In the third quarter of 2025, the Spanish real estate market delivered another surprise: the average price per square meter reached €2,153—an all-time high since records began in 1995. Over the past year, prices have risen by 12.1%, and compared to the previous quarter, by 2.9%. This means the previous record, set in early 2008 when prices peaked at €2,101 per square meter, has now been surpassed.
Winners and Losers: Where Housing Prices Are Rising the Fastest
An impressive price surge has been recorded almost nationwide. Not a single region saw prices decline compared to last year. The sharpest increase was seen in Cantabria, where housing costs jumped by 15.1%. Next are the Comunidad Valenciana and the Balearic Islands, both up by 14.5%. Asturias also saw a significant rise of 14.1%.
Quarterly dynamics show the most notable changes on the Balearic Islands and in Cantabria, with prices rising by 4.4%. The only exceptions were the autonomous cities of Ceuta and Melilla, where a slight decrease of 0.2% was registered.
Where Housing Is Most Expensive: The Capital and Islands Remain Unmatched
The highest property prices are still found in Madrid and on the Balearic Islands—the only regions where the price per square meter exceeds €3,000. They are followed by the País Vasco at €2,866 and Cataluña, where the average is €2,548 per square meter. The rest of the regions no longer reach the national average.
Extremadura ranks at the bottom
At the opposite end of the list is Extremadura. This is the only region where the price per square meter remains below €1,000. As a result, the gap between the leaders and outsiders in Spain’s real estate market continues to widen, which may impact internal migration flows and housing affordability for different segments of the population.
