Posted on June 10, 2016 in Property

Calle Hernani in San Sebastián and Avenida Pearson in Barcelona are the most expensive streets in Spain, according to the first ranking compiled by luxury real estate company, Engel & Völkers, of the five main Spanish cities in which they have a strong presence (Madrid, Barcelona, Valencia, Bilbao and San Sebastián). The 12,700 euros per square metre cost of the properties in Calle Hernani, in the Basque Country city of San Sebastián on the Bay of Biscay, exceeds the most expensive properties in the Catalan capital by 6%, and the most exclusive addresses in Madrid by 27%.

In third position in the ranking is Calle Zubieta in San Sebastián, with a price per square metre of 11,500 euros, followed by the Paseo de Gracia in Barcelona which, at 11,000 euros/m2, is just slightly more expensive than the Paseo Miraconcha in San Sebastián at 10,900 euros/m2.

The best locations of Madrid ranked in sixth place with prices reaching 10,000 euros/m2 in the residential areas of Calle Serrano and the emblematic Plaza de la Independencia, just ahead of the 9,500 euros/m2 price tag of the properties in Madrid’s Calle Doctor Arce, in the prestigious El Viso district, which ranked seventh.

The famous Rambla de Catalunya in Barcelona stood at number eight on the ranking with a price per square metre 8,500 euros, while in Bilbao, at number nine in the ranking, the most expensive homes are those overlooking the Guggenheim Museum, in the exclusive Plaza de Euskadi, listed at 5,600 euros/m2, which is almost double the price of the best streets of Valencia, tenth in the ranking, where prices in the Calle Colón stood at 3,200 euros/m2.

According to Engel & Völkers, high standing homes remain scarce in many of the most exclusive areas of Spain, and it is this shortage of supply, faced with enormous international demand, that has resulted in an increase in prices in the major Spanish cities, a situation that they expect to continue in the future as there is an increasing number of European and American buyers who are looking for these types of properties as investments.

However, El Mundo reported that most of the luxury home buyers in the five cities in the ranking are still Spanish nationals. In Bilbao, Spanish buyers account for 95% of the acquisitions, which are usually destined to be a primary residence, while in Madrid the percentage of Spanish buyers is 88%, with the remaining 12% being international buyers from the United Kingdom, Mexico, Venezuela, Germany and France.

In Barcelona the percentage of domestic clients drops to 80%, while the remaining 20% is mainly made up of buyers from Germany, France and the Netherlands.

In San Sebastian, 70% of the transactions are carried out by Spanish buyers versus 30% by foreign buyers, mainly from Australia, Canada and the Middle East, while in Valencia, the percentage of foreign buyers rises to 36%, and are mainly French and British.

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