Evolution of house prices for sale in Spain [2026]

The price of second-hand housing in Spain closes 2025 with an annual increase of 20.5%, placing the December price at €2,879/m², according to data from the “Second-hand housing in 2025” report produced from the Fotocasa Real Estate Index. Thus, the annual rise of this 2025 (20.5%) is the highest registered in the Fotocasa Real Estate Index in its twenty years of analysis.

Conoce el precio de la vivienda en alquiler en tu zona en 2026

Housing prices rise 20% for the second consecutive month

“Why are housing prices rising like never before? Because demand quadruples supply. After the pandemic, a structural change in residential preferences persists: more space, better location, and greater features. Added to this is a strong demographic impulse: population growth due to immigration and accelerated expansion of single-person households, which have almost doubled in a decade, directly increasing the need for housing. The financial context also intensifies buying pressure. The drop in interest rates has returned 21% of the demand that was on pause to the market. Furthermore, foreign buyers now represent 15% of the total, and investors have doubled their weight in two years to 10%. The result is a structural gap: more than 200,000 households are created per year compared to some 100,000 new homes. This mismatch makes a price drop very unlikely in the short term,” explains María Matos, Director of Studies and spokesperson for Fotocasa.

Price to buy a home by Autonomous Community in Spain (January 2026)

At the close of 2025, the Region of Murcia is the community that increases the annual housing price the most (29.6%), followed by the Valencian Community (24.4%), Asturias (24.0%), Cantabria (22.9%), Andalusia (22.2%), Madrid (21.7%), the Canary Islands (21.3%), Catalonia (15.0%), the Balearic Islands (14.6%), Galicia (13.2%), the Basque Country (12.1%), Castile and León (9.1%), La Rioja (8.9%), and Castilla-La Mancha (8.6%). At the opposite extreme, the most moderate increases are registered in Navarre (8.0%), Castilla-La Mancha (5.2%), and La Rioja (1.5%).

If in 2024 the maximum increase occurred in the Valencian Community with 19.8%, in 2025 the greatest annual advance is registered in the Region of Murcia with 29.6%. This increase in rises confirms the change of pace initiated in 2023 and sustained during 2024, culminating in a year-end with rates clearly above 20% in the national aggregate.

In the ranking by housing price, the Balearic Islands top the list with €5,267/m², followed very closely by Madrid with €5,206/m². Both communities exceed the €5,000/m² barrier, well above the national average. They are followed by the Basque Country with €3,681/m², the Canary Islands with €3,319/m², and Catalonia with €3,247/m².

Price to buy a home by province in Spain (January 2026)

At the end of 2025, the price increases in 48 provinces (96% of the total) and decreases in only two. The most notable annual rise occurs in Murcia (29.6%), followed by Valencia (28.0%), Asturias (24.0%), Cantabria (22.9%), and Santa Cruz de Tenerife (22.7%). At the opposite extreme, Soria (-9.6%) and Teruel (-9.6%) register annual decreases.

The five Spanish provinces with the highest average housing price at the close of 2025 remain the same as in recent years, and the order repeats. The Balearic Islands and Madrid head the ranking, followed by Málaga and Gipuzkoa, while Santa Cruz de Tenerife completes the top 5.

Thus, the Balearic Islands place at the head of the ranking with an average price of €5,267/m², followed by Madrid with €5,206/m². Málaga and Gipuzkoa are situated at practically the same level (€4,364/m² and €4,364/m², respectively), and Santa Cruz de Tenerife reaches €3,668/m².

By the end of December 2025, Madrid surpassed Barcelona both in average price per square meter and in annual growth. Madrid reached a price of €6,463/m² after registering a significant year-on-year increase of 17.2%, consolidating its position as one of the most expensive markets. In comparison, Barcelona Capital stood at €5,346/m², and while it also experienced a double-digit rise of 12.3%, its growth pace was notably more moderate than that of the Spanish capital.