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The ten most expensive neighbourhoods to buy a property in Spain's Andalucía region are all in the province of Malaga, according to an analysis issued by the Fotocasa real estate portal. If we look at the 20 most expensive neighbourhoods, Malaga is still the leader by miles, with the only competition from one district in Granada provibce, Punta de la Mona in Almuñécar on the Costa Tropical.
The report compared neighbourhoods from all over Spain. At the top of the Andalusian ranking are Guadalmansa in Estepona, at 7,876 euros per square metre; El Higuerón in Fuengirola, at 7,048 euros; and Nueva Alcántara in Marbella, just shy of 7,000 euros.
Next come neighbourhoods such as Puerto Banús, Lomas de Marbella and Playa Bajadilla, all three in Marbella. Then come La Malagueta, Torre del Río and Pacífico, all three in Malaga city. La Quinta in Benahavís is the final neighbourhood to complete the list of the ten most expensive areas in Andalucía. The average price in this ranking is 6,000 euros per square metre.
But if we go further down the list with the ranking of the most expensive neighbourhoods in Andalucía, Malaga is still present. Among the Andalusian neighbourhoods, notable mentions are Puerta Marina and La Capellanía, in Benalmádena; the historic centre of the Malaga city; Marbella neighbourhoods Nagüeles Alto, Los Naranjos, Cabopino-Artola, Bahía de Marbella, the 'old town' and Alto de los Monteros. Prices in this group are above 5,000 euros per square metre.
Among the twenty most expensive in Andalucía, there is only one neighbourhood outside Malaga province: Punta de la Mona, in Almuñécar, in the province of Granada.
Furthermore, according to the Fotocasa report, the two areas that have registered the highest price rises in Andalucía are also located in Malaga: the neighbourhoods of Elviria and Cabopino-Artola, both in Marbella, with increases of 79% and 45%, respectively. El Paraíso (Benahavís), as well as Bel-Air and Zona Calvario, in Estepona, are among those where the increases are between 30% and 40%.
If we are to look at the wider Spanish picture, the ten most expensive neighbourhoods of the country are concentrated in three cities, none of them in Andalucía: Madrid, San Sebastian and Santa Eulària des Riu (on the island of Ibiza). Spain's capital city contains the seven most expensive neighbourhoods in the whole country: Recoletos, Castellana and Jerónimos, where the average price stands above 10,000 euros per square metre, followed by Lista, Goya, Ibiza and Almagro.
Next is the town of Santa Eulària des Riu (in Ibiza, Balearic Islands), with an average sale price of close to 9,500 euros per square metre. The top ten is rounded off by the neighbourhoods of Área Romántica (in San Sebastián) and Trafalgar (also in Madrid), both below 9,000 euros.
Within the top twenty most expensive urban areas in Spain, only one Andalusian neighbourhood is ranked: Guadalmansa in Estepona. In fact, it almost misses the ranking, standing at the 20th position. Also in the list are Madrid neighbourhoods Chueca, Sol, El Viso and Nuevos Ministerios; Barcelona's Diagonal Mar; the areas of El Vinyet (Sitges) or Finestrellas (in Esplugues de Llobregat); as well as other areas of the Balearic archipelago.
"The combination of economic dynamism, quality of life and tourism appeal acts as a focus of attraction for the highest rents on a national and international level, which results in a strong demand from potential buyers with high purchasing power. This market trend has historically led to the emergence of areas with very high sale prices, sometimes four times the average value per square metre at a national level. These are the most expensive neighbourhoods in Spain, where a property can already be priced at around one million euros," said María Matos, director of research and spokesperson for Fotocasa.
As the report concluded, the price of the most expensive neighbourhoods in the country register a figure that is practically four times the average cost per square metre in Spain as a whole, which closed last year at just under 2,400 euros.
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