Property in Spain: More homes for sale over €1 million than rents under €1,000

According to the Spanish property portal Idealista, 43,707 homes are listed in Spain for more than €1 million as of this August.

This is 39 percent higher than the 31,370 rental listings for less than €1,000, located across the country.

A total of 84 percent of homes priced at over €1 million are concentrated in six provinces including Madrid, Barcelona, Girona, the Balearic Islands, Málaga and Alicante.

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The capital region of Madrid has very high prices for both luxury homes and rentals. Here for example, there are 5,669 properties listed for more than €1 million, compared to 920 homes for less than €1,000 per month. This means there are almost six times the number of properties for wealthy people than there are affordable houses.

The Balearic Islands, however, is the province with the highest concentration of luxury homes, with 23 percent of the national total. Málaga is close behind with 20 percent of the total, followed by Madrid with 14 percent, Alicante with 11 percent, Barcelona with 11 percent, and Girona with six percent.

Santa Cruz de Tenerife is the seventh province with the highest concentration properties above €1 million with three percent, followed by Cádiz and Valencia with 2 percent each. Next up is Granada, Las Palmas, Pontevedra, Guipúzcoa and Vizcaya. They all have luxury properties making up between 0.6 and 1 percent of the total.

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It’s not surprising that some of these areas are those with most expensive rental prices too. According to the Idealista, in the Balearic Islands it’s currently €19.7/m2, in Málaga it’s €16.7/m2, and in Madrid it’s €20.3/m2.

"Luxury homes are concentrated in the most dynamic locations along the Mediterranean. In all cases, these are points of high tourist interest that generate great attraction for high-net-worth individuals, who often come from outside our borders and establish second homes in Spain," explained Idealista spokesperson Beñat del Coso.

According to the January 2025 barometer by the Centre for Sociological Research (CIS), housing is now considered the main issue for Spaniards, reaching its highest concern level since 2008.

The problem has been made worse by the deficit in homes too. According to the appraisal firm UVE Valoraciones, more than half of the shortage is concentrated in the three largest cities of Madrid, Barcelona, and Valencia. The capital comes out on top with a deficit of over 200,000 homes, followed by Barcelona with 148,000 and then Valencia with 98,000.