Foreign buyers account for nearly half of ultra-luxury property sales in Spain, concentrated in five key locations

Analysis by Idealista reveals that the market for homes priced above €3 million is dominated by five locations: the Golden Triangle of Costa del Sol (Marbella, Estepona, Benahavís), Calvià on Mallorca, and Madrid. Foreign buyers account for 43 per cent of demand in Marbella and nearly 50 per cent in Calvià. Madrid is the exception, where foreign interest remains limited to 11 per cent, though it is growing.

Buyer nationalities vary by region. Americans lead in Marbella and Madrid, Germans dominate in Benahavís and Calvià, whilst British buyers are most active in Estepona. Dutch, Swedish and Mexican purchasers are also significant players in specific markets.

On the coast, villas are the overwhelming preference—in Benahavís, more than 75 per cent of enquiries are for villas. Madrid buyers favour premium apartments, particularly in the Salamanca district. Notably, Benahavís stands apart even among these five elite locations. Here, the majority of foreign buyers seek homes in the €5–10 million range rather than the €3–5 million bracket seen elsewhere. More than a quarter are prepared to spend over €10 million, confirming Benahavís's status as Spain's most exclusive residential market.

Whilst the broader Spanish property market has cooled, the ultra-premium segment remains stable. Foreign capital is the principal anchor supporting prices at the top end.

Source: Spanish Property Insight