The Balearic Islands accounted for 22.1 percent of the total number of luxury homes in Spain up to 1 August this year, according to data published on Tuesday by Idealista. In detail, the archipelago is behind Malaga in this ranking, which accounts for 23.3 percent of the total, and followed by Madrid and Barcelona, with 11.8 and 11.6 percent, respectively. The four provinces account for 69 per cent of all properties advertised for more than one million euros - seven out of every ten.

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As for ultra-luxury properties, those priced at over three million euros, of the 7,775 advertised at the beginning of August on the platform, the majority are concentrated mainly in Malaga (2,895 listings; 37.2% of the total) and the Balearic Islands (2,497 listings; 32.1%). They are followed by Madrid (746; 9.6%), Barcelona (439; 5.6%), Alicante (426; 5.5%) and Girona (221; 2.8%).

On a national level, Spain has 40,295 luxury homes on the market. Alicante is the fifth province with the highest number of properties over one million, with 10.6 per cent, followed by Girona, with 5.5 per cent. The ranking of the main provinces with the most luxury homes is completed by Santa Cruz de Tenerife (2.2%), Cádiz (2.1%), Valencia (1.7%), Las Palmas (0.8%), Granada and Vizcaya (0.7% in both cases). On the other hand, the province with the fewest luxury homes advertised, as of 1 August, is Palencia, with only one. It is followed by Teruel (2), Soria (2), León (5), Zamora (6), Cuenca (6), Lugo (7), Guadalajara (8), Ourense (9) and Burgos (9), "whose weight in the national total is insignificant", highlights idealista.