In a context of ongoing economic and social transformation, the luxury housing market in Spain has followed a unique evolution compared to the rest of the real estate sector. At aProperties we analyse how purchasing power has changed in the country's main cities, focusing on the opportunities and challenges facing investors and high-net-worth buyers in 2025.
Madrid and Barcelona: consolidation with adjustments
Madrid and Barcelona continue to lead demand for prime property, but with important nuances. Whereas in 2020 a million euros could buy around 140 sqm in exclusive areas such as Chamberí or Pedralbes, by 2024 that figure has been reduced to an average of 125 sqm. The pressure of international demand, coupled with the scarcity of quality product, has pushed up prices per square metre in the most sought-after areas.
Despite this, purchasing power has not declined drastically thanks to a more favourable financial environment and the stabilisation of interest rates over the last year, which has allowed a balance to be maintained between price and perceived value.
Malaga and Valencia: sustained growth and rising profitability
Mediterranean cities such as Malaga and Valencia have experienced a notable boom in the luxury segment. In Valencia, for example, a million euros in 2020 could buy around 180 m² in premium locations such as l'Eixample or Ciudad de las Artes. Today, the same amount allows access to around 160 m², albeit with higher energy efficiency and community services.
In Malaga, the luxury market has gained international traction. Areas such as La Malagueta or Marbella's Golden Mile now offer a more sophisticated product, although the price per square metre has grown by around 12% in the last three years.
Balearic Islands and Costa Brava: exclusivity has a new price tag
In traditionally premium destinations such as Ibiza, Palma or the Costa Brava, the luxury offer is becoming increasingly scarce, and purchasing power has changed significantly. In 2020, a budget of two million euros could give access to a 250 m² villa with sea views. In 2025, the same investment averages 200-220 m², with the addition of new sustainability requirements and home automation technology that make the product more expensive, but also enhance its value.
What can we expect?
In an environment marked by the revaluation of the concept of quality of life, buying power in the luxury segment is increasingly dependent on the balance between location, exclusivity, and amenities. While the price per square metre has increased in many areas, the real value that buyers obtain — in terms of design, privacy, services, and environment — has also grown.
At aProperties, we continue to see a clear trend: affluent buyers are willing to pay more, but demand a higher standard and a personalized experience. The premium market is no longer defined by location alone, but by the holistic experience a property can offer.