The Spanish luxury real estate market shows a very uneven distribution depending on geography, according to a study by the real estate portal pisos.com that analyzes the percentage of homes for sale priced over one million euros.
In the Canary Islands, with fewer and fewer affordable homes for the majority of the population, there is a wide selection of luxury properties for those who can afford them.
Nationally, 9% of properties for sale exceed this figure, but in the Balearic Islands they reach 43% and in the Community of Madrid they are 23.7%. The third region with the highest percentage of houses exceeding one million euros is the Canary Islands, where 12% of the advertised houses exceed that amount. In Lanzarote it is around 10%.
Next is Andalusia, where they reach 10.6%, a figure driven mainly by the Costa del Sol and the Malaga market.
At the opposite end of the spectrum, Aragon leads the ranking of communities with the lowest presence of properties over one million, with barely 0.45%. It is followed by Castilla y León (0.55%), La Rioja (0.61%), and Extremadura (0.68%).
These communities do not reach 1% of homes above one million euros, which shows the practical absence of this market segment in large areas of the Spanish interior
"The contrast is radical. While in the Balearic Islands four out of every ten homes for sale exceed one million euros, in Aragon barely one in two hundred is found. This abyss reflects two completely different real estate Spains," points out Ferran Font, director of Studies at pisos.com.
By provinces, after the Balearic Islands and Madrid, Málaga (22.86%), Santa Cruz de Tenerife (15.74%), Guipúzcoa (11.09%), Alicante (10.48%), and Girona (10.47%) stand out.
Next, Barcelona (8.45%), Vizcaya (6.24%), Las Palmas (5.35%), Cádiz (4.86%), Valencia (3.33%), Pontevedra (3.12%), Granada (2.68%), and Seville (2.52%).
On the opposite side, a total of 26 Spanish provinces do not reach 1% of properties above one million euros, which represents more than half of the country's provincial territories
The ten provinces with the lowest presence of million-dollar housing are Palencia (0.14%), Zaragoza (0.26%), Ourense (0.33%), León (0.38%), Burgos (0.40%), Jaén (0.42%), Salamanca (0.42%), Cáceres (0.49%), Zamora (0.48%), and Lugo (0.50%). In Soria, no property is registered for sale above one million euros
