Market report 2024: Current trends and developments in Ibiza
Ibiza is becoming increasingly popular as a place to live. Not only does the island's diverse gastronomy and party scene contribute to this, but the picturesque landscape and tranquil bays and beaches also attract numerous people year after year who choose to settle in Ibiza by buying an exclusive villa or finca. Buying a home in one of Ibiza's sought-after residential areas allows you to experience the unique benefits of the island lifestyle daily. Many regions are also characterised by a consistently high demand for housing, making investing in real estate a particularly lucrative move. Whether you are an owner or a prospective buyer, the will keep you informed about what is currently happening in Ibiza's real Engel & Völkers market report estate market. It will help you with your future buying or selling decisions.
Buying or selling property in Ibiza: The current market situation
Concerning the offer of properties for sale, Engel & Völkers real estate agents recorded a significant decrease in 2023, compared to the previous year - a trend that has been evident for two years. While the volume on the housing market fell by 2 percentage points, a loss of 12% was recorded in the apartment segment. Over the past three years, an average price growth of a quarter each for villas, fincas and apartments has therefore been observed.
Real estate market 2024: How asking prices have developed in Ibiza Town and the surrounding area
The versatile island capital of Ibiza Town, with its historic old town of Dalt Vila, the exclusive harbour district of La Marina and the expansive Talamanca Bay, is the ideal place to dream and enjoy. The unique advantages of Ibiza Town and the surrounding area are reflected in the high demand for villas and fincas for sale: last year, the region's housing market recorded the highest increase in value on the island, rising by 11 percent. Prices for houses ranged between 800,000 and 1 million euros, with an average of 8,350 euros per square meter of constructed area. In the Cap Martinet area, north of Talamanca beach, the highest average asking price of 9,850 euros per square meter was achieved.
According to the current market report, around 60 percent of the available apartments are located in Ibiza Town - these cost an average of 6,150 euros per square meter.
Market overview: Real estate prices in the south and west of Ibiza
The south of Ibiza is the ideal location for a varied lifestyle. The long, dreamy sandy beaches of Es Cavallet and Salinas as well as Cala Jondal with its numerous exclusive beach clubs and diverse gastronomic offerings contribute to this. According to the Engel & Völkers Market Report 2024, buyers paid an average of €9,500 per square meter of built-up area for villas and fincas in the southern island region. Compared to the previous year, the market experts at Engel & Völkers observed a price increase of around 6 percent. Apartments for sale were located exclusively in San José - the average asking price here was 5,800 euros per square meter.
Despite the many exclusive hillside locations with unique views, quiet bays and idyllic beaches that can be found in the west of Ibiza, this region showed a rather low price increase of 3.5 percentage points compared to the rest of the island. Last year, asking prices averaged 9,050 euros per square meter.
For apartments in the towns of San Antonio and Port des Torrent, prospective buyers had to expect an average of 5,700 euros per square meter after a price increase of around 11 percent.
Villas, fincas and apartments for sale: The northern and eastern regions of the island
The northern region of Ibiza promises property buyers an authentic, natural lifestyle in a Mediterranean atmosphere. The quiet locations are home to numerous elegant villas and fincas that offer plenty of space for you and your family. These are often sold at collector's prices - at an average of 9,950 euros per square meter, the asking prices were recently the highest on the island. However, prospective buyers can also find properties in different price ranges in the north of Ibiza: While house prices in Santa Inés and San Mateo average 12,700 euros per square meter, properties in San Lorenzo can be found at prices ranging from 6,600 to 12,100 euros.
Buying a villa or finca on Ibiza allows you to discover the island's unique flora and fauna in unspoilt form. This is thanks to Ibiza's inhabitants, who place particular importance on preserving the island's natural resources. Read our article to find out more about sustainable living on Ibiza as part of the Ibiza Sustainability campaign!
The east of Ibiza is home to Ibiza's diverse cultural scene, with places such as the enchanting village of San Carlos and the family-friendly coastal town of Santa Eulalia. On average, property buyers here paid 8,250 euros per square metre of built-up area, resulting in a price increase of over 7 percent within a year. The supply of fincas and villas in the eastern part of the island is particularly extensive and covers all price ranges. In the areas around Santa Eulalia and Roca Llisa, prospective buyers benefit from a wide range of available flats. As the 2024 market report shows, these could be purchased last year for an average of 5,550 euros per square metre.
In the south as well as in the west and in Ibiza Town, prospective buyers benefit from a wide range of spacious fincas and modern villas with prices starting at 10 million euros. Villas priced from 7 million euros can be found in all regions of the beautiful Balearic island of Ibiza. Engel & Völkers real estate agents have recorded value stability in both price segments - the purchase of a residential property on Ibiza is therefore usually a crisis-resistant investment.
The purchase price for your villa, finca or flat on Ibiza not only varies depending on the region, the micro-location, the type of property and the supply situation are also decisive factors. Engel & Völkers' professional real estate agents offer you individual advice so that you can maintain an overview of the ever-changing conditions of the property market on Ibiza. You can tell us about your property purchase or selling plans in a free, non-binding initial consultation. Simply give us a call on +34 971 311 336 or visit us in one of our shops in Santa Eulalia or Ibiza Town. We look forward to working on your project together!
