San Sebastián continues to strengthen its position as one of Spain’s most exclusive residential markets. According to Engel & Völkers’ latest report on the premium real estate market in the Basque Country, 20% of the transactions managed by the company in the city and its surrounding areas closed above €1 million in 2025, within a context marked by limited supply in the most sought‑after locations and strong Spanish and international demand.
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The capital of Gipuzkoa maintains its leadership in the prime residential segment in the Basque Country, with an average price of €5,829/m². In some of the most exclusive areas, however, prices already exceed €13,000/m², according to transactions analysed by the firm. “San Sebastián remains the main benchmark in the premium market, with strong international appeal and limited supply in exclusive locations,” says Laura Berridi, director of Engel & Völkers North Zone.
Alongside San Sebastián, towns such as Zarautz and Getaria also reinforce the Basque coast’s position in the luxury segment. In both municipalities, the average sale price ranges between €619,000 and €637,000, while Hondarribia maintains values above €4,000/m².
The report also highlights that demand in Gipuzkoa is driven mainly by families and focuses primarily on primary residences, which account for 82% of the transactions managed by the firm. Although domestic buyers represent 93% of transactions, Engel & Völkers has identified a growing international presence, particularly from American and French buyers in municipalities such as Hondarribia and Zarautz.
Beyond Gipuzkoa, Bilbao and Getxo continue to strengthen the high‑end residential market in Biscay. In Getxo, some transactions have already exceeded €2 million, and the average price is above €800,000, driven by strong demand in areas such as Neguri and Algorta. Bilbao, meanwhile, is reaching peak prices above €6,500/m², with an average cost of around €575,000 per property.
In Álava, Vitoria‑Gasteiz is showing positive growth, supported by its quality of life and urban planning. The average price of homes marketed by Engel & Völkers is around €461,000, with Zabalgana leading growth and exceeding €4,300/m².
Looking ahead to 2026, the company expects the Basque real estate market to maintain its strength in both sales and rentals, particularly in the higher‑quality segment, driven by a combination of strong demand, residential appeal and limited supply.
