If you're planning to move to Spain with kids, then finding the best school will be an important factor in settling into a new life abroad. For a family in the process of searching for a home, to buy or to rent, one of the most relevant and even determining factors is the proximity to schools. However, does the proximity of a school influence property prices? And even more so, if that school happened to be one of the best in Spain, would it affect the price?
According to a study by the Valuations and Residential area of the commercial real estate services and investment firm CBRE, living near Spain's top schools doesn't have to mean a higher price tag, although a number of the top schools are located in aready expensive areas.
The consultancy firm has analysed the purchase and rental price around the best educational centres in the country, according to the ranking in the Spanish newspaper 'El Mundo'. In general, and according to the data analysed by CBRE, living in the streets closest to the best schools in the country (within a radius of between 500 and 2,000 metres) does not always increase sale or rental prices (in relation to what it costs to live in their respective districts).
For example, living near the Colegio Montserrat, in the Sarrià-Sant Gervasi district of Barcelona (in fifth place in the El Mundo ranking) would be the most expensive option, with an average price per square metre in the streets surrounding this school reaching 5,168 euros. The trend can also be seen in rental prices, where homes for rent with the highest price are those located near Colegio Montserrat, with an average monthly price of 16 euros/m2. As for the area near the Colegio Estudio in Madrid (Valdemarín), the best school in Spain, the average price is 15 euros/m2.
The only exception would be in the case of homes near Colegio Meres (in the Asturian municipality of Siero), chosen as the fourth best in Spain, and where there is a revaluation of the purchase price of up to 35% for a home located in the vicinity of the school. In this case, living near the school costs an average of 1,591 euros/m2 compared to the 1,175 euros/m2 of the average price in the district.
House prices close to Barcelona's best schools
In the case of the best schools located in Barcelona, the homes with the highest sale price (5,168 euros/m2) and the highest rent (16.36 euros/m2/month) are those located near the Montserrat state school mentioned above. This school is the second best school in Barcelona according to the El Mundo ranking and the district where it is located, the Sarrià-Sant Gervasi district, is one of the most expensive in the city, where the average sale price per residential square metre is over 5,700 euros and the rent is over 19 euros/m2/month.
At the other extreme, living near Institució La Vall Barcelona, the fifth best school in Barcelona, according to El Mundo, and located in the municipality of Barberà del Vallés, would be the most economical option, both in the case of buying, selling and renting. The average residential purchase price per square metre in the vicinity of this school is 1,943 euros (which compares with the 2,149 euros it costs on average in the district where it is located) and, in the case of rent, the square metre is paid at almost 10 euros per month, in line with what is paid in the whole of the municipality of Barberà del Vallès.
House prices close to Madrid's best schools
In the case of the best schools in Madrid, the homes with the highest sales price (6,720 euros/m2) are those located near Colegio La Salle Ntra. Sra. Maravillas school, in the Chamartín district, considered the second best school in Madrid. While, in the case of renting, living around San Patricio mentioned above, also in Chamartín, would be the most expensive option, as the square metre per month is over 18 euros.
If we compare the purchase and rental prices in the streets near the schools, with the average prices in the district where they are located, the trend observed is that a home near the best schools in Madrid has higher purchase and rental prices compared to the average price in the district. In this sense, the Liceo Europeo in La Moraleja stands out, in fifth place, where the purchase price (5,407euros/m2), is 54% higher than the average price of the district in which it is located (3,506 euros/m2).