The top 10% of homes with the highest prices in each market represent its most exclusive segment. Taking the 90th percentile of all properties for sale in Spain, we find that homes priced above €750,000 are considered the most exclusive on a national level, according to a study published by idealista.
Even so, the price at which homes are classified as luxury varies significantly depending on the market location. On the Balearic Islands, for instance, the 90th percentile – the threshold for the top 10% of most expensive homes – starts at €2,675,000. This benchmark also exceeds €1 million in the provinces of Malaga (€1,950,000) and Madrid (€1,200,000). Other provinces where the threshold is above the Spanish average include Girona (€975,000), Santa Cruz de Tenerife (€945,000), Alicante (€850,000), Guipuzkoa (€814,975), and Barcelona (€769,000).
On the other hand, in Ciudad Real, the 90th percentile is significantly lower, standing at €210,000 – 12 times less than the same percentile in the Balearic Islands. This lower threshold is also seen in the provinces of Zamora (€220,000), Jaen (€240,000), Avila (€242,500), Cuenca (€250,000), and Palencia (€253,000).
Palma, Madrid and Barcelona: the provincial capitals with the most exclusive prices
In provincial capitals, the 90th percentile price reflects similar variations as seen in the provinces. The highest cutoff is in Palma, where the top 10% of homes start at €1,895,000. This is followed by Madrid (€1,450,000), Barcelona (€1,200,000), and San Sebastián (€1,180,000). Cities such as Malaga (€870,000), Girona (€725,000), Bilbao (€705,000), Santa Cruz de Tenerife (€694,260), and Valencia (€669,500) fall below the €1 million mark for their 90th percentile.
In contrast, the most expensive homes in Zamora start at €227,000, followed by Huelva (€265,000), Palencia (€270,000), Lleida (€275,000), Jaen (€280,000), Ciudad Real (€280,000), Caceres (€285,000), and both Cuenca and Huesca, where the 90th percentile is €290,000.
In the Balearic Islands, Malaga or Alicante, the most expensive homes are outside the capitals
It is interesting – and often indicative of the influence of the capital market – that the 90th-percentile prices in some provinces are significantly higher than those in their respective capital cities. The most notable example is the Balearic Islands, where the provincial 90th percentile is nearly €2.7 million, compared to €1.9 million in the capital city. Similarly, in Malaga, the provincial 90th percentile is €1.9 million, while the capital city’s is €870,000. In Alicante, the provincial 90th percentile is €850,000, whereas in the capital city, it is €629,750.
In other major cities, this trend is reversed. For example, in Madrid, the provincial 90th percentile is €1.2 million, while the city itself has a 90th percentile of €1.45 million. Similarly, in Barcelona, the most exclusive homes in the province start at €769,000, whereas in the capital city, the 90th percentile reaches €1.2 million.
Data compiled and analysed by idealista/data, idealista's proptech, which provides information for a professional audience to facilitate strategic decision-making in Spain, Italy and Portugal. It uses all the idealista database parameters in each country and other public and private data sources to offer valuation, investment, recruitment and market analysis services.
Spain's luxury housing market will grow during the second quarter of 2024
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