The Balearic Islands is the autonomous community with the most luxury homes advertised in the whole country. This is reflected in the data provided by the real estate portal Idealista, where luxury homes are considered to be those that exceed one million euros. The report reflects a concentration of this type of property in very few provinces. Between Malaga, the Balearic Islands, Madrid and Barcelona, 70% of all available properties above this amount are concentrated in these provinces. However, anecdotally, all 50 Spanish provinces have at least one property for more than one million euros advertised on Idealista.
Homes for more than 3 million euros
In addition, the archipelago is the second territory with the second highest number of homes for more than 3 million euros, only behind Malaga. In total, in the Balearic Islands there are 9,605 properties for sale on this portal for over one million euros and 2,874 for over three million euros. A figure that indicates that almost one out of every four luxury homes (23.8%) is in the Balearic Islands. As of 1 August 2023, Spain has 40,375 luxury homes on the market with prices over one million euros.
The islands are closely followed by Malaga with 22.5% of the total, followed by the Community of Madrid (12.1% of the total) and Barcelona (11.2%). Alicante is the fifth province with the highest number of properties over one million, with 10.7%, followed by Girona with 5.9%.
Ultra-luxury in the Balearic Islands and Malaga
Ultra-luxury home. Photo: Idealista.
Homes that exceed three million euros are considered, within the sector, to be ultra-luxury. The 8,328 homes of this price that were advertised at the beginning of August are mainly concentrated in Malaga (3,023 listings; 36.3% of the total) and the Balearic Islands (2,874 listings; 34.5%). They are followed by Madrid (761; 9.1%), Barcelona (461; 5.5%), Alicante (429; 5.2%) and Girona (252; 3%). In a total of 13 provinces there are no properties on the market for more than 3 million euros.
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