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The Spaniards are the second largest property buyer group in Ibiza

  • The high international demand, which has expanded to 17 different nationalities in the last year alone, boosts Ibiza's real estate market.

The real estate market in Ibiza remains unstoppable. "The demand for high-end property in Ibiza is still significantly higher than the available supply," says Florian Fischer, the Engel & Völkers' general manager in Ibiza. He explains that this is the main reason for the price increases registered in the island.

The German leading brokerage of high-quality real estate explains in its report 'Ibiza Markets Report', that over the last year, Engel & Völkers has sold properties to clients from 17 nationalities. While most buyers on the island came from Germany, for the first time in almost ten years, the Spaniards were the second largest group of home buyers. The rest of the applicants were from the United Kingdom, France, Switzerland, Italy and the Benelux countries.

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Ibiza remains one of the favourite destinations for the international jet setters and maintains its leadership in the Balearic Islands as the destination with more private flights. In addition, the port of Ibiza has become one of the most attractive in the Mediterranean. The old ferry terminal has been extended again, including a 185-metre long dock, which means that in the near future you will be able to bring more super-yachts to this port.

The most sought-after areas for buyers
One of the most sought-after areas on the Balearic islands is the town of Ibiza and its surroundings. The redevelopment of the old town will be completed this year, where new luxury hotels will enhance the exclusivity of the area. The luxury villas of about 350 square metres have seen an increase in their prices in 2016 by 14.2%, which stand at 4 million euros.

The main focus is on the south and southeast of the island, where you can find some of the most exclusive homes that enjoy the proximity of prestigious beach clubs and a variety of water sport activities. Properties range from villas with contemporary design to traditional fincas. The prices of the 350-metre villas start from 3.5 million euros, thus surpassing the 3 million back in 2015.

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The sunset views make the west of Ibiza an attractive place of residence. This area is destined to be even more exclusive in the coming years thanks to the construction of both modern and traditional villas. In 2016, prices in these areas also rose compared to the previous year and the entry price for a villa of about 350 square metres in very good location reached 2.8 million euros compared to 2.4 million in 2015.

The unique charm and beauty of the island are particularly evident in the north. The development of the road network has considerably improved transport connections with the city of Ibiza, which will lead to an increased level of exclusivity in this area in the long term. The strict construction laws and the scarcity of properties, together with high demand, have raised prices. This has led to the villas of 350 square metres in premium locations having prices starting from 3 million euros; 200,000 euros more than they were in 2015.

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Families and first-time home buyers often prefer the east of Ibiza because of its pristine beaches and good infrastructure throughout the year. This area has also seen an increase in the cost of buying a property. Entry prices for villas of around 350 square metres in very good locations increased to 2.6 million euros compared to 2.5 million in 2015.

The prospect of a growing demand
"We are convinced that the growth of the real estate market will be maintained during the rest of the year in Ibiza," predicts Florian Fischer. Engel & Völkers anticipates continued high demand from both domestic and international buyers for first and second homes on the Balearic Islands, mainly in the premium segment, where the limited number of exclusive properties will trigger further price increases in the long term.

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Engel & Völkers AG is the leading real estate brokerage company in Germany. Having been present in the Spanish market since 1999, it currently has more than 70 offices in our country. It is also the largest real estate agency in Germany with more than 700 locations in 33 countries on four continents. The firm has more than 8,000 employees and collaborators worldwide. The total number of properties in the portfolio is 59,131, of which more than 12,700 relate to the Spanish portfolio.

Engel & Völkers

Spain
Avda. Diagonal 640, 6ª planta A
08017 Barcelona Spain
Spain
Phone
+34935154455

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