Mark Stücklin
Two new reports on prime property prices in major cities and resorts across Europe and beyond highlight that Spain remains a highly affordable option compared to international standards.
Leading international real estate agencies Knight Frank and Savills, both specialising in prime real estate markets, have published reports indicating that Spain offers some of the most competitively priced luxury properties in the world.
The Savills report compares prime residential prices per square meter (€ /sqm) in global cities, placing Barcelona and Madrid among the most affordable destinations. Both cities rank near the bottom of the list, just above Kuala Lumpur and Cape Town, and far below more expensive locations like Hong Kong.
Knight Frank’s report examines prime residential prices in global cities and high-end resorts favored by affluent buyers. It highlights that Spanish cities and resorts, including Barcelona, Madrid, the Balearic Islands, and Marbella, are some of the best-value markets for prime property worldwide. In fact, with prime prices ranging from €8,000 to €8,900 per square meter, Barcelona emerges as the most affordable location in the ranking.
High-End Mediterranean Living: Barcelona vs. Monaco
Knight Frank’s report also allows for a comparison of prime property prices in Mediterranean hotspots popular with wealthy buyers, such as the South of France, Monaco, Barcelona, Marbella, and the Balearic Islands. The findings reveal that luxury property in Barcelona starts at just 15% of the price for comparable homes in Monaco, and a third of the price in the South of France.
Prime property in Barcelona is priced between €8,000 and €8,900 per square meter, whereas in Monaco, prices soar to between €54,000 and €59,700 per square meter. This makes Monaco over six times more expensive than Barcelona, despite Barcelona being a vibrant metropolis, while Monaco remains a small, tax-friendly enclave.
For high-net-worth individuals (HNWIs), who may typically be less sensitive to price differences, Barcelona still offers the best value for those seeking a Mediterranean lifestyle. In a market where luxury real estate comes at a premium, Spain’s prime property market stands out as an attractive and cost-effective option.
