The seven most expensive municipalities in Spain to buy a home are in the Balearic Islands

PalmaBuying a home of 100 square metres in Formentera exceeds, on average, one million euros. In Santa Eulària des Riu, the same surface area is equivalent to more than 900,000 euros, and in Andratx, to about 854,000. These are the three municipalities that head the ranking of the most expensive ones in Spain, drawn up by the real estate portal pisos.com with data from September 2026. The Balearic Islands occupy the first seven places and account for 15 of the 25 municipalities in the ranking, 60% of the total.

Formentera leads the list with 10,332 euros per square metre, followed by Santa Eulària des Riu, with 9,027, and Andratx, with 8,543. Next appear Sant Josep de sa Talaia (7,879), Calvià (7,526), Ibiza (7,445) and Sant Antoni de Portmany (7,110). One must reach the eighth position to find the first municipality from outside the Islands: Zarautz, in the Basque Country, with 6,302 euros per square metre.

The Balearic presence extends to the four islands. Mallorca contributes nine municipalities; Ibiza, four, and Formentera and Menorca, one each. In addition to Andratx and Calvià, Sóller, Santa Maria del Camí, Santanyí, Pollença, Bunyola, Alcúdia and Campos are also included. Sant Lluís is the only Menorcan municipality in the classification, with 4,987 euros per square metre.

Three Mallorcan municipalities have more than doubled their prices

The study also reflects the magnitude of the price increase accumulated over five years. Andratx is the municipality out of the 25 analyzed where prices have risen the most compared to September 2021: 122%. Santa Maria del Camí records an increase of 107.9% and Sóller, 106%. Together with Guía de Isora, in Tenerife, where the increase is 115.5%, they are the four towns in the ranking that have more than doubled their prices.

The increases are also especially intense in Bunyola (80.8%), Sant Lluís (72.5%), Santa Eulària des Riu (68.8%) and Sant Antoni de Portmany (65.5%). Alcúdia (61.5%), Santanyí (58.2%) and Calvià (55.8%) complete the nine Balearic municipalities on the list with increases of over 50%.

Overall, the 25 municipalities have become more expensive compared to September 2021 and the average price of the group has grown by 54.5%. Sixteen record increases of more than 50%. Formentera, despite heading the price ranking, presents the most moderate increase, of 7.8%. Only this municipality and Sant Cugat del Vallès, with 12.7%, have grown by less than 20%.

A market far removed from local wages

The director of Studies at pisos.com, Ferran Font, attributes the prices in the Islands to the combination of "very scarce developable land, restrictive urban planning regulations, and an international buyer with a purchasing power far superior to that of the resident."

"The price is set with this reference, very far from local salaries, and hence the growing difficulty for doctors, teachers, or hospitality workers to find housing where they work," he points out.

The difference between the amounts paid by some buyers and others also appears in the data from the Housing Observatory of the Balearic Islands, collected by ARA Balears in September. In 2025, domestic buyers paid an average of 304,120 euros for a home, while foreigners disbursed 548,662 euros, 80% more. These are averages of the properties acquired by each group, which may have different characteristics.

Advertised prices and purchase prices

The price statistics from pisos.com are based on the amounts requested by sellers for properties advertised on the portal. Therefore, they reflect offer prices, which may differ from the amounts at which transactions are closed.

This distance is significant in the Islands. According to the Observatory, the advertised prices are, on average, 38.1% higher than those of the sales registered by the Tax Agency of the Balearic Islands. In Formentera, the difference reaches 49.3%, as reported by this newspaper.

With the portal's values, 17 of the 25 municipalities analyzed already exceed 5,000 euros per square meter. The threshold to enter the ranking is 4,565 euros, the price in Begur, equivalent to about 456,500 euros for a 100-square-meter home.

The 15 Balearic municipalities among the most expensive in Spain

1. Formentera: €10,332/m².
2. Santa Eulària des Riu: €9,027/m².
3. Andratx: €8,543/m².
4. Sant Josep de sa Talaia: €7,879/m².
5. Calvià: €7,526/m².
6. Ibiza: €7,445/m².
7. Sant Antoni de Portmany: €7,110/m².
8. Sóller: €6,166/m².
9. Santa Maria del Camí: €5,763/m².
10. Santanyí: €5,621/m².
11. Pollença: €5,324/m².
12. Bunyola: €5,110/m².
13. Alcúdia: €5,078/m².
14. Sant Lluís: €4,987/m².
15. Campos: €4,955/m².

Source: pisos.com. Data from September 2026.