Walter Finch
THE vast majority of Spain’s million-euro homes are concentrated in just six provinces, with the Balearic Islands commanding the top spot in the country’s luxury property market.
The islands account for nearly a quarter of all luxury homes in Spain, claiming 23% of properties worth more than €1 million.
This dominance reflects the enduring appeal of Mallorca, Ibiza, Menorca and Formentera among Europe’s wealthy elite seeking exclusive Mediterranean retreats.
The Costa del Sol follows closely behind, with Malaga province holding 20% of Spain’s luxury market, whilst Madrid captures 14% of million-euro properties.
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Alicante, Barcelona and Girona complete the exclusive club, accounting for 11%, 11% and 6% respectively.
Together, these six provinces monopolise Spain’s luxury property landscape, leaving the remaining 44 provinces to share just 16% of homes priced above €1 million.
The extraordinary concentration becomes even more pronounced at the ultra-luxury level.
Of Spain’s 8,725 properties worth more than €3 million, the Balearics claim an overwhelming 34% with 3,005 listings, followed by the Costa del Sol’s 31% share with 2,721 properties.
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New data from property portal Idealista reveals Spain currently has 43,707 luxury homes on the market worth more than €1 million as of August 1, 2025.
The figures expose a dramatic geographical divide between Spain’s affluent coastal and urban centres and its economically struggling interior regions.
The Balearics’ dominance stems from their unique combination of pristine beaches, exclusive marinas, and proximity to major European cities.
The islands have become synonymous with luxury living, attracting celebrities, business magnates and affluent families seeking both holiday homes and investment properties.
Santa Cruz de Tenerife ranks seventh nationally with 3% of luxury homes, followed by Cadiz and Valencia with 2% each.
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The top 15 provinces include Granada, Las Palmas, Pontevedra, Guipúzcoa and Vizcaya, though their market shares remain relatively modest.
At the opposite end of the spectrum, Spain’s interior paints a starkly different picture.
Zamora province has not a single property for sale above €1 million, whilst Palencia and Soria each manage just two luxury homes. Cuenca has only three such properties on the market.
Even historically important provinces struggle to compete.
Salamanca lists just seven luxury properties, whilst Badajoz, Burgos and Leon each have only 11 homes above the million-euro threshold – figures so small they barely register on the national scale.
Nine provinces have no properties whatsoever on the market above €3 million, highlighting the extreme concentration of Spain’s ultra-luxury segment in coastal and major urban areas.
The data, compiled by Idealista Data, underscores how Spain’s luxury property market has become increasingly polarised between a handful of elite destinations and the rest of the country, with the Balearics leading this exclusive hierarchy.
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