Spain occupies almost the entire Iberian Peninsula, sharing it only with Portugal. The country has a huge coastline with the Mediterranean Sea and the Atlantic Ocean, which, coupled with the mild climate, makes it attractive for buying an apartment in Spain.
Advantages of Buying Flats and Apartments in Spain
The sale of apartments in Spain is growing, and if in 2023 650,000 transactions were registered, then by the end of 2024 this number increased by 7.3%. The Spanish real estate market demonstrates such indicators due to more attractive conditions than in Western European countries, such as France and Germany. Therefore, it is Europeans who are eager to buy apartments in Spain: they account for slightly more than a third of all acquired properties.
Advantages of buying an apartment in Spain:
- Energy efficiency of new buildings. Since 2021, all new buildings comply with the NZEB (Nearly Zero Energy Building) standard, reducing utility costs to €30–50/month.
- Mortgage for foreigners. Banks such as BBVA and Santander offer loans at 2.5-3.2% per annum with LTV up to 70%.
- Rental yield. In Barcelona and the Costa Blanca the average yield is 5-7%.
- Legal protection. Transactions are carried out through a notary, and property rights are registered in the Registro de la Propiedad, minimizing risks.
Apartment Prices in Spain
The average cost of an apartment in Spain is €2,147 per sq.m. New buildings make up 20% of the market, which is 12–18% more expensive than existing housing. The average cost of a studio starts at €80,000, a two-room apartment – from €150,000, and apartments by the sea in Spain – from €200,000. Prices for new builds are higher due to mandatory parking spaces and storage rooms (trastero) included in the price.
Average prices for apartments in Spain:
| Property type |
Average area (sq.m) |
Average price per sq.m (€) |
Estimated total cost (€)
|
| Studio |
30–45
|
1900–2600 |
57,000–117,000 |
| One-room apartment |
50–65 |
2000–2700 |
100,000–175,500 |
| Two-room apartment |
70–90 |
2100–2900 |
147,000–261,000 |
| Three-room apartment |
100–130 |
2200–3100 |
220,000–403,000 |
| Penthouse |
100–180 |
3200–5500 |
320,000–990,000 |
| Multi-level apartment |
150–250 |
3000–4800 |
450,000–1,200,000 |
| Apartment by the sea |
60–100 |
2600–4200 |
156,000–420,000 |
Where is the Best Place to Buy an Apartment in Spain
The most popular locations are Barcelona and Madrid. In the first case, there is increased demand in Eixample, the historical center of Barcelona, – the cost of an apartment in Spain here starts from €3,500 per sq.m. Another area – Poblenou – is actively being built up with new buildings priced from €3,000.
In Madrid, there is high demand for real estate in the elite Salamanca district: apartments there cost from €4,500 per sq.m., while in the less prestigious Retiro, prices start from €3,800.
Other popular cities:
- Costa del Sol (Marbella, Benalmadena). Apartments by the sea in Marbella cost from €3000 per sq.m., in Benalmadena – from €2200. The tourist flow provides rental income of up to 7.2%.
- Costa Blanca (Alicante, Benidorm). Affordable area with prices from €1900 per sq.m. In Benidorm, new builds with sea views are popular with Scandinavian and British buyers (40% of transactions).
- Valencia (Ruzafa, El Carmen). In the trendy Ruzafa district, prices start from €2,200 per sq.m. The city is growing as a startup hub, attracting tenants (yields of 6%).
