Ibiza leads the national ranking of cities with the highest density of ultra-luxury homes. According to data from Idealista as of today, there are 628 homes for sale on the island valued at more than 3 million euros, which represents 6.4% of the total in Spain, being surpassed in this segment only by Madrid, which has 749 (7.6%). However, if the population of each one is taken into account, in Ibiza there is one of these homes for approximately every 257 inhabitants, while in Madrid there is one for every 4,620, a figure that places the island of Ibiza as one of the most exclusive residential destinations in the country.
A recent report by Idealista has revealed that the Balearic Islands lead the luxury (over 1 million euros) and ultra-luxury (over 3 million euros) real estate market in Spain. Specifically, of the more than 45 thousand listings of homes for sale over one million euros, the Balearic Islands has 11,296, which implies more than 24%. If we move to the ultra-luxury segment, there are 9,700 properties advertised nationwide, of which 3,465 are in the Balearic Islands (35.7%).
In contrast, other provinces such as Malaga and Alicante also have a high concentration in the luxury segment, with 27.84% and 14.71% respectively, although none of them reach the prominence of the Balearic Islands in ultra-luxury.
At Madridluxury homes represent the largest share of 13,06% of the national total, while the ultra-luxury segment accounted for 9,77%. Barcelona, por su parte, cuenta con un 12,37% de las viviendas de lujo y un 5,36% de las de ultralujo, consolidƔndose como otro polo importante del mercado.
Luxury and ultra-luxury housing by city
- Ibiza (city): 1,429 luxury homes(3.93% nationally) and 628 ultra-luxury homes(6.44% nationally).
- Madrid (city): 4,003 luxury homes(11.00% nationally) and 749 ultra-luxury homes(7.69% nationally).
- Barcelona (city): 1,896 luxury homes(5.21% nationally) and 211 ultra-luxury homes(2.17% nationally).
- Malaga (city): 414 luxury homes(1.14% nationally) and 14 ultra-luxury homes(0.14% nationally).
- Alicante (city): 279 luxury homes(0.77% nationally) and 30 ultra-luxury homes(0.31% nationally).
Ibiza vs. Madrid: a density comparison
Although Madrid surpasses Ibiza in absolute number of luxury and ultra-luxury properties, the capital lags behind in terms of density. The island concentrates more properties above 3 million euros per inhabitant, which reinforces its reputation as a flagship destination for luxury real estate. The relationship between luxury and access to housing in Ibiza is also evident. While Madrid offers more diversified housing options, the high prices in Ibiza make it difficult for local residents to access properties, generating a context of exclusion that directly impacts the rental market.
Ibiza has the most expensive rents in Spain
In addition to the high concentration of luxury homes in Ibiza, three of its municipalities have the most expensive rents in Spain, according to another report published by Idealista in early December. The ranking is led by Santa EulĆ ria des Riu with an average rent of 4,237 euros per month, followed by Pozuelo de AlarcĆ³n (Madrid) with 3,783 euros per month. In third place is Sant Josep, with 3,483 euros per month. In fourth and fifth place are Vila, with 3,363 euros/month, and CalviĆ (Mallorca), with 3,136. These numbers reflect that, while luxury and ultra-luxury properties continue to attract buyers with high purchasing power, local residents face an increasingly inaccessible market.
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