Even winning the Christmas Lottery won't get you a house in the Balearic Islands
It would still take up to 178,313 euros to buy a 90 square meter home
PalmThe first prize in the Extraordinary Christmas Lottery, known as La Grossa, worth €400,000 per ticket and €328,000 net after taxes, would not be enough to buy a home in the Balearic Islands. According to average price data for the archipelago, an additional €178,313 would still be needed to reach the average price of €506,313 for a 90 m² property.2
Generally speaking, the Christmas Lottery's top prize, El Gordo, allows winners in several autonomous communities not only to buy a home without needing financing, but also to keep part of the prize money without using it for the purchase. Extremadura stands out in this regard, where a 90 m² home costs €83,557; Castilla-La Mancha, with an average price of €94,247; Castilla y León, where the average is around €122,728; Galicia, with an approximate cost of €145,801; and Murcia, with an average of €145,132 per property.
At the opposite end of the spectrum, the two regions where the prize money isn't enough to buy a home are the Balearic Islands, where €178,313 would be needed to reach the average price of €506,313 for a 90-square-meter property, and Madrid, with a shortfall of €118,858.
Of Spain's 50 provinces, in 46 it's possible to buy a 90-square-meter home with the Christmas Lottery's top prize. The four provinces where the prize money falls short are the Balearic Islands (€506,313), Madrid (€446,858), Gipuzkoa (€378,829), and Málaga (€340,833); although Barcelona comes close with a narrow shortfall of just €1,634.
