Walter Finch
SPAIN’S most exclusive property market continues its relentless climb, with prices for luxury homes surging 15% over the past year, according to new data from property portal idealista.
The research reveals that Spain’s top-tier properties – defined as the most expensive 10% of homes on the market – now command prices starting from €860,000.
Surprisingly, Northern Spain is leading the charge. In Oviedo, luxury property prices have rocketed by an eye-watering 43% in just 12 months.
The Asturian capital’s dramatic surge reflects broader trends across northern Spain, as even previously affordable markets are experiencing unprecedented demand.
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Guadalajara follows with a 35% increase, whilst Madrid has seen luxury property values climb 28%.
The capital’s resilient market continues to attract both domestic and international buyers, with the threshold for luxury properties now set at €1.85 million.
San Sebastian rounds out the top performers with a 26% rise, cementing the Basque city’s position as one of Spain’s most coveted property markets.
Other notable increases include Lugo and Las Palmas de Gran Canaria, both registering 22% growth.
However, the definition of luxury varies dramatically across Spain’s diverse property landscape.
Palma tops the rankings as the country’s most exclusive market, where only properties exceeding €2.1 million qualify for the luxury segment.
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This makes the Balearic capital the sole Spanish city where luxury properties begin above the two-million-euro mark.
Barcelona, traditionally one of Spain’s priciest markets, has shown more moderate growth at 8%, with luxury properties starting at €1.29 million.
Meanwhile, Malaga has crossed the million-euro threshold for luxury homes, now standing at €1.045 million.
At the opposite end of the spectrum, Zamora offers the most accessible entry point to luxury living, with top-tier properties beginning at just €240,000.
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Other affordable luxury markets include Palencia at €290,000 and Huelva at €293,250.
The provincial data reveals even starker contrasts. Baleares leads with luxury properties starting at €2.95 million, followed by Malaga province at €2.2 million.
Madrid province, despite the capital’s high prices, begins its luxury segment at €1.56 million.
Remarkably, Ciudad Real province offers the lowest barrier to luxury property ownership, with homes exceeding €225,000 considered part of the exclusive segment.
The surge reflects Spain’s continued appeal to international buyers, particularly from Northern Europe, alongside strong domestic demand fuelled by economic recovery and historically low interest rates. However, the rapid price increases are raising concerns about affordability and access to housing across the country.
Only Soria bucked the national trend, recording a 9% decrease in luxury property prices, whilst Ceuta remained unchanged. The most modest increases were seen in Toledo, Santa Cruz de Tenerife, and Pamplona, each growing by just 4%.
The data, compiled by idealista’s research division, analysed properties across all Spanish provincial capitals and provinces, comparing prices between May 2024 and May 2025 to track the luxury market’s evolution.
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