Formentera is the most expensive municipality in Spain for buying a home, at €10,332 per square metre, and Santa Eulària des Riu ranks second, at €9,027, according to the pisos.com report from September 2026.
Formentera is the most expensive municipality in Spain for buying a home, with a price of €10,332 per square metre, and Santa Eulària des Riu holds the second position, at €9,027. This is stated in the report from the real estate portal pisos.com for September 2026, released on Tuesday, October 13, as published by lavozdeibiza.com.
Ibiza and Formentera account for five of the seven municipalities with the most expensive housing in Spain. Alongside Formentera and Santa Eulària are Sant Josep de sa Talaia, at €7,879 per square metre; Ibiza, at €7,445, and Sant Antoni de Portmany, at €7,110.
Buying a 100 square metre home in Formentera would require, according to the report's offer values, an outlay of €1,033,200. In Santa Eulària, the amount would rise to €902,700, and in Sant Josep it would reach €787,900.
Santa Eulària's position aligns with other indicators of the Ibiza real estate market. The municipality contains some of the most expensive residential areas on the island, particularly in the luxury housing segment. Roca Llisa tops the prices per square metre among the urban centres analysed, and Can Fornet leads the absolute average price per property, at nearly three million euros, according to the Balearic Housing Observatory.
The increase is also reflected in Santa Eulària's evolution since 2021. According to pisos.com, the municipality has accumulated a rise of 68.9% over five years, one of the largest increases recorded among the Balearic towns in the ranking.
Nationally, 15 of the 25 municipalities with the highest prices belong to the Balearics, representing 60% of the ranking. Andratx ranks third, at €8,543 per square metre, behind Formentera and Santa Eulària.
Andratx is also the Balearic municipality that has increased its housing prices the most since 2021, with a rise of 122.1%. It is followed by Santa Maria del Camí, at 107.9%, and Sóller, at 106.1%. Other notable increases include Bunyola, at 80.8%, and Sant Lluís, at 72.5%.
The director of studies at pisos.com, Ferran Font, links this situation to the scarcity of developable land, urban planning limitations, and the economic capacity of buyers, which in many cases far exceeds that of the resident population.
"Prices are very far from local salaries"
Font warns that this gap creates "increasing difficulty for doctors, teachers, or hospitality workers to find housing where they work." The portal's representative describes the urban planning situation as "restrictive" and points out that prices are set based on a demand with a payment capacity "far superior" to that of residents.
The gap between prices and income is also reflected in the Tinsa 2026 Housing on the Coast report. According to that study, the theoretical purchase effort reaches 116% of the disposable income of an average household in Formentera and 86% in Santa Eulària, compared to the national average of 34%.
The repeated presence of Ibiza and Formentera at the top of various real estate studies confirms the high price level of the Pitiusas market, although the figures from pisos.com, Tinsa, and the Housing Observatory respond to different methodologies and periods and are not directly comparable.
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