Rewritten Luxury Property Market Overview

Luxury homes are commanding higher prices around the globe. A Savills report, the Prime Residential World Cities Index, tracks luxury residences across thirty major cities. In the first half of 2022, purchase prices for luxury properties rose by 2.4 percent, while rents climbed 3.1 percent. In the same period, about 90 percent of luxury listings saw price increases of at least 2.4 percent. The study focuses on Madrid and Barcelona, reporting average prices of 7,070 and 6,530 euros per square meter respectively. While these figures are high relative to the national average, they still lag behind several cities abroad, such as Los Angeles at 15,750 euros per square meter and San Francisco at 16,040 euros per square meter.

Another industry assessment, Idealista via TheObjective, notes Spain currently hosts 40,295 homes on the market priced above one million euros. In the ultra-luxury segment, 7,775 properties exceed three million euros. Malaga, the Balearic Islands, the Community of Madrid, and Barcelona together account for 69 percent of this premium supply. Alicante with 10.6 percent and Girona with 5.5 percent follow in the ranking. The provinces with the fewest high-end listings include Palencia, Teruel, Soria, León, Zamora, Cuenca, Lugo, Guadalajara, Ourense, and Burgos.

The outlook for luxury housing remains uncertain. While higher interest rates dampen demand for traditional housing, their impact on luxury can be more indirect. Buyers of premium properties often require less financing, which can cushion price sensitivity. Early 2022 forecasts suggested price growth around 6.1 percent, but updated projections later reduced expectations to about 4.4 percent, according to the Global Prime Housing Forecast published by Knight Frank at the close of the first quarter.

Five rooms in the Canary Islands

This residence sits in the third smallest municipality on the island of Gran Canaria, Canary Islands, and is listed at 1.58 million euros. It offers five bedrooms on a 519 square meter build and 2,339 square meters of land. The marketing team highlights a design aimed at eliminating ground contact for enhanced insulation and protection. The villa unfolds over two levels: the first houses the kitchen, dining area, living room, a library with office space, a guest toilet, and two terraces; the second level contains four en-suite bedrooms. Outdoors, there is a pool, barbecue area, and oven, plus parking for six cars and a laundry room.

Modern design in Madrid

Villa in Torreolodones/ Gilmar

Located in the northwest mountains of Madrid, a villa is listed at 1.65 million euros. The property comprises a 473 square meter house on a 1,450 square meter lot. Marketing notes emphasize abundant natural light, high-quality finishes, and open spaces. The first floor includes three bedrooms, one ensuite. In addition to a garage and a basement storage area, there is a gym and a cinema room. The main floor features a living-dining area and a steam fireplace with access to a porch overlooking the pool.

Tuscan villa in Segovia

Country house in Segovia/ Gilmar

This 1,800 square meter Tuscan-style villa in Segovia sits on a 170 hectare farm, described by Gilmar as gently rolling and well-fenced, with water access and ample natural light. The property features eight en-suite bedrooms arranged around a central patio, plus rooms for gatherings of up to twenty people, each with a fireplace and multiple porches for sunset views. The surrounding garden includes a swimming pool and decorative fountains. It is listed at 4.9 million euros.

Seascape in Marbella

Villa Olympus / Gilmar

Under the banner Villa Olympus, one of the market’s most prestigious villas on the Costa del Sol is making waves. This residence comprises nine bedrooms on a 2,449 square meter site, set on a larger 4,674 square meter plot. Priced at 27.5 million euros, Villa Olympus sits in Marbella within the Cascada de Camoján enclave at the base of the Sierra Blanca mountains. The marketing team highlights a dramatic entrance hall with soaring ceiling height, a double staircase, and striking architectural elements. The villa features a heated indoor pool, an outdoor pool, a sauna, a gym, and a cinema room. Views of the sea accompany the interiors, harmonizing with the coastline landscape.