Ibiza’s party season is looking a bit different this summer. Some clubs are open, but for unplugged, private events only. And there are DJs on the decks at launch parties - such as last week’s opening of Glow, the new adults-only rooftop bar at W Ibiza - “but you’re not allowed to stand up and dance. Your body is telling you to move with the music, but the security guards tell you to sit down,” says Amanda Matalavea, founder of Bespoke Ibiza, a concierge and villa company.

Nothing, though, can push the pause button on Ibiza’s ebullient spirit; the rich are simply partying on their yachts and in their villas instead. And the luxury property market, says Matalavea, is “booming”. So much so that Ibiza Town (which includes the upmarket area of Talamanca on the harbourfront) has become the most expensive place to buy property in Spain, knocking the beachfront Basque foodie mecca of San Sebastian off the top spot, which it has held for 12 years.

Held back by the UK’s quarantine rules, British buyers are “losing out,” says Edward de Mallet Morgan from Knight Frank’s super-prime international team. But Europeans and, increasingly, Americans - “they are shifting away from Tulum,” says Matt Crowther, head of Ibiza at Domus Nova estate agency - are taking out high-priced, summer-long rentals or eyeing up villas costing anywhere from €2m to €30m.

“We’ve all had an inner journey this past year. It’s about what makes us happy. No one is tied to an office anymore and they want to make Ibiza a permanent part of their lives,” says Matalavea.

Ibiza’s devoted fans know all about inner journeys and the whole “wellness and healing” vibe is key to how luxury properties are marketed now, Matalavea adds. And while the island is as much of a magnet for billionaires on their super-yachts these days as it is the drum-beating masses at sunset on Benirras beach every Sunday, a new development called Hippiements is seeking to fuse the two, offering high-end, high-spec living with a boho feel.

Overlooking Playa d’en Bossa beach near Ibiza Town, Hippiements celebrates the island’s “laidback and bohemian vibe loved as much by the super-rich as its artistic, free-living types,” says Alexander Beulich at Domus Vivendi, the project’s German developer. The apartments - each named after a 60s icon, from Andy Warhol to Cat Stevens - cost from £491k to £1.02m, and communal areas include a big fire pit and a giant outdoor table for communal dining (plus three in-house motorboats for occasional escape to Formentera).

“Freedom and peaceful co-existence” are built into the design, too, says Beulich, from the huge white wood wave that cocoons the reception area to a giant graffiti installation with a vertical garden in the lobby.

Most, however, want their high end without the hippy, and there’s a scarcity of stock of luxury villas, which has led to price rises of 10% in the last year, says Charlie Hill, founder of Mallorca-based Charles Marlow estate agency.

Demand at the start of the pandemic came from buyers who already knew the island well “and were making the move off the back of video viewings when they couldn’t travel,” he says. Now, he’s seeing “a constant stream of HNWIs, many exploring Ibiza for the first time”. They’re realising that if you can work from home - something that MPs here are now debating about making a right that’s enshrined in law - it’s surely far better to set up office in an Ibizan beach club than a soulless back room in Balham or Berlin.

Recent buyers, adds Hill, include “a young Dutch tech guy who has sold his company and moved, with his wife, to a farm on the island, and a music mogul who has bought a luxury-renovated finca in the centre of the island, to transition his life out of London”.

It’s a small island, but one with distinct tribes - or “micro-cultures”, as Matalavea puts it. The big money has always tended to head to the south and south-west, and huge, minimalist villas with panoramic views such as this - Can Furnet, near Ibiza Town, priced at €.6.9m through Knight Frank - are what the big spenders want.

This side of the island has a new draw too in Sabina Ibiza, a gated 17-hectare eco estate developed by Anton Bilton. “It’s the Wentworth of Ibiza,” says de Mallet Morgan. But this is billionaire Surrey done with Ibizan flair. “The art of pure relaxation” is its offering, and there’s a roster of 18 world-class architects - Marcio Kogan, Rolf Blakstad and David Chipperfield among them - ready to design your villa, priced around €4m-€20m.

Other super-prime enclaves include Cap Martinet, “which is scattered with mega-villas with views to the open sea and the continuous arrival of private jets,” says Hill. Christie’s International Real Estate has the stunning Villa Cabo on sale there for €10m.

And those looking for more rural seclusion are heading north to Sant Joan and Sant Carles, says Crowther, “which have vibrant year-round communities”. On the northerly tip overlooking Cala Xarraca Bay, the new Six Senses Ibiza resort, which opens this summer, is launching a range of private residences, including five seven-bed villas on the beachfront from €15m.

Its legendary club scene may be subdued this summer, but this Balearic haven for billionaires and bohos is thriving. “Now more than ever, the island represents a place to reset and reconnect,” says Crowther. “The more time you spend here, the more apparent it is that the island has a very special energy. It was here long before us and it’s not changing any time soon.”

Sign up for the Telegraph Luxury newsletter for your weekly dose of exquisite taste and expert opinion.