Top 3 Type of Properties in Ibiza
Before looking at the most common type of properties available on the Ibiza property market, we should mention that the latest release of the Spanish property prices by Pisos.com shows that the average price of a property in Spain is 1,546 €/m², with the Balearic Islands at 2,208 €/m² – the second highest after Cantabria at 2,639 €/m² and just ahead of the capital, Madrid 2,043 €/m². With market prices so high & the fact that Ibiza is an island, so people can’t choose to move further out the city to take advantage of cheaper property prices and commute to work, there is no surprise that unless you have a wealthy wallet, choices may be limited.
Despite the high property prices, Ibiza property market boasts an incredible wide range of properties, from residential buildings, modern villas and luxury apartments to traditional quintessentially Ibicenco fincas, that retain all the charm of the quiet countryside lifestyle. Finding the right property can become quite tricky and time-consuming. There really is something out there to suit every kind of style and taste (as well as budget), it’s really just a matter of planning and making your own decision!
So, how do you choose the right property within all the options available? To take the stress away, we have put together the pros & cons associated with the 3 most common type of properties available on the Ibiza property market, as well as their prices.
If you love the quiet countryside lifestyle, a traditional Ibiza farmhouse is what your are looking for. However, many of these properties come with a premium price. Seclusion, privacy and a home full of character, are the main pros of this type of property, as well as beautiful views and plenty of outdoor space. Bear in mind, that unless you buy a newly-reformed finca, it’s very likely that you’ll need to carry out some renovation works… Many of these traditional Ibiza farmhouses can be hundreds of years old, which means thick walls, small windows and modest kitchen and bathroom sizes. A disadvantage of this type of property is the time-consuming process needed if you want to carry out any renovation project – even for small renovation. In fact you might occur in some restriction regarding planning permission, due to the culture heritage of the finca. But on the plus side after all these works, you will have the house of your dreams! Also remember that fincas require constant maintenance; so a downside is the ongoing cleaning and maintenance costs associated with the everyday upkeep of this type of property.
Unlike a renovation project, a newly built villa usually has no extra future costs. Prices can depend on the location and size. The main advantage is that once you buy it, you can then move in the same day. Usually these kind of properties are beautifully designed, taking into consideration modern home living and are built to a very high-standard. A modern villa is also a good rental income if you don’t want to live here the whole year, as you can rent it out easily. As villas are normally larger in size – a disadvantage, much like for traditional fincas, is the ongoing cleaning and maintenance cost associated with the everyday life of this type of property.
If you don’t have a wealthy wallet and would like to buy a property in Ibiza, probably apartments are what you are looking for. In the last coupe of years Ibiza has seen an increase in construction of new residential buildings, with a boom in the municipality of Ibiza Town, San Antonio and Santa Eularia. These locations are a good options also if you love the buzzing town-life. If you are looking for something more quiet than the Village of San Miguel, Santa Gertrudis, San Joan or San Rafael are good options. If you are thinking of buying an apartment consider that you are going to have to pay more than just your monthly mortgage as there are the associated costs of the monthly maintenance fees. Overall the cost of an apartment is more accessible than country houses and modern villas, but still well above the average price of the Spanish property market. For example a 2 bed property goes from the lowest price of around 290.000€ in the North of the island, to the highest in Ibiza town of approximately 550.000€. The disadvantage of living in an apartment is the noise of the neighbours, which can duplicate in summer with rental to holidaymakers. Also apartments do not give you the freedom to make many modifications to the home, but overall this is the only option available if you don’t have a big budget.