Is there also a shortage of ultra-luxury homes for sale in Portugal and Spain?

Real estate remains one of the main safe-haven assets for investors and high-net-worth families.
However, those looking to buy ultra-luxury homes in Portugal and Spain will find a small supply concentrated in only a few areas — with Lisbon standing out in the Portuguese market and Madrid, the Balearic Islands, and Málaga leading in Spain.
Data from idealista reveal that ultra-luxury homes, priced above 3 million euros, account for only 18% of the existing premium residential supply on the Iberian Peninsula.

At the end of the second quarter of 2025, there were around 60,000 high-end homes for sale for more than 1 million euros across the Iberian region, showing an uneven distribution on both sides of the border. Only one in every four luxury homes was located in Portugal, with the vast majority found in Spain (72%).

Luxury homes for sale on the Iberian Peninsula

Supply of luxury homes for sale, Q2 2025 (number)

Chart: idealista/news — Source: idealista/data — Created with Datawrapper

Within this exclusive Iberian market, the universe of ultra-luxury homes proves to be small, according to the same idealista/data analysis. During this period, there were just over 11,000 homes for sale priced above 3 million euros, equivalent to 18% of the total premium listings recorded in both countries.

More than 90% of the ultra-luxury housing supply is concentrated in only 10 Iberian regions.
The Balearic Islands come first, with around 3,000 homes for sale, followed by Málaga (2,271), Lisbon (1,198), and Madrid (1,021). The top 10 continues with Faro, Barcelona, Alicante, Girona, Santa Cruz de Tenerife, and Setúbal.
The district of Porto ranks 12th, with only 97 ultra-premium properties on the market.

This uneven distribution of ultra-luxury homes for sale is clearly visible on the Iberian map, as Spain once again gathers most of the supply (78%).
Moreover, in five Portuguese islands and nine Spanish provinces, not a single property in this price range was listed on the market.
In 34 Portuguese and Spanish territories, the number of homes priced above 3 million euros is fewer than 10.

Ultra-luxury homes for sale in Portugal and Spain

Supply of homes priced above €3 million (number)
Data for Q2 2025

Table: idealista/news — Source: idealista/data — Created with Datawrapper

Therefore, data from idealista/data show that the vast majority of premium homes for sale in Portugal and Spain fall within the €1 million to €3 million price range (almost 50,000 properties, representing 82% of the total luxury stock).
Once again, the territories with the largest supply are the Balearic Islands, Málaga, Lisbon, and Madrid.

Within this luxury price range, nearly every Iberian region has at least one listed home priced between 1 million and 3 million euros — the only exception being Zamora, in Spain.
However, the distribution of luxury homes remains uneven, with higher concentrations in capital cities (Lisbon and Madrid), other major urban centers (such as Porto and Barcelona), and renowned tourist areas (such as Faro and the Balearic Islands, for example).

Luxury homes for sale in Portugal and Spain

Supply of luxury homes priced between €1 million and €3 million (number)
Data for Q2 2025

Table: idealista/news — Source: idealista/data — Created with Datawrapper