The most exclusive neighbourhoods in Spain to purchase property are located in Madrid, Barcelona, Palma de Mallorca and San Sebastián. According to a recent study carried out by the company Idealista, these are the four Spanish cities, in which to buy property, where the most expensive neighbourhoods are located. Which are these neighbourhoods? What are the prices? Today, we will discover them and we will also calculate what we could buy with a budget starting at one million euros (we must not forget that we are referring to the most luxurious neighbourhoods in Spain and thus it is essential to make an important investment). Some weeks ago, we wrote an article in this blog about the moderate price increase of luxury housing in our country. In that article, we said that during the first six months of the year, the purchase of high standing property had increased 1,5% in Madrid and 1,4% in Barcelona. It seems clear that the luxury real estate sector is going through good times in our country; today, we will see which are the most expensive neighbourhoods to buy housing. According to the abovementioned study, in Madrid, Barrio de Recoletos is the most expensive area in Spain.

It should be clarified that in this same neighbourhood the area commonly known as Barrio de Salamanca is located and boasts of having some of the most exclusive streets in the city, such as Velázquez, Serrano, Lagasca or Goya. Here, housing prices stand at 8.793€/m2. This means that if we have a budget of one million euros, in Recoletos we could buy a flat of nearly 114 m2. In Barcelona, the most exclusive neighbourhood to purchase housing is Diagonal Mar i el Front Maritim del Poblenou, the average housing price here is 7.022€/m2. In Palma de Mallorca, the most exclusive neighbourhood is La Seu-Cort-Monti-Sion, where purchasing a house costs an average amount of 6.870€/m2. With our budget, we could buy around 145 m2. In San Sebastián, the most luxurious neighbourhood is the Área Romántica de Centro-Miraconcha, with an average price of 6.798€/m2. Hence, we could afford a house of 147 m2.

MADRID, THE MOST EXPENSIVE CITY

Madrid is a reference destination as regards luxury housing in Spain. Proof of this is that in the areas of Castellana, Jerónimos and El Viso the price per square metre is never below 7.000€ ( any of these three areas beat the price of Diagonal Mar i el Front Maritim del Poblenou, the most expensive area in Barcelona ). The exact cost in Castellana, Jerónimos and El Viso is 7.951€/m2, 7.596€/m2 and 7.123€/m2 respectively. This means that with one million euros we could buy a flat of 126m2, 131m2 and 140m2 respectively. Further down a notch, is the neighbourhood of Pedralbes in Barcelona with an average price of 6.665€/m2, and the area of Sarriá with an average price of 6.373€/m2. Here, our house would have 150m2 and 157m2, respectively. In the neighbourhood of Son Vida in Palma de Mallorca, the average housing price is higher, standing at 6.802€/m2, meaning we could buy a house of around 147m2. In San Sebastián, and in the area of Amara the housing average price is 5.000€/m2, hence, we could buy a house of around 200m2.

MORE AFFORDABLE NEIGHBOURHOODS IN MADRID

In Madrid, there are other neighbourhoods which are also very much sought-after and are more affordable than the ones we have just mentioned. We are referring to Almagro where the average price of a flat is 6.923€/m2, Goya where the cost is 6.441€/m2 or Chueca (Justicia) with an average price of 6.068€/m2. If we make an approximate caoculation, in these neighbourhoods, with one million euros we could buy a flat of 144m2, 155m2 and 165m2 respectively.

Picture 02: Zarateman