Madrid's elegant Calle Serrano (Serrano Street), home to luxury boutiques such as Gucci and Prada has the highest property prices in Spain: that's the finding of a new study by real estate firm TecniTasa which looks at the most expensive and cheapest real estate sold in all of Spain's provinces.
Property prices in the street in the capital's elegant Salamanca neighbourhood reached as high as €10,900 ($13,600) per square metre in 2014, up 4 percent on last year.
That means an average-sized UK house — which measured 96.8sqm (1041 square feet) in 2013 — would cost a just over €1,000,000 on the street.
The second most expensive real estate in Spain is Barcelona's Passeig de Gràcia (€8,450sqm) which can of a house designed by Antoni Gaudí at number 43.
In third place on the priciest address list is Calle Hernani in San Sebastian, a stone's throw from La Concha beach, one of the finest city beaches in the world.
At the other end of the scale, the cheapest neighbourhood in Spain is that around Castellón (Nou Estadi Castalia) in the region of Valencia. Prices there are just €300sqm, or 36 times cheaper than Madrid's Calle Serrano.
Second cheapest on the list are the El Pilar and La Estación neighbourhoods of Talavera de la Reina, where prices fell from €460sqm in 2013 to just €320 in 2014.
The TecniTasa study also shows cheaper neighbourhoods are bearing the brunt of Spain's economic crisis.
Parts of cities including Toledo, Cádiz and Salamanca have seen drops of nearly 20 percent in 2014.
"In overall terms, prices are continuing to fall but the results (of our study) confirm that this is a smaller fall than in previous years and that things are pointing towards a recovery, or at least stabilization," said TecniTasa spokesperson Fernando García Marcos.
"Data for next year will be very significant in this regard," he added in a statement.
Ten expensive addresses in Spain
1. Calle Serrano, Madrid (€10,900sqm)
2. Catalonia: Passeig de Gràcia, Barcelona (€8,450)
3. Area around Calle Hernani (Hernani Kalea), San Sebastian (€6,400sqm)
4. El Sardinero neighbourhood, Santander (€6,350sqm)
5. Abandoibarra Etorbidea/Plaza de Eusaki, Bilbao (€5,500)
6. Puerto Banús, Marbella (5.450 €/m2)
7. Paseo Sarasate/Primer Ensanche, Pamplona (€4,950)
8. Area around Calle Santigo, Plaza Universidad and Plaza España (Valladolid)
9. Paseo de los Fueros, Megapark and Bec, Barakaldo (€4,500)
10. Paseo Maritimo, Cádiz (€4,500)