5 Best Places to Buy Property in Spain in 2024

Why is Spain such a popular destination for people looking to purchase a property abroad? Buying real estate here opens a window to not just a new home, but a lifestyle rich in culture, history, and breathtaking landscapes. This vibrant country offers an array of settings that cater to every taste.

Ready to find out which one might be your future home? In this blog, we’ll reveal the five best places to buy property in Spain. So, let’s get started!

Buying Real Estate in Spain: The Housing Market

Before we discuss the best place to buy property in Spain, let’s first break down the Spanish housing market.

The appeal of owning property in Spain is underscored by its competitive pricing compared to other European destinations, offering various options from coastal villas to urban apartments.

According to Statista¹, the average price per square meter for residential property in Spain was €2,809 in 2023 which is relatively more affordable than many of its European neighbors. To learn more about living costs in Spain compared to the world, check out our breakdown here.

While areas such as Madrid and Barcelona are of course higher on average due to the increasing demand for property in these areas, while properties in regions such as Andalusia and Valencia remain below the average.

Looking further into 2024, projections suggest a continued growth trajectory for Spain’s housing market at a more moderate pace. Spain remains an attractive destination for property buyers, offering a blend of lifestyle and investment potential. 

The Best Places to Buy Property in Spain

When it comes to buying real estate in Spain, there’s something for every type of buyer. Whether you’re looking for the cheapest place to buy property in Spain or the best place in Spain to buy a holiday home, we’re going to talk you through our favorite cities for expats.

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1. Madrid: One of the Best Places to buy Investment Property in Spain

Average Housing Cost: €4,231 per sq/m

First up, Madrid. The Spanish Capital is home to a vibrant culture, endless work opportunities, and a unique blend of activities. 

Why should you buy property in Madrid? Let’s take a look at some of the key benefits:

• Cultural Experiences – From frequent street festivals and live music to serene parks and an inclusive atmosphere, Madrid promises a fun, positive quality of life.
• Work Opportunities – You will find a multitude of tech start-ups, small businesses, and multinationals all within a stone’s throw of each other. The strength of the jobs market in Madrid means that the property values are only going in one direction – up!
• Endless Activities – Are you a foodie and want to spend your time sampling tapas? Or are you an art lover? Check out Madrid’s world-famous museums, including the Prado, Reina Sofía, and Thyssen-Bornemisza. And of course, Madrid is like heaven for sports enthusiasts as the home to the world-renowned Real Madrid and their state-of-the-art stadium – Santiago Bernabéu.

Madrid’s Best Areas

If you want to be right on top of the action, consider buying in Sol. For those considering buying a home for work reasons, be sure to check out Salamanca. Or if you want to live in an area buzzing with youth and known for its nightlife, Malasaña may be the neighborhood for you. 

2. Barcelona: One of the Best Places to Buy Property in Spain

Average Housing Cost: €3,952 per sq/m

If you’re looking for a place that offers just about everything, you should consider Barcelona. Living in a vibrant city with a unique blend of mountain views and a coastline lined with beaches sounds like a dream, right?

Let’s break down some of our favorite things about Barcelona:

• Art and Culture – Barcelona is renowned for the famous architecture of Antoni Gaudi such as Casa Battlo and Gaudi House Museum and of course, La Sagrada Familia. On top of this, Barcelona is home to as many as 9 UNESCO World Heritage landmarks, including Park Guell and Palau de la Musica Catalana.
• Unique Geography – Barcelona is located at the foot of the Collserola mountain range, where you will find one of the oldest amusement parks in Europe at its peak – Tibidabo. Opposite the mountains, you will find Barcelona’s 9 beaches that stretch along the coastline for over 4.5km. This unique blend of mountains and beaches near the city promotes an active, outdoor lifestyle.
• The Weather – Barcelona is known for its warm weather and mild climate, where temperatures rarely drop below 10°C in its coldest months. Throughout the year, temperatures average 15°C-26°C. Add this to the low precipitation levels and you can enjoy relatively warm and dry weather all year round!

Barcelona’s Best Areas

Barceloneta is the perfect destination to have easy access to the beach, while Eixample offers a central location and great public transport options. Gracia is located a bit deeper into the city and offers upper-end accommodation and fewer tourists.

3. Malaga: One of the Fastest Growing Cities in Spain

Average Housing Cost: €2,809 per sq/m

Malaga may just be the best place to buy a beach house in Spain. With Malaga airport just a 20-minute drive from the center, it makes travel a breeze whether it’s your holiday home or if you want to relocate entirely. 

So, why do we recommend Malaga?

