As of August 2024, Spain’s luxury real estate market is significantly concentrated, with nearly 80% of high-end properties priced over one million euros located in just five key regions. This concentration highlights the growing appeal of these areas among affluent buyers, both domestic and international.
According to data from Idealista, Spain’s leading property portal, there are currently 40,076 luxury properties on the market with a price tag exceeding one million euros.
Balearic Islands
The Balearic Islands top the list, accounting for 24.1% of these high-end listings. These islands like Ibiza, Mallorca and Menorca are renowned for their stunning landscapes and exclusive lifestyle and continue to attract wealthy buyers, both for their natural beauty and investment potential.
Also read: American buyers flock to Mallorca’s luxury property market
Málaga – Costa del Sol
Following closely is Málaga, which holds 20.9% of the market share. The province, particularly the Costa del Sol, has long been a favourite among foreign buyers, especially from the UK and Northern Europe, who are drawn to its sunny climate, luxurious resorts, and vibrant cultural scene.
Madrid
Madrid, Spain’s capital, represents 12.5% of the luxury market, reflecting its status as the country’s economic and political hub.
Alicante
Alicante is following Madrid with 11.2% of the market, respectively. The city, know as the capital of the Costa Blanca and for its picturesque coastline and relaxed lifestyle, has seen a surge in luxury property demand, particularly from Northern European buyers.
Barcelona
Barcelona rounds out the top five with 10.9% of the market. The Catalan capital, with its unique blend of architecture, culture, and Mediterranean charm, continues to be a prime destination for luxury real estate investors.
The ultra-luxury segment
Within the luxury market, an even more exclusive segment exists: properties priced above three million euros. This ultra-luxury market comprises 7,889 properties, predominantly concentrated in the Balearic Islands and Málaga. The Balearic Islands account for 36.8% of these ultra-high-end listings, while Málaga holds 32.5%. These regions are favoured for their exclusive locations, high-quality amenities, and strong international appeal.
Madrid, Barcelona, Alicante, and Girona also have a significant presence in the ultra-luxury market, although they trail behind the Balearic Islands and Málaga. Notably, 11 Spanish provinces do not have any properties listed in this price range. Other parts of Spain see far fewer high-end listings. Soria Teruel and Palencia, for instance, have just a handful of properties exceeding one million euros, underscoring the concentration of wealth in specific areas.