Property Market Recovers Post-Pandemic
Following the impact of the coronavirus pandemic on the property market, there is now a noticeable recovery with property prices beginning to climb once more. This article aims to examine the neighborhoods where the increase in property prices has been most significant over the past two years. The comparison is made between the asking prices in September 2019 and September 2021, with the same month used to eliminate any seasonal variations.
Andalusia Dominates the List of Expensive Neighborhoods
Most of the top 10 priciest neighborhoods are found in Andalusia. Leading the pack is Las Salinas in Roquetas de Mar, which has witnessed a 46.3% surge in property prices over the last two years. Golf Guadiana in Badajoz follows closely with a 41.4% increase, a figure closely mirrored by La Concepción in Cartagena (41.3%) and Nagüeles in Marbella (41.2%).
Top Five Neighborhoods with Rising Property Prices
The El Caño-Maracaibo area of Las Rozas de Madrid takes the fifth spot with a 39.6% rise in property prices. Three neighborhoods in the province of Malaga follow: Las Brisas (38.1%) and Bello Horizonte-Lindasol (34.1%) in Marbella, and Guadalmansa (33.8%) in Estepona. The list is rounded off by the Juan XXIII area in Alicante (30.4%) and the Génova neighborhood in Palma de Mallorca (29.5%).
Spain’s Most Expensive Neighborhoods
Despite Andalusia having the most number of expensive neighborhoods, the priciest ones are actually situated in Madrid, Spain’s capital. The Recoletos neighborhood holds the record for the highest average price in Spain, reaching 8,448 euros/m2. The San Sebastian neighborhood of Miraconcha comes next at 7,251 euros/m2. Los Jerónimos in Madrid (6,917 euros/m2) and the Área Romántica in San Sebastián (6,869 euros/m2) follow in third and fourth places respectively.
Madrid Dominates the List of Expensive Neighborhoods
The next three spots are occupied by Madrid neighborhoods: Castellana (6,861 euros/m2), Almagro (6,545 euros/m2), and El Viso (6,421 euros/m2). Pedralbes is the first Catalan neighborhood on this list (6,125 euros/m2), followed by Lista in Madrid (5,963 euros/m2) and Les Tres Torres in Barcelona (5,959 euros/m2).
Methodology of the Study
The study was conducted by comparing the sales prices published in September 2021 with those published in September 2019, to eliminate seasonal variations. Data from the most segmented levels (neighborhoods) were used. In cases where the available sample did not allow for this, a higher level (district) was used.