• Strong Economy – Malaga has the fourth most prominent economy in the country – and is home to a range of multinational companies suitable for English speakers looking for their next career move.
• Quality of Living – We’re all aware of the laidback Spanish lifestyle and of course the mouthwatering Andalusian cuisine. Indulge in some gambas al pil pil in one of Malaga’s traditional restaurants or sip a cerveza overlooking the beach. Tempted yet?
• Investment Opportunities – Professionals have arrived in Malaga in their droves over recent years, resulting in a strong talent pool. The high influx of international residents may just make Malaga the best place to buy investment property in Spain.

Malaga’s Best Areas

If you want to be in the center of Malaga’s cultural scene, check out Centro Historicó. If the beach is what you’re after, we recommend Malagueta. Maybe you’re interested in an investment opportunity? You will find plenty of renters at Teatinos.

4. Alicante: One of the Cheapest Places to buy Property in Spain

Average Housing Cost: €2,015 per sq/m

Maybe Malaga isn’t for you but are you still dreaming of a beachfront house in Spain? If you ask the inhabitants, they will tell you Alicante is the best place to buy a beach house in Spain right now. 

A mixture of digital nomads and retirees are buying properties in Alicante for several reasons.

• Great Value New Builds – Costa Brava and Alicante, in particular, are home to a range of new builds that can’t be beaten on value or style. From cozy apartments to grand villas, there is sure to be something on the market to fit your needs.
• English-Speaking Community – Due to its popularity for expats and retirees, there is a high English-speaking population in the area to help you get accustomed to your new home. 

Alicante’s Best Areas

If you’re looking for a new build, some stunning neighborhoods are popping up in Gran Alacant, while El Campello offers some more luxurious properties. If you want to find lively towns filled with English speakers, Caba Roig or Benidorm may be worth a look.

5. Marbella: One of the Best Places to buy a Beach House in Spain

Average Housing Cost: €4,834 per sq/m

Last, but certainly not least on our list of the best places to buy property in Spain is Marbella. We have already discussed Malaga, but for a more lavish Andalusian abode, you may look towards Marbella. 

Here’s why:

• Lifestyle – Whether you want to spend your days on the golf course, indulging in Mediterranean cuisine, or basking in the sun, Marbella provides the perfect environment to live your dream lifestyle. With over 320 sunny days per year, the options for outdoor activities will be endless!
• Luxury Properties – If you are looking for a luxurious property, Marbella and its surrounding areas such as Puerto Banus and the Golden Mile are worth a look. Marbella could be the best place to buy luxury property in Spain, in our opinion.

Marbella’s Best Areas

As we mentioned, Puerto Banus and the Golden Mile have some of the most luxurious properties on offer. If you want something a little more down to earth, we recommend San Pedro de Alcantara.

Pathway to Spanish Residency: Golden Visa

The Spanish Golden Visa program is one of the most popular Golden Visa programs in Europe. Spain’s Golden Visa program is flexible, so you have various investment options to gain a foothold in Spain and the EU. One of the most popular methods of obtaining the Golden Visa by purchasing real estate in Spain.

By investing at least €500,000 into Spanish real estate, you can apply for the Spanish Golden Visa. Your application will also need a certificate of domains and Land Registry charges, as well as the deed of sale for any assets you purchase. 

You will also need to prove that you are earning at least €28,800 per year to show you can maintain your lifestyle as well as, of course, a clean criminal record and private health insurance.

Frequently Asked Questions About the Best Places to Buy Property in Spain

Is it better to rent or buy a property in Spain?

Deciding whether to buy or rent in Spain depends on your circumstances and long-term goals. In short, if stability and potential investment growth are what you’re after, buying may be better. Renting could be more suitable if you value flexibility and lower upfront costs.

Where in Spain are the cheapest properties to buy?

Property prices in Spain vary widely depending on their location. Rural towns such as Extremadura and Castilla-La Mancha as well as certain parts of Andalusia and Murcia are known for their low property prices. 

Can I live in Spain permanently if I buy a house?

Buying a house in Spain doesn’t automatically qualify you for permanent residency. Your best path to Spanish residency through investment is the Golden Visa, so be sure to speak to our experts to learn more!

Is it better to buy a property in Spain or Portugal?

Again, it’s down to personal preference. What do you value more, Spain’s vibrant culture and diverse climates, or Portugal’s relaxed lifestyle and affordability? Both have great Golden Visa options if citizenship is what you’re after.

Are property taxes high in Spain?

Property taxes in Spain are moderate compared to some other European countries. These taxes include annual property tax (IBI), which varies depending on your location, and some other taxes on purchase and ownership.

Conclusion

Buying property in Spain is an enticing prospect, filled with the promise of sunny days, professional opportunities, and cultural experiences. Whether you’re looking for the city life of Madrid or Barcelona or a more laid-back atmosphere in Alicante or Andalusia, our expert team of lawyers at Lexidy is here to help you every step of the way! 

So if you’re ready to purchase property in Spain, fill out the form below to get started.

1. https://www.statista.com/statistics/771975/average-house-price-per-square-meter-in-spain-by-autonomous-community/ ↩︎