Updated in February 2016
Once little more than a byword for excess, the most fashionable island of the Balearics continues to evolve as a destination for the international jet set.
In fact many would argue it’s the most fashionable place on the Med these days – forget St Tropez or the Costa Smeralda with its ultra chic beach clubs, dining/dancing nightclubs and its sleek, contemporary villas that turn into highly sought-after party pads from June to September.
Yet beyond the increasing traffic of private jets and superyachts is also a family-friendly island with a growing population of year-round residents and some lovely old fincas (farmhouses).
Whilst some of the island retains its rustic and bohemian feel, the hub around Ibiza Town (with its upgraded marina) is increasingly geared up for international high-spenders, so whether you have £200k or £2 million, you will have a choice of options.
Your money won’t go as far as it would on the mainland Costas, as prices are already going up on the best homes – but as always, it’s all about location. Prices at the top end started going up by 10-15 per cent in the past year so the market is heating up on Ibiza (again).
Where to Buy Property in Ibiza
South West Ibiza
The most expensive part of the island is in and around Ibiza Town in the southwest. Why? It’s about the amazing sunsets on the west of the island, views of Formentara (the little island next door), proximity to the airport and to all the world-class amenities from restaurants to the redeveloped Ibiza Marina with its rows of gleaming yachts. What’s more, many of the best beaches are in the south – and the most fashionable beach clubs.
Expect to pay €3m plus for a quality villa with sea views, €850,000 for a townhouse or €700,000 for a high-end apartment, although you will find studio apartments in small complexes for €100,000 to €150,000.
In recent years there have been some new-build but high-end apartments around Ibiza Town catering for those that seek a party pad close to the nightlife – these have been around the €250,000 to €300,000 mark. Watch out for a new scheme in the Playa d’en Bossa area – close to the island’s most fashionable beach. Both areas enjoy strong rental demand in the summer.
It is also this area of the island where most of the contemporary white or glass cube type villas with infinity pools – the modern “Ibiza style” – can be located. Hot spots are Sant Jose, Es Cubells and Sa Caleta. Heading east from the marina, Talamanca offers a lovely sandy bay.
Owners of such homes are much more international than in Mallorca, and generally a little younger, with many bohemian or slightly hedonistic families who have been holidaying on the isle for years. Bidding wars have not been unknown on some of the best sited new homes as demand will often exceed supply on frontline homes.
The area around Cala Tarida on the upper west coast is popular for good reason – there’s a white sandy beach with a family feel and it is handy for the white-washed inland village of San Jose. In recent years there have been some new, good-quality apartments selling for around the €300,000 mark.
The infamous resort of San Antonio in the north-west is also working hard to throw off its Ibiza Uncovered image and apartments will frequently rent well in this popular hub. You can buy a simple one-bed apartment with views of the bay with change from €150,000, or a two-bedder for around €225,000, three bedrooms comfortably for €350,000.
The undeveloped north-east offers a wonderful craggy pine-fringed coastline and rural Ibiza at its best. It is home to a whole culture of well-being and healing that now takes the form of yoga or wellness retreats.
The north of the island is seen as “authentic Ibiza” has been growing in popularity with home-hunters, too, especially around San Miguel.
Go inland on this pine covered isle that offers only a fraction of the infrastructure of nearby Mallorca and your money will go further. There are not that many rural fincas left to renovate – and you will pay close to €1 million for a four/five bedroom one that has been nicely refurbished, but you can get a three-bed villa for around €400,000.
There is now an expat population of artistic and music worlds – think Jade Jagger and James Blunt – and for those seeking to be near an international school Santa Gertrudis in the centre of the island is popular (Morna International College is located there – the other two options are the French school in Sant Jose or a private Spanish school in Ibiza Town).
Scheduled airlines are now extending their seasons to Ibiza, or even flying direct there during the winter – like British Airways this year [2015/16] so spending time there outside the peak summer is more becoming more practical.
Santa Eulalia des Rui on the south coast is very popular with families – it is a beautiful town with a laid-back vibe and also an easy transfer from the airport. It has art galleries, quality restaurants but not the nightclub scene of Ibiza Town or San Antonio.
You can get a small two-bedroom apartment for €200,000 in the village but will pay €250,000 for one with great views of nearby Es Canar beach – or nearer €300,000 for one with sea views and good outside space such as a sun terrace or private garden. Es Canar is a small beach resort with tiny harbour and weekly hippy market, as Les Dalias.
Buyers Need to Know
The buying process is the same process as mainland Spain but purchase taxes (Impuesto de Transmisión Patrimonial or ITP) are specific to the Balearics:
- Amount payable on purchase price up to €400,000 – 8%
- Amount payable from €400,001 to 600,000 – 9%
- Amount payable from €600,001 upward – 10%