ning of the construction, there were price increases of

10%, and later 20% increases from the resales.

Until now, in order to acquire a new villa in a private

complex, one had to look in Sierra Blanca or Nueva

Andalucía. That is why the new housing project called

La Fuente has been so long-awaited. La Fuente is a com-

plex of eco villas featuring the latest green technologies,

within a private community of a privileged enclave, just

a few metres walk away to the old town, the beach or

Puente Romano.

Estepona

Engel & Völkers is off new build homes in more than

fi developments throughout the area. They are highly

demanded by families that are 70% foreign compared

to 30% Spanish. The requests are split among the clients

purchasing a second resident, which constitutes 48% of

the transactions, those looking for a primary residence

(40%), and the 12% making an investment.

We can highlight four of the developments marketed:

The Edge, The View, Terrazas de Cortesín and Darya

Estepona. The most sought-after typology in The View,

a development located in the Selwo area, is a four-be-

droom home. Then you have The Edge, which is near

Kronos in Costa Natura, and Las Terrazas de Cortesin,

which is located in Casares. In both cases preference is

given to three-bedroom apartments. In Darya Estepona,

a building located on the main avenue in front of the

beach, the two and three bedroom apartments claim the

highest demand.


promotions in Marbella



promotions in Estepona


Residential project

Area Mini- mum

Maxi- mum

Average

The Collection Milla de Oro 3.144 4.854 3.548

Benalus Milla de Oro 3.626 5.235 4.430

Grand View Nueva Andalucía 4.466 5.882 5.174

La Fuente Milla de Oro 2.850 3.352 3.286

Residential project

Area Mini- mum

Maxi- mum

Average

The Edge by Kronos Costa Natura 5.937 9.452 7.260

Las Terrazas de Cortesin Casares 3.245 4.215 3.760

The View Selwo 3.237 3.448 3.356

Darya Estepona Centro 3.285 8.250 5.767


Andorra

Andorra

España

Andorra


Real Estate Market Trend · Andorra | 133

The Country’s Economic Outlook

76.177

35.996 €

26.291 €

3.989 €/m²

+4 %



Disposable Income

Average Price 2019


Located in the heart of the Pyrenees, the Principality of

Andorra is characterized by its great institutional and

political stability, its high levels of public safety and

moderate taxation. To all this we can add its high quality

of life and great social cohesion. Therefore, in the seven

parishes that divide the territory, people of more than 100

different nationalities live together, and there are no poc-

kets of exclusion or problems of coexistence.

The Andorran economy has been experiencing a sustai-

ned rate of recovery since 2012, accompanied by positive

growth rates since the fourth quarter of 2014. The fore-

casts of the Department of Statistics of the Government

of the Principality point to a slowdown in the

economic growth this year. The Gross Domestic Product

(GDP) will reach an increase of 2.4% in 2019, a fi

that will gradually decrease to 1.9% in 2022.

The service sector, with trade and tourism at the forefront,

is the basis of the Andorran economy. The Principality

is an important tourist centre receiving more than eight

million visitors a year. Specializing in winter sports, the

government and business people have undertaken a series

of measures aimed at strengthening the natural area and

2500

Andorra's nominal GDP

2,3%

1,9%

making the country a benchmark for activities such as

trekking, extreme sport, adventure tourism, gastronomy

and culture. The country has 65 peaks over 2.500 sqm,

some 60 lakes and 36% of its surface area is considered

a protected natural park.

2000

1500

1.885 1.901

1.843

0,8%

0,4%

1,7% 1,6%

2.002

1.937 1.970

2013 2014 2015 2016 2017 2018

Data in millions of euros. %

Source: Department of Statistics Government of Andorra

Andorra


Main figures of Andorra’s economy

Real Estate Market

and Trends

Residential

Source: Department of Statistics Government of Andorra

The economic crisis and recovery changed the pillars

of the Andorran economy. In a decade, the Principality

went from being an economy without indirect taxes and

practically closed to foreign investment, to deploying

a new tax model in which foreign investment already

accounts for nearly 6% of the GDP. This shift will be

sealed with the signing of a cooperation agreement with

the European Union, allowing the Principality to be a

part of the internal market without the need to be a

member of the Union, while preserving some of its own

characteristics as a small country.

Canillo

Ordino

La Massana

Encamp

Escaldes-Engordany

Andorra la Vella

The slowdown in the growth of the real estate market

will be felt throughout the year. Engel & Völkers Ando-

rra expects an increase in the number of properties sold

this year, of just over 5% compared to 10% in 2019. On

the other hand, 45% of Engel & Völkers clients

obtained the passive residency permit in 2019 through

the purchase of a property, five points less than the pre-

vious year.

In the third quarter of last year, the amount of property

transferred in the Principality-----flats, single-family units,

parking spaces, commercial premises, warehouses, and

more-----reached 402 units, a decrease by 9.9% compared

to the same period of the previous year. Its cumulative

fi was 6.9%, according to data from the Department

of Statistics of the Government of Andorra. Despite this

decline, it is the best figure recorded in the last seven

years, surpassed only by the one reached in 2018.

