idealista has published a new ranking of the most sought-after towns and cities to buy a home thus far in 2023. Among those locations with a large stock of flats, Madrid and the suburbs stand out again, along with other provincial capitals. Madrid (€428,100 on average) is accompanied on the podium by Mostoles (€199,200) and Alcala de Henares (€209,000). However, Torrejon de Ardoz and Fuenlabrada also appear among the top 10 most popular areas, along with Valencia, Zaragoza, Las Palmas de Gran Canaria and Seville.
Following the ranking of the most in-demand towns and cities in the rental market and their total average prices during the first quarter, idealista/data has now released statistics on house prices and relative demand in the sale and purchase market. In the ranking, Madrid has once again stood out as the city with the most demand pressure among the 100 towns and cities with a large stock of flats for sale.
Along with the capital, other large cities also appear among the top positions, such as Valencia (4), Las Palmas de Gran Canaria (7), Zaragoza (8), Seville (10), Malaga (11), Barcelona (12) and Palma (15). But among these important provincial capitals are some suburban towns on the outskirts of Madrid, such as Mostoles (2), Alcala de Henares (3), Torrejon de Ardoz (5) and Fuenlabrada (9). Completing the top 15 are smaller but no less important capitals, such as Santa Cruz de Tenerife (6) and San Sebastian (13).
Among the top 20 positions, towns on the outskirts of Barcelona or Valencia, such as Sant Cugat de Valles (17) and Badalona (20) or Torrent (14) and Paterna (18) and the first exclusive tourist area, San Bartolome de Tirajana (19) in the south of the island of Gran Canaria, are also beginning to appear.
The average total prices are quite varied between the locations with the highest pressure of demand. In the large markets, there are prices such as those of Madrid (€428,100) or Barcelona (€368,900), Valencia (€232,530), Malaga (€290,000), Las Palmas of Gran Canaria (€245,000).
Then there are locations with much higher prices, such as Sant Cugat de Valles (€810,240), Palma (€573,780) or San Sebastian (€539,500), compared to more affordable ones, such as Fuenlabrada (€179,540), Mostoles (€199,210), Torrejon de Ardoz (€203,800) or Badalona (€207,300).
The €1-million coastal big three: Benahavis, Calvia and Marbella
In this new idealista ranking, the Malaga town of Benahavis is number one once again with the highest average prices in Spain for the most sought-after locations, exceeding €1.9 million. With a wide range of luxury homes on the market, and some in the most exclusive residential estates in Europe, such as La Zagaleta, this area of the Costa del Sol is once again joined in the select "million euro homes club" by its neighbour, Marbella (€1.37 million), and more closely by the Balearic municipality of Calvia, with an average total price of €1.58 million.
The exclusive residential estate of Sotogrande, San Roque, Cadiz – where properties were on sale for an average price of more than €995,000 at the start of the year – is ever closer to joining this select club. In fifth place in terms of price is the aforementioned Sant Cugat del Valles (€810,240), among the top places in terms of demand.
Behind, other coastal towns are noticeable, both on the Mediterranean coast and islands, such as Javea (€767,270), Altea (€789,370) or Sitges (€712,000); the province of Alicante (€712,000) together with Adeje (€712,000) or Llucmajor (€632,760).
Methodology
At idealista, we publish the top towns and cities by total price and relative demand during the fourth quarter of 2022. To compile the different rankings, we used the average price of properties in towns or cities with more than 1,300 listings for sale on idealista, the southern European real estate marketplace, with prices of more than €1,100/m2 for sale, and more than 155 listings for rent during the period analysed.
Also, using user behaviour data on idealista, we compiled the indicator of demand pressure on supply. This indicator is based on the number of leads (email contacts, counter-offers and saved favourites) received per listing on idealista. On the one hand, the leads show the demand for housing by users. On the other hand, the number of ads measures the supply of housing available on the portal. Thus, the indicator summarises the pressure of demand on supply in each area of Spain and for each market segment (sale and rental) and is used to measure market heating or cooling situations when relative demand is high or low, respectively. This data is analysed by idealista/data.