Luxury Real Estate Prices Soar in Spain: Santa Cruz de Tenerife Leads with 16.6% Growth

Discover the latest trends in Spain's residential real estate market, with top properties seeing a 7.7% increase in prices. Santa Cruz de Tenerife tops the list with a 16.6% rise.

The residential real estate market in Spain saw a significant increase in prices in April, with the most expensive properties experiencing a 7.7% year-on-year growth. This growth outpaced the overall market, which saw a 6.9% increase during the same period. The province of Santa Cruz de Tenerife saw the highest price increase for the top 10% of homes, with a rise of 16.6%. Other provinces that experienced notable price increases for luxury properties include Madrid (13.7%), Las Palmas (12.3%), and Murcia (11.5%).

On the other hand, only three provinces saw a decrease in prices for the most expensive homes: Salamanca (-1.9%), Zamora (-1.5%), and Ourense (-0.8%). Overall, slightly more than half of the provinces (28 out of 50) saw the highest-priced homes outperform the market as a whole in terms of price growth. Madrid stood out with a market growth of 7.4% compared to a 13.7% increase for the top 10% of properties.

In terms of capital cities, Madrid saw the most significant price increase for luxury homes at 17.4%, followed by Malaga (16.9%), Teruel (15.3%), and Santa Cruz de Tenerife (15.1%). Valencia, San Sebastian, and Alicante also experienced double-digit growth in this market segment. However, there were five capitals where the price of the top 10% of homes decreased, including Pamplona, Zamora, and Salamanca.

Overall, only 15 capital cities saw the highest segment of the market become more expensive than the market itself. Madrid once again led the way with a 17.4% increase in the top 10% of properties compared to a 10.6% market growth. Segovia and San Sebastian followed with notable differences between market growth and luxury property price increases.

The luxury real estate market in Spain continues to show strong growth, with certain provinces and capital cities experiencing significant price increases for the most expensive properties. This trend highlights the demand for high-end housing in Spain.