The Principality of Andorra is one of the smallest coun-

tries in the world, with less than 500 km2 of rugged

mountainous terrain. However, its population is almost

double that of other small European states such as

Monaco, Liechtenstein or San Marino. Its territory is

structured into seven parishes: Canillo, Encamp, Ordino,

La Massana, Andorra la Vella, Sant Julià de Lòria and

Escaldes-Engordany.

Sant Julià de Lòria

Height Metres

Canillo 1.526

Encamp 1.238

Ordino 1.298

La Massana 1.230

Andorra la Vella 1.013

Sant Julià de Lòria 908

Escaldes-Engordany 1.050

Source: Andorra Atlas (1989).

2014 2015 2016 2017 2018

Nominal GDP per capita (euros) 35.786 35.342 35.580 35.753 35.996

IPC -0,1% -0,9% 0,4% 2,6% 0,7%

Public Debt (% GDP) 41% 40,6% 40% 37,6% 36,1%

Business 7.557 7.929 8.347 8.837 9.170


Andorra la Vella and

Escaldes-Engordany

They are the two least extensive districts of the Princi-

pality but also the most populated. Andorra la Vella stands

out as the capital, as well as its fi and

commercial centre. Escaldes-Engordany on the other

hand, located in the centre of the country, is recognized

for its thermal waters. In fact, it has the most important

spas in the country, Caldea.

In both parishes, the most demanded property is a house

for primary residence, with more than 100

sqm, three rooms and parking. The profi of the buyer

is mainly Andorran, while only 20% are foreigners.

Encamp

It is known for being a residential area with slightly lower

prices than other areas (3.020 euros / sqm is the average

price). The most demanded housing typology in Encamp

ranges from 70 to 100 sqm, with two or three rooms. Most

purchases are for a primary residence, and 80% of the

buyers are Andorran nationals. The seller, for his part, is

also almost entirely local.

La Massana

La Massana offers some of the best hotels and restaurants

in the country. A large part of its activity is centred on

the Vallnord ski resort. The most popular areas are La

Massana, Aldosa, Anyós and Escàs, while the most sou-

ght-after types of housing are varied: apartments between

80 and 120 sqm to houses from 250 to 500 sqm, with two

to five bedrooms for both primary and secondary homes.

The profi of the buyer and seller is divided equally

among foreigners and citizens.

Sant Julià de Lòria

The parish with the lowest altitude of the Principality

stands out for being a quiet residential area with many

services for local families. It is an interesting environment

for foreign investors due to its proximity to the Spanish

border. The buyer profile in this area is an Andorran wan-

ting to acquire his or her primary residence, the typology

of which includes apartments and houses starting at 100

sqm, with two or three bedrooms.

Ordino

Ordino is considered the Andorran cultural centre. It is

a typical Pyrenean enclave standing out for its snow

sports. The most requested area is Ordino town due to

its proximity to the capital, an area in high

demand from families. The most sought-after houses are

for primary residences between 100 and 120 sqm and

with three bedrooms. The buyer profi is an upper-mi-

ddle class resident, 65% of whom are Andorrans with a

strong preference for an apartment, house or villa.

Canillo

It is the largest parish in the Principality, considered the

summit in Andorra. Its most successful district is the

village Tarter next to the largest ski area in the Pyrenees,

Grandvalira. The most sought-after property is a second

residence at the foot of the slopes, with some 80 sqm

and two bedrooms. Foreign investors represent the majo-

rity in this area, comprising 70% of the buyers. The

seller is also mostly foreign, only 30% are citizens. The

latter is looking for a larger property while the former

wants to sell in order to return to their country. In the

last months of 2019, a strong increase of Argentine

sellers was noticed.


Prices Rentals

Properties reach their highest value in Escaldes-Engor-

dany and in Andorra la Vella. The price in Escaldes-En-

gordany is a maximum of 9.400 euros / sqm, although

the average is 4.900 euros / sqm. On the other hand, the

houses in the capital reach an average cost of

4.700 euros / sqm.

Encamp, Canillo and Sant Julià de Lòria are the che-

apest areas to buy a house in Andorra, with average

prices of 2.700 and 3.000 euros / sqm, respectively.

The minimum cost for the entire Principality, 1.500

euros / sqm, is in Encamp.

The cost of renting remained practically unchanged last

year in Andorra, with slight increases in Encamp,

Ordino and La Massana. 90% of those looking for a

property to rent in the principality do so to make it their

primary residence, while only 10% want a second home.

Property Prices in Andorra


The characteristics of the most demanded properties to

rent vary according to the area, although they are focu-

sed on two typologies, apartments and villas, the former

being the most sought-after in Canillo, Encamp, Ando-

rra la Vella, Escaldes-Engordany and Sant Julià de Lòria.

