Five locations dominate Spain’s market for homes priced above €3 million, underlining just how concentrated the country’s super-prime property sector has become.

According to new analysis from Idealista, the undisputed leaders are the Costa del Sol’s so-called Golden Triangle of Marbella, Estepona and Benahavís, joined by Calvià in Mallorca and the city of Madrid. Together, these markets account for thousands of homes on the market with asking prices starting at €3 million and stretching beyond €20 million.

International demand and buyer profiles

The Costa del Sol remains the standout destination for international buyers. Foreign demand accounts for around 43% of interest in Marbella, Benahavís and Estepona, while Calvià tops the list with almost half (49%) of all demand coming from overseas. Madrid is the exception, where foreign demand in this segment is a more modest 11%, albeit growing steadily.

The nationality of buyers varies by location. Americans are the leading foreign audience searching for ultra-luxury homes in Marbella and Madrid, reflecting growing US interest in Spain’s prime property market. Germans dominate in Benahavís and Calvià, while British buyers top the rankings in Estepona and remain among the three largest foreign groups in every destination except Madrid. Dutch, Swedish and Mexican buyers also feature prominently in selected markets.

Property preferences and standout markets

The type of property buyers want also depends on the location. Detached villas overwhelmingly dominate demand in the coastal destinations, particularly in Benahavís, where more than three-quarters of enquiries are for villas. Buyers are clearly prioritising privacy, outdoor space and lifestyle. Madrid is different, with prime apartments, especially in the Salamanca district, remaining the preferred choice.

Perhaps the most interesting finding is how Benahavís stands apart even within this exclusive group. It is the only market where the largest share of international demand is for homes priced between €5 million and €10 million, rather than the €3 million to €5 million bracket that dominates elsewhere. More than a quarter of international buyers looking in Benahavís are searching for properties above €10 million, highlighting its position as Spain’s most exclusive residential market.

The figures reinforce a trend that has become increasingly clear in recent years. While the wider Spanish housing market has cooled in some segments, demand for exceptional properties from wealthy international buyers remains remarkably resilient. For the prime coastal markets, foreign demand continues to be one of the key drivers supporting prices at the very top end of the market.