Record highs in the housing market
Spain has seen a significant increase in the price of resale housing. In the third quarter of 2025, the average price per square meter reached €2,517. Over the year, prices grew by 15.3%, outpacing the previous quarter’s rate. In the past three months alone, prices rose by another 3.2%, confirming the ongoing trend of rising costs.
Supply shortage and rising demand
Experts note a persistent shortage of available properties on the market. In most cities, supply is at its lowest levels since records began. Meanwhile, demand for home purchases continues to grow, leading to further price increases. According to specialists, large-scale construction of new homes is needed to stabilize the situation, especially in high-demand regions.
Geography of growth: leaders and outsiders
The largest price increase was recorded in Teruel, where housing became 20.9% more expensive year-on-year. Next come Guadalajara (20%), Madrid (19.4%), Valencia (19.2%), Santa Cruz de Tenerife (18.8%), and Santander (17.8%). Among major cities, Malaga (17%), Palma (16.9%), Alicante (15.8%), San Sebastián (12.2%), Bilbao (9.6%), Barcelona (9.4%), and Seville (8.9%) also stand out. The only exception was Girona, where prices fell by 3.5% over the year. The slowest growth rates were observed in Cádiz (2.5%), Badajoz (2.8%), and Huesca (3.3%).
The most expensive and affordable cities
San Sebastián remains the most expensive city in the country, with a price of 6,250 euros per square meter. It is followed by Madrid (5,677 euros), Palma (5,036 euros), Barcelona (4,989 euros), and Bilbao (3,709 euros). At the other end of the spectrum is Zamora, where housing costs 1,270 euros per square meter. In September, record-high prices were registered in nine provincial capitals, including Palma, Bilbao, Málaga, and Valencia.
Trends by autonomous communities and provinces
In Madrid, prices increased by 21.7% over the past year—the highest growth among all autonomous communities. Double-digit growth rates were also recorded in Andalusia (19.8%), Murcia (18.6%), Cantabria (18.5%), the Valencian Community (16.9%), Asturias (13.6%), the Canary Islands (13.4%), the Balearic Islands (11.6%), and the Basque Country (10.3%). The smallest increases were observed in Extremadura (1.7%), Navarre (3%), Aragon (3.7%), Galicia (4.3%), and La Rioja (4.4%).
The Balearic Islands remain the most expensive autonomous community, with an average of 5,090 euros per square meter. Following are Madrid (4,343 euros), the Basque Country (3,299 euros), and the Canary Islands (3,084 euros). The lowest prices are seen in Castilla-La Mancha (987 euros), Extremadura (989 euros), and Castilla y León (1,248 euros).
Provincial differences
Almost all provinces in the country saw price increases, except Ourense (-4.3%), Teruel (-2.9%), Jaén (-1.8%), Cuenca and Ciudad Real (both -0.3%). Valencia led in growth rate (22.1%), followed by Madrid (21.7%) and Murcia (18.6%). Significant growth was also recorded in Cantabria (18.5%) and Málaga (17.2%). In Barcelona, prices rose by 9.2%.
The Balearic Islands top the ranking of the most expensive provinces (€5,090 per square meter), followed by Madrid (€4,343), Gipuzkoa (€4,033), Málaga (€3,982), Santa Cruz de Tenerife (€3,284), Biscay (€3,152), and Barcelona (€2,994). The most affordable province is Ciudad Real (€743), followed by Jaén (€823) and Cuenca (€842).
Calculation methodology
The price index is based on an analysis of property listings posted on the idealista platform. The calculation uses the median value for each market. In 2023, the methodology was improved: atypical properties, duplicate listings, and outdated ads are excluded. The statistics also include houses and cottages.
