Formentera has once again been ranked Spain’s most expensive municipality for buying a home, and in September it was the only municipality in the country where average property prices exceeded €10,000 per square metre, according to figures published by property portal pisos.com.
Other municipalities across Ibiza and Formentera also feature prominently in the national rankings, underlining the exceptionally high cost of buying property in the Pityusic Islands.
Santa Eulària des Riu ranks second nationally, with an average price of €9,027 per square metre. Sant Josep comes fourth at €7,879, followed by Ibiza Town in sixth place at €7,445 and Sant Antoni in seventh at €7,110 per square metre.
The figures place five municipalities from Ibiza and Formentera among Spain’s ten most expensive property markets.
The Balearic Islands dominate Spain’s most expensive property rankings
The Balearic Islands account for 15 of Spain’s 25 most expensive municipalities in which to buy a home, according to pisos.com.
The Canary Islands and Catalonia follow, with three municipalities each, while Andalusia and the Basque Country have two apiece.
Across the 25 municipalities included in the ranking, the average property price stands at €6,087 per square metre, representing a 54.5% increase over five years.
Behind Formentera and Santa Eulària, the ranking places Andratx in Mallorca third, at €8,543 per square metre. Sant Josep follows in fourth place at €7,879, ahead of Calvià in fifth at €7,526, Ibiza Town in sixth at €7,445 and Sant Antoni in seventh at €7,110.
The concentration of high-priced property markets in the Balearics reflects the islands’ position among Spain’s most expensive destinations for residential property.
Property prices have risen by as much as 122% in five years
The five-year figures also reveal substantial price increases in several Spanish municipalities. According to pisos.com, four locations have more than doubled their property prices over the period.
Andratx leads the increases, with prices rising by 122.08%. It is followed by Guía de Isora in Tenerife, up 115.54%; Santa Maria del Camí in Mallorca, up 107.96%; and Sóller, also in Mallorca, up 106.08%.
Five other municipalities have recorded increases of more than 50%:
- Marbella: +80.98%
- Bunyola: +80.79%
- Sant Lluís: +72.51%
- Santa Eulària: +68.88%
- Adeje: +67.13%
Santa Eulària’s increase of almost 69% illustrates how sharply property prices have risen in Ibiza, even as other municipalities have experienced much steeper percentage growth.
Formentera remains Spain’s most expensive place to buy a home despite slower price growth
At the other end of the five-year growth scale, Formentera recorded an increase of just 7.78%, while Sant Cugat del Vallès in Catalonia saw prices rise by 12.73%. These were the only two municipalities in the ranking where property prices increased by less than 20% over the period.
Despite this comparatively modest growth, Formentera remains the most expensive municipality in Spain for homebuyers.
The figures illustrate an important distinction in the Spanish housing market: the places with the highest property prices are not necessarily those experiencing the fastest recent increases.
Elsewhere in the ranking, Zarautz in the Basque Country recorded a five-year increase of 26.13%, while Hondarribia saw prices rise by 30.40%, according to pisos.com.
For Ibiza and Formentera, the latest figures reinforce the islands’ position at the top end of Spain’s residential property market, with several municipalities commanding average prices that exceed those of many major urban and coastal destinations across the country.