Demand for homes in Spain is becoming increasingly concentrated at the very top of the market, with properties worth more than €1million proving to be the only price bracket attracting more buyers.
According to the latest analysis from idealista, enquiries per property listing fell across every other segment of the market during the first quarter of 2026, while luxury homes recorded a 3% increase in buyer interest.
The findings suggest that despite continued appetite for Spanish property, demand is becoming increasingly selective.
The biggest fall came in the €600,000 to €1million bracket, where enquiries dropped by 6% nationwide.
Demand for homes priced below €210,000 fell by 3%, while properties worth between €360,000 and €600,000 saw a 2% decline.
The €210,000 to €360,000 market proved the most resilient, slipping by just 1%.
Luxury homes buck the trend
Properties priced above €1million were the only segment to see demand rise nationally.
Among Spain’s biggest property markets, Palma and Bilbao recorded the strongest growth, with enquiries rising by 19%, followed by San Sebastian (15%), Valencia (10%), Sevilla (5%) and Madrid (4%).
However, the picture was very different on the Costa del Sol.
Malaga recorded the largest fall of any major Spanish city in luxury property demand, with enquiries dropping by 19%. Barcelona also saw demand weaken, falling 14%.
Outside Spain’s largest cities, the biggest increases came in Vitoria-Gasteiz, Almeria, Girona and Pamplona, although Idealista noted these markets start from much smaller volumes, making percentage changes appear more dramatic.
Mixed picture across the rest of the market
Demand for Spain’s cheapest homes also softened.
For properties priced below €210,000, enquiries fell by 3% nationally. Among the country’s major markets, Bilbao and Palma were the only cities to record an increase, while Alicante, Valencia, Sevilla, Barcelona, Madrid and Malaga all saw fewer buyers making contact.
Malaga experienced a 14% fall in demand for homes under €210,000.
The €210,000 to €360,000 segment remained relatively stable across Spain, although Malaga still recorded a 17% decline in enquiries.
Meanwhile, demand for homes priced between €360,000 and €600,000 was broadly flat in Malaga, increasing by around 2%, making it one of the more resilient large markets in that price bracket.
The sharpest downturn came in homes valued between €600,000 and €1 million.
While Bilbao, Alicante and San Sebastian all recorded strong growth, Malaga saw enquiries fall by 18% – the biggest decline among Spain’s major property markets.
The figures suggest that while Spain’s property market remains active overall, much of the momentum is now being driven by the luxury sector, with buyer interest weakening across almost every other price bracket.
