Under the microscope: Spain’s €1m-plus homes are heavily clustered in just six provinces, led by the Balearics and Málaga.
Credit : fizkes, Shutterstock
If you’ve been scrolling property portals lately, you’ll know Spain’s top end is buzzing. But here’s the bit most buyers miss: the luxury market isn’t spread evenly across the map. Fresh listing data show a huge concentration of million-euro homes in just six provinces, while much of inland Spain barely registers.
Spain’s Million-Euro property hotspots: Where the money really goes
On 1 August, Idealista was advertising 43,707 homes priced above €1 million nationwide. More than 8,700 of those listings sit north of €3 million, so over one in five fall into the ultra-prime bracket. Yet 84 per cent of all €1m+ homes are packed into six places – think islands, coasts and the capital:
- Balearic Islands: 23 per cent of Spain’s million-plus stock. Sea views, yacht berths and international buyers keep Palma & co. in pole position.
- Málaga (Costa del Sol): 20 per cent. From Marbella’s Golden Mile to new-builds in Estepona, this strip is a magnet for global money.
- Madrid: 14 per cent, thanks to blue-chip postcodes (La Moraleja, Chamberí, Salamanca) and steady corporate demand.
- Alicante: 11 per cent — think Costa Blanca villas and resurgent city living.
- Barcelona: 11 per cent, from Eixample penthouses to hillside mansions.
- Girona: 6 per cent, led by the Costa Brava’s covetable coves.
A second tier nips at their heels: Santa Cruz de Tenerife (3 per cent), Cádiz (2 per cent), Valencia (2 per cent), then Granada (1 per cent), Las Palmas (0.9 per cent), and Pontevedra, Gipuzkoa and Bizkaia (0.6 per cent each).
And the quiet corners? Zamora currently shows no €1m listings at all. Palencia and Soria have two apiece, Cuenca three. Even places like Salamanca (7) and Badajoz, Burgos and León (11 each) barely move the national needle — which is why their market share rounds to 0.0 per cent.
Go ultra-prime (€3m+) and the map shrinks again
Turn the dial to €3m+ and the clustering gets even tighter. Of 8,725 ultra-luxury homes advertised in early August:
- Balearic Islands: 3,005 (34 per cent) dominate with waterfront estates and hilltop fincas.
- Málaga: 2,721 (31 per cent) — super-prime Marbella is a market unto itself.
- Madrid: 1,021 (12 per cent) covers trophy houses and best-in-class new builds.
- Barcelona: 535 (6 per cent) | Alicante: 447 (5 per cent) | Girona: 293 (3 per cent) | Santa Cruz de Tenerife: 245 (3 per cent).
Nine provinces have zero homes listed above €3m. In other words, Spain’s super-prime scene is essentially coast-and-capital.
What Spain’s €1m+ property boom means for buyers, sellers and for day-dreamers
Choice follows clusters. If you’re hunting at €1m-plus, you’ll find depth of stock (and genuine comparables) in the Balearics, Costa del Sol, Madrid, Barcelona, Alicante and Girona. Expect thin pickings elsewhere — though that can throw up quirky, good-value one-offs if you’re patient.
Liquidity lives by the sea (and in the city). In those top six, homes trade more often and faster; pricing is easier to benchmark; and there’s a wider pool of international buyers. In provinces with only a handful of listings, truly special houses can still command headlines — but resales may take longer.
Lifestyle drives demand. The usual suspects have a simple recipe: international airports, year-round services, golf and marinas, international schools and glossy new-build pipelines. That’s why the Balearics (23 per cent) and Málaga (20 per cent) together carry almost half of Spain’s million-euro market.
Developers: read the map. Ultra-prime concentration tells you where €3m+ product lands safely (Balearics, Marbella, Madrid). Up-and-coming niches – think select corners of Cádiz and Valencia – are building momentum, but the super-prime buyer still chases established badges.
Inland isn’t ‘over’. It’s just different. Lower stock can mean lower entry prices and larger plots. If you’re swapping liquidity for lifestyle – vineyards, horses, olive groves – the interior remains compelling, particularly for buyers comfortable with bespoke searches and slower timelines.
Pricing sanity check. With so much stock clustered, it pays to cross-shop adjacent micro-markets: a modern villa outside Palma may undercut a like-for-like Marbella home, while parts of northern Alicante can sneak close to Costa Brava looks without Costa Brava prices.
Spain’s luxury boom is real, but it’s not evenly spread. If you want the broadest choice and the clearest exit, follow the clusters. If you’re chasing space and serenity, look inland – just go in with eyes open about supply and resale.
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