Formentera has topped Spain's housing price rankings, with an average price of €10,332 per square metre in September 2026, according to a report by property portal Pisos.com. The figure places the Balearic island ahead of every other municipality in the country in the report's ranking of residential property prices.

At that level, a hypothetical 100-square-metre property would cost approximately €1,033,200, before taxes and other purchase costs. The findings also underline the concentration of Spain's most expensive housing markets in the Balearic Islands, which accounted for 15 of the 25 municipalities included in the ranking.

The figures refer to the price indicators published by Pisos.com for September 2026 and should not be interpreted as the confirmed average prices paid in completed property transactions.

Formentera Leads Spain's Housing Price Ranking

According to Pisos.com's report, Formentera recorded the highest residential property price in Spain, at €10,332 per square metre.

The island's limited supply of developable land, planning restrictions and demand from buyers with greater purchasing power than many local residents have been identified as factors contributing to high prices.

Ferran Font, director of studies at Pisos.com, has pointed to the combination of scarce developable land, restrictive planning rules and buyers whose financial capacity is significantly above that of the local population.

This imbalance has consequences for people who need to live and work on the island, including workers in essential public services and tourism-related industries.

Ibiza Also Has Four Municipalities Among Spain's Most Expensive

The report places several municipalities in Ibiza among Spain's highest-priced housing markets. Santa Eulària des Riu ranks second nationally, behind Formentera, while Sant Josep de sa Talaia, Eivissa and Sant Antoni de Portmany also feature prominently.

The reported September 2026 figures for the five Pityusic municipalities are:

• Formentera: €10,332 per square metre

• Santa Eulària des Riu: €9,027 per square metre

• Sant Josep de sa Talaia: €7,879 per square metre

• Eivissa: €7,445 per square metre

• Sant Antoni de Portmany: €7,110 per square metre

These figures illustrate the high cost of housing across Ibiza and Formentera, where limited land availability and demand place pressure on the residential market.

The Balearic Islands Dominate the National Ranking

The report identifies 15 Balearic municipalities among Spain's 25 most expensive places to buy a home, representing 60% of the ranking.

After Formentera and Santa Eulària des Riu, the list includes the Mallorcan municipalities of Andratx, Calvià, Sóller, Santa Maria del Camí, Santanyí, Pollença, Bunyola, Alcúdia and Campos, alongside Sant Josep de sa Talaia, Eivissa, Sant Antoni de Portmany and Sant Lluís.

The figures also show substantial increases over the five-year period since 2021 in several municipalities. Andratx recorded a reported increase of 122.1%, Santa Maria del Camí rose by 107.9%, and Sóller increased by 106.1%.

Santa Eulària des Riu recorded a reported rise of 68.9% over the same period.

Asking Prices Are Not the Same as Completed Sale Prices

The ranking provides a snapshot of housing prices reported by Pisos.com, but it does not necessarily represent the amounts buyers ultimately pay.

Property portals use their own datasets and methodologies, which can produce different estimates for the same municipality. The Balearic Housing Observatory has previously warned that advertised prices in the islands can be substantially higher than prices recorded in completed transactions.

The distinction is particularly important in a market such as Formentera, where a relatively limited number of properties and transactions can influence price indicators.

Nevertheless, the Pisos.com report places Formentera at the top of its September 2026 ranking and highlights the wider affordability challenges facing residents across the Balearic Islands.