Calvia home to the most expensive properties in Spain

The data also refers to the most sought-after locations to buy, a list in which Palma occupies 21st place with an average purchase price of 712,000 euros. The list of areas with the highest demand pressure includes other towns in the Balearics such as Ibiza (876,669 euros), Llucmajor (775,004 euros), Ciutadella (573,845 euros) and Manacor (524,224 euros).

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Property portal Fotocasa, has revealed three areas in the Balearics which are among the 19 most expensive in Spain for buying a home. The price per square metre in these three areas range from 9,456 euros to 7,945 euros. One of them is Santa Eulària des Riu, which occupies the eighth position. The average price per square metre is 9,456 euros, which is 396% more expensive than the national average. The second area on this list is Portals Nous, located in the municipality of Calvia, which ranks in eleventh place. The average price per square metre here is 8,372 euros, a 350% premium compared to the national average. The third most expensive area in the Balearics is Marina Botafoc - Platja de Talamanca, in Ibiza. The average price per square metre is 7,945 euros, representing 333% more than the national average.

Fotocasa’s report reveals that the most expensive neighbourhood in Spain to buy a home is Recoletos, located in Madrid, where the price per square metre rises to 10,650 euros, a 446% increase compared to the Spanish average. It is followed by Castellana, also in Madrid, with the price per square metre reaching 10,650 euros; Jerónimos, in the capital, with an average price of 10,032 euros per square metre; and the Salamanca district, with 9,915 euros per square metre.

The property portal highlights that “for the most expensive neighbourhoods in Spain, their prices are nearly four times the national average cost per square metre, which closed 2024 at 2,389 euros per square metre, according to data from the Fotocasa Real Estate Index.” They also note that the Community of Madrid, the Balearics, the Basque Country, Catalonia, and Andalusia dominate the first twenty most expensive neighbourhoods in Spain for purchasing a property.