Formentera, the place with the most expensive luxury housing in Spain: This is the price of the square meter

The Balearic Islands and Madrid are home to the most expensive luxury homes in Spain. This is reflected in the First Report on the Luxury Housing Market in Spain by Hiscox, an insurance company that offers solutions designed especially for high net worth individuals, which includes, among other data, prices per square metre by city and area. According to this report, Formentera leads the ranking, with luxury homes worth more than 3 million euros at 9,383 €/m2, followed by Recoletos (Madrid) with 9,000 €/m2, Portals Nous in Calvià (Mallorca) with 8,319 €/m2, Castellana (Madrid) with 7,956 €/m2 and Costa d’en Blanes in Calvià (Mallorca) with 7,839 €/m2.

In fact, the Balearic Islands and Madrid monopolize the top 30 positions in the list, with the exception of three positions occupied by Barcelona (Diagonal Mar with 7,523 €/m2, Pedralbes with 6,406 €/m2 and La Dreta de l’Eixample with 6,406 €/m2) and one of them Malaga (Los Monteros, 6,842 €/m2). Thus, taking into account the data, these four mentioned areas concentrate the areas with the highest price per square meter and, therefore, are defined as the most expensive areas to live in Spain.

According to the report, the Balearic Islands concentrate 33% of the total number of luxury homes, mainly on the islands of Mallorca, Ibiza and Formentera. The latter is the most expensive area per square meter with an average price of €9,383, the highest price at national level. This luxurious island is followed, already in Mallorca, by the municipalities of Calvià, Andratx and Palma.

Also noteworthy is the Port of Andratxin the municipality of Andratx (Mallorca), which represents the Mediterranean luxury and is one of the most exclusive urbanizations of the island, with homes between 3 and 15 million euros with an average size of 550 m2 and with an average of 1,000 m2 average price of 7.262 € / m2.

“Within Palma de Mallorca stands out Son Vida, the most exclusive urbanization of the Majorcan capital and offers great security and privacy to its residents. It is located at the foot of the Sierra Tramontana mountain range, surrounded by nature and just a few minutes from the center of Palma de Mallorca. Its luxury homes, of about 750 m2 on average, have an average price of 6.5 million euros, although some reach 60 million euros, and its average price per square meter is 7,582 €”, the report points out.

Finally, in Ibiza the area of Es Cubells, in Sant Josep de Sa Talaia, which has a average price per square meter of 7,454 € and a maximum price of 12 million euros.