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The most expensive streets in Spain are located in San Sebastián and Barcelona

Franchise Engel & Völkers Spain

The most expensive streets in Spain are located in San Sebastián and Barcelona - Engel & Völkers' first ranking of Spanish streets 

  • San Sebastián's Hernani Street is in the first place, with 12,700 euros price / sqm, followed closely by Pearson Avenue in Barcelona
  • In Madrid, Serrano Street and Independencia Plaza are quoted at 10,000 euros / sqm and in sixth place, behind Zubieta and Paseo de Miraconcha in San Sebastián, and Paseo de Gracia in Barcelona
  • The large stately buildings overlooking apartments are some of the most sought-after properties in various locations

According to the data released by Engel & Völkers, among the top five Spanish cities (Madrid, Barcelona, Valencia, Bilbao and San Sebastián) San Sebastián's Hernani Street and Barcelona's Pearson Avenue are the most expensive locations in Spain. The properties in San Sebastián's Hernani Street reach as high as 12,700 euros / sqm which is a rise of 6% compared to the previous year. The value of properties at this exclusive address is the most appreciated in the Catalan capital.

San Sebastián's Zubieta street, where the price per square metre stands at 11,500 euros is in third place, followed by Paseo de Gracia in Barcelona, with 11,000 euros / sqm, which is practically equal to Donostiarra (San Sebastián) Paseo Miraconcha at 10,900 euros / sqm.

The best locations in Madrid are sixth with prices reaching as high as 10,000 euros / sqm. Residential streets like Serrano or the emblematic Independencia Plaza are placed in the lead at 9,500 euros / sqm compared to the other streets in Madrid such as Doctor Arce which is located in the prestigious neighbourhood of El Viso and exceeds Rambla de Catalunya's price of 8,500 euros / sqm.

Bilbao comes next, where the most expensive properties are close to the Guggenheim Museum located in the exclusive Euskadi Plaza. These are listed at 5,600 euros / sqm, almost double the price of the best streets in Valencia. With prices slightly exceeding 3,000 euros / sqm in Colón Street and Paseo de la Alameda, a real estate investor can find exclusive penthouses located in the centre of Valencia for 3,200 euros / sqm.

Modern apartments in high-rise buildings
Although these properties are very different from each other, there are common elements among them in the popular streets that they're situated in, as demanded by customers of Engel & Völkers. The most sought-after are modern and minimalist homes that retain their original structural elements such as pillars and beams which are incorporated into the design and modern decor. These properties are located in historic buildings and have views of the most representative areas of the city.

Meanwhile in San Sebastián, the spacious apartments with large windows or terraces that open towards la Concha Bay are the most exclusive in the city. In Madrid, the most sought-after properties are the renovated 250 square metre penthouses with high ceilings located next to Parque del Retiro.

The representative promenade of San Sebastián, which maintains the charm of having been the summer residence of the royal family in the late nineteenth century, brings homes that compete in price with the emblematic Pearson Avenue in Barcelona, where family houses are aplenty and apartments start from 150 sqm with landscaped communal areas and multiple facilities. Meanwhile, in Paseo de Gracia the most demanded are the properties in modernist buildings with high ceilings, terracotta tiles and large ornamental windows; features that are also seen in small flats of 50 square metres and stately homes that exceed 500 square metres.

Along the same lines, the most sought-after properties in the centre of Valencia are spacious penthouses in stately buildings or homes overlooking Turia Gardens, with southeast facing position in both cases.

Spain - Las calles mas caras de España.jpg

Not all homes in these locations are sold at the prices indicated on the attached chart. The analysis conducted by Engel & Völkers focuses on exclusive addresses and homes that meet the highest standards in terms of location, facilities and comfort. Only a small proportion of the real estate transactions in the mentioned cities reaches the highest prices listed on the ranking list.

To draw up the list, the leading German real estate agency has taken into account the price of residential properties per square metre as managed by the company last year.

Buyers' Profile
Luxury homes are still a scarce commodity in many of the most exclusive areas of Spain. This shortage of supply is precisely ahead of the huge international demand that has led to increase prices in major Spanish cities, a situation that is expected to be maintained in the near future because there will be a greater number of European and American buyers seeking investment properties.

Although the increases in price were between 4% and 6% in majority of the locations, there was a double-digit rise recorded in the most exclusive addresses in San Sebastián and Valencia, specifically in Hernani Street and Colón Street.

Most of the Engel & Völkers clients in the five ranked cities are domestic customers, mainly in Bilbao where the Spanish buyers account for 95% of first-time purchasers, while in Madrid the percentage drops to 88%. 12% are international clients who come from Britain, Mexico, Venezuela, Germany and France. These investors opt for the capital of Spain because it offers higher returns than other major European cities, a situation that has encouraged many buyers from South America to change their investment preference from Miami to Madrid.

Meanwhile, in Barcelona the percentage of domestic customers is close to 80%, while the remaining 20% is mainly concentrated in three countries: Germany (with a total share of the foreign market at 15.8%), France (14.4%) and Netherlands (13.2%).

In San Sebastián, the gap widens even more at 70% as the property purchase transactions carried out by the Spanish versus 30% of foreigners arriving mainly from Australia, Canada and the Middle East. Its excellent geographical location and its aristocratic buildings in Belle Epoque (1850-1920) are a must for an international customer who values the elaborate cuisine of a city with 16 Michelin stars, and the unique Universidad de Ciencias Gastronómicas (Gastronomic Sciences University).

In Valencia, the percentage of foreigners rises to 36%, where mainly the French and British appreciate the true value of the Mediterranean, a cosmopolitan city with a high quality of life and services but with considerably lower prices than the other two major Spanish cities: Madrid and Barcelona.

Photos: © Engel & Völkers Barcelona

The news about the most expensive streets in Spain had plenty repercussion on online press:

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