San Sebastián Real Estate Market: New Record Highs
At the start of autumn 2025, San Sebastián (Donostia) once again confirmed its status as the most expensive city in Spain to buy property. According to analysts, the average price per square meter reached €6,250. Despite a slight dip compared to August, when a historic high was recorded, the annual price growth remains among the highest in the country at 12.2%.
Over the past three months, prices in the city have increased by 3%. Even accounting for a minor monthly decline, San Sebastián continues to outpace such major cities as Madrid and Barcelona in terms of property prices.
Comparison with National Averages
Across Spain, the average price per square meter in September reached €2,517, up 15.3% from a year earlier. However, housing in San Sebastián is more than twice that figure. Even after a slight correction, the city remains the most expensive real estate market in the country.
Price Differences by Neighborhood: Where It’s Pricier, Where It’s Cheaper
Within San Sebastián itself, property prices vary greatly by neighborhood. Centro-Miraconcha remains the most prestigious, with prices at €8,528 per square meter—up 9.1% over the year. The Antiguo district has also seen a notable jump to €7,359 per meter, which is 19.9% more than last year. In Gros and Parte Vieja, prices are €6,708 and €6,471 respectively, with minimal changes over the past year.
The most affordable options can be found in the Altza-Bidebieta and Intxaurrondo districts, where the price per square meter is €3,840 and €4,610, respectively. However, these areas have also seen the fastest price growth—14% and 18.3%. In Aiete-Añorga-Ibaeta and Egia, prices remain around €5,200–€5,216, rising by about 7% over the past year.
Trends and Dynamics
August 2025 marked the peak for San Sebastián’s real estate market, with average prices reaching €6,283 per square meter. In September, a slight decrease of 0.5% was recorded. Nonetheless, the annual growth rate remains in double digits, largely driven by active changes in the Antiguo and Intxaurrondo districts.
Centro-Miraconcha continues to hold the title of the city’s most expensive area, with housing prices exceeding €8,500 per square meter. At the same time, the city’s most affordable districts are posting the highest growth, indicating a shift in demand towards more budget-friendly segments.
San Sebastián consistently ranks among the top three Spanish cities with the highest property prices, behind only Madrid and Barcelona. Experts note that demand for real estate in the city remains strong, despite a general slowdown in price growth across the country.
