The luxury market in the Basque Country: stability, exclusivity and natural beauty

The Basque Country -and Gipuzkoa in particular- has been considered for decades as one of the most stable and resilient real estate markets in the country. In an international situation marked by macroeconomic uncertainties, from tariff wars to currency fluctuations and readjustments in European fiscal policies, San Sebastian and its surroundings continue to offer something very difficult to find: solidity, exclusivity and a high quality of life.

San Sebastian is not a passing fad: it is a classic. Located between the sea and the mountains, the structural scarcity of building land has historically maintained a natural tension between supply and demand. Since the end of the 19th century, when Queen Maria Cristina began to spend her summer holidays in San Sebastian, building the Miramar Palace, and little by little other majestic French-style buildings were constructed, making it a summer destination for the country's upper classes. It was in 1912 that the ‘Belle Époque’ of San Sebastian burst onto the scene, with a high concentration of inaugurations such as the La Perla spa, the María Cristina hotel, the Victoria Eugenia Theatre and the funicular railway on Monte Igueldo. Today, this trend is still continuing, in a context where barely half of what is requested is being built, and this pressure translates into a market in constant appreciation, with prices per square metre among the highest in Spain. Its airport is located in the prestigious coastal town of Hondarribia, one of the most charming towns in the Basque Country and also home to one of the best golf clubs in the country.

But what really sets this area apart is its international character. The city, already famous for its gastronomy - which has more Michelin stars per capita than any other - is experiencing a new wave of interest, particularly from foreign buyers with high purchasing power. Coming from countries such as France, the United States, Germany or even Russia and Latin America, these new residents find here not only natural beauty and a cultural offer of the highest standard, but also security, quality public health and easy integration into local life.

The profile of the buyer has evolved: they are no longer just Madrileños or people from Barcelona in search of an elegant second home. Today it is international professionals, executives and retirees looking for a permanent or semi-permanent residence, attracted by the relaxed lifestyle and natural surroundings.

Climate change has quietly reshaped the map of desirability. As the south and centre of Spain endure ever more stifling summers, the Basque Country, with its temperate climate, abundant water and lush green hills, has begun to stand out not just as a scenic retreat, but as a place to truly settle. The north is no longer just a summer escape — for many, it is becoming a long-term refuge.

Across the region, new locations are quietly gaining momentum — places that blend authenticity, natural beauty and strong potential for long-term value. Towns like Getaria, with its striking seafront setting, rich history and growing culinary reputation; Zarautz, where surf culture meets tradition and elegance; or Monte Igueldo, where the city feels like a postcard and currently under development is an exclusive enclave which is steadily appreciating in value. Zumaia is also worth mentioning, with its world famous flysch cliffs — a natural wonder that continues to captivate both nature lovers and film makers alike.

The Basque Country doesn’t need to reinvent itself. Its appeal lies in enduring values: a strategic location between Spain and France, a diversified local economy with a strong industrial backbone, and a vibrant cultural heritage that spans generations. Investing here is more than just acquiring property — it is joining a place defined by identity, character, and a clear sense of future.