Regarding Ordino and La Massana, although there is also

a demand for apartments, the properties most commonly

sought are 200 sqm villas with three to five rooms.

Price of rent in Andorra



Canillo 7 15 11

Encamp 6 12 8,5

Ordino 8 15 11

La Massana 8 14 11

Andorra la Vella 8 20 13

Sant Julià de Lòria 7 13 10

Escaldes-Engordany 8 20 14,5

Parishes Minimum Maximum Average

Canillo 1.850 5.000 3.000

Encamp 1.500 4.400 2.700

Ordino 2.500 5.555 3.850

La Massana 2.100 5.600 3.700

Andorra la Vella 2.300 8.900 4.700

Sant Julià de Lòria 1.600 4.200 3.000

Escaldes-Engordany 2.300 9.400 4.900


New Developments

Engel & Völkers Andorra is currently marketing six new

development projects. The Isard Homes development is

located at the foot of the exclusive Grandvalira ski

slopes, in the village of El Tarter. These properties have

already begun to be marketed and are expected to be sold

by the end of 2021. With an average price of 5.000 euros

/ sqm, this development off two-to-four bedroom

homes, with 80 to 180 sqm and the following features:

entrance lobby with open spaces; a spa area with direct

views of the ski resort; ski room and a garage for one or

two cars per home. 90% of the buyers make their pur-

chases for a second residence, and 50% of them are also

making an investment.

The Lloser development in parish Ordino consists of two

to three bedroom homes ranging from 165 to 235 sqm.

The buyer is, in equal parts, both domestic and foreign.

Similarly, 50% purchase the home as a permanent resi-

dence and 50% as a second home.

The White Angel is located in the country's capital, and

it off 160 homes with two to five-bedroom ranging

from 80 to 220 sqm. It is a private development with

garden areas, underground parking, concierge & lifestyle

services, spa and gym. 80% of the buyers make their

purchases here for a primary residence.

Located in the parish Escaldes-Engordany, the A-Tower

development has the highest average price, 6.000 euros

/ sqm. It consists of homes from 165 to 235 sqm with

three or four bedrooms. The buyer profile is equally divi-

ded between locals and foreigners.

In the same district you can fi luxury residences

Terrasses d'Emprivat and Escala. Located on the most

important commercial avenue in Andorra, Terrasses

d'Emprivat is a 20-storey tower made up of 70 to 140

sqm two to four bedroom homes. Escala is also a unique

project that will have homes ranging from 237 to 603

sqm, with two to six bedrooms. Here the properties

come equipped with a wellness area and a gym. 80% of

the buyers will purchase this home as their fi resi-

dence and 20% as their second.

In one of the most exclusive and coveted residential

areas of La Massana, you can find Luxe Residencial

Escàs, a new development of terraced houses and villas.

The 8 terraced houses plus 3 villas bring together the

luxury of quality materials, an unbeatable location with

spectacular views, and absolute tranquillity. The houses

off wide functional spaces and up to 4 rooms, or 5 in

the villas. Most buyers will choose this option for their

main residence. The profi of the clientele is equal parts

local and foreign.

The most significant properties offered by

Engel & Völkers in Andorra


Project Area Min. Max. Average

Isard Homes El Tarter/Canillo 3.800 5.500 4.300

The White Angel Andorra la Vella 4.700 6.800 5.500

Lloser d'Ordino Ordino 3.800 4.400 4.200

A-Tower Escaldes-Engordany 5.500 8.800 6.000

Terrasses d'Emprivat Escaldes-Engordany 4.000 5.500 5.000

Luxe Residencial Escàs La Massana 3.000 3.250 3.500

Escala Escaldes-Engordany 4.650 5.500 5.000

Credits

Editor

Engel & Völkers Spain S.L.

Avenida Diagonal, 640 6ª planta

E-08017 Barcelona

Spain

Drafting

Stakeholders PR

Layout

Vänster and Lei

Coordination

Déborah Newton

Sources

For the preparation of this report, all the data and statistics have been collected from the following entities and agencies: Tax

Agency (AET), European Central Bank (ECB), Bank of Spain, Bloomberg, Association of Property Registrars, International

Monetary Fund (IMF), Inverco, Idealista, National Statistics Institute (INE), Ministry of Development, Housing and Land

Observatory, Organisation for Economic Co-operation and Development (OECD) and Tinsa.

This report was completed before the state of alarm was declared in Spain, so the forecasts that appear in some of its sections

referring to 2020 may suff signifi variations in both price and transaction forecasts.

All the information has been thoroughly researched. No responsibility can be taken for the accuracy of the information. The

reproduction of content protected by copyright is only allowed with the consent of Engel & Völkers Spain S.L. provided that

an appropriate reference to the source is made.

i wllilw 1

ENGEL &VOLKERS

Market Report 2019-20 Spain and Andorra - Engel & Völkers

Documents

Transcript of Market Report 2019-20 Spain and Andorra - Engel & Völkers