Property Market Eivissa 2024
💡 This is an in-depth article for the Eivissa Municipality – Full Article: Ibiza Property Market 2024
We understand the necessity of having comprehensive, timely and accurate information when it comes to investing in the real estate market in Ibiza. How have home prices on the market developed in Dalt Villa, Can Misses, Figueretes and Marina Botafoch? Year-on-year, the average price of property on the market increased by 13,5%. This number is fuelled by less affordable properties on the market, and a steady demand from Northern European countries. Let’s see how the various neighborhoods have performed last year:
Can Misses – €4.252/m2 (DEC-2023)
Can Misses, an area full of family amenities, such as schools and sports, was more affected by the rising interest rates and an audience that is relying more on mortgages to finance their property. With the approval of the new PTI (general urbanistic plan) in 2023, there are a lot of new developments in this area that will get their license to start building. A big chunk of these new developments are focussed on bringing more affordable and social housing (for sale and for rent), hence there will be a significant variance in property for sale in this area as affordable and more expensive housing will be mixed in this neighborhood.
Dalt Villa – €6.679/m2 (DEC-2023)
Dalt Villa is home to a lot picturesque apartments in old buildings. We have seen a lot of home improvements going on and people speculate on the massive potential the center still has, and to actually enjoy the beauty of Ibiza Town. Let’s be honest, Ibiza Town in winter is still a bit dead, but compared to 10 years ago, things are improving. Ibiza is becoming more and more an all-year destination, this will bring life to Ibiza Town in winter and therefore we expect demand to grow in the cultural heart of Ibiza.
Figueretes – €5.040/m2 (DEC-2023)
Figueretes is full of less attractive buildings and therefore property prices were relatively low. In the past few year, when cost of living increased significantly, many people decided to move to family on the mainland. As its location close to Ibiza Town, and the walking distance to the beach, the area is becoming more popular amongst the second home buyer or relocator that is seeking an affordable place in Ibiza Town. However, with recent price increases, also this area is becoming more expensive. Buyers here can buy a nice apartment in the range of €300.000-€400.000, but please expect some renovation works to be done in this area.
Marina Botafoch – €7.021 (DEC-2023)
Marina Botafoch average m2 prices for the first time above €7.000/m2 in December 2023. That is a year-on-year increase of 18,2% in Marina Botafoch. Not strange as this neighborhood is getting more and more surrounded by high-end food hotspots, the yachting club and, don’t forget Salt Bae (famous Turkish salt chef), who is installing its premises in the area. Next to this, Marina Botafoch Ibiza is home to a lot of foreign buyers who seek a combination of living close to the beach (Talamanca) and being close to where it all happens. In all, not bad for home values. Marina Botafoch, being a top-top A-Location, will not see prices drop anytime soon… With planned improvements on the old Marina Botafoch, (underground) car parks living in Marina Botafoch will only get better!
This article is part of our full property market Ibiza 2024 report that gives insights into home prices, home sales, interest rates and some island demographics. Enough reading material to prepare you for the right choice when buying a second home.