In November 2025, the real estate market in San Sebastián (Donostia-San Sebastián) surprised even the most seasoned analysts once again. The average price per square meter of housing in the city reached €6,411, setting an all-time record. Over the past year, prices have risen by 13.1%, and by 1.2% compared to October. This pace of growth hasn’t been seen even during periods of strong economic boom.
San Sebastián confidently holds its position as the most expensive city in Spain for housing. By comparison, the national average stands at €2,605 per square meter, and the gap between the capital of Gipuzkoa and the rest of Spain now exceeds 146%. The disparity continues to widen, making the purchase of an apartment in Donostia virtually unattainable for most Spaniards.
Record prices by neighborhood
Within the city, the contrasts are even sharper. Centro-Miraconcha remains the most expensive neighborhood, with the price per square meter at €8,571, reflecting a 5.2% increase over the year. Antiguo surprised even the skeptics: prices there jumped by 28.3%, reaching €7,941 per square meter. In Gros, housing costs €6,964 per square meter, while in Amara the figure is €6,081—both far above the national average.
Even traditionally more affordable neighborhoods are seeing significant growth. In Altza-Bidebieta, the price per square meter is €3,751, up 8.5% from a year ago. Intxaurrondo added 13.9%, reaching €4,671 per square meter. In Egia and Aiete-Añorga-Ibaeta, prices rose by 12.4% and 15.4% respectively, reaching €5,427 and €5,488 per square meter.
Dynamics and trends
Experts note that the rapid rise in prices in San Sebastián is driven by several factors. Firstly, the city remains one of the most attractive places to live in Spain, thanks to its unique combination of nature, infrastructure, and cultural environment. Secondly, limited housing supply alongside high demand is pushing prices upward. Thirdly, investment interest in real estate in the region remains strong, despite the broader economic fluctuations in the country.
It is especially noteworthy that even neighborhoods previously considered relatively affordable are now showing double-digit growth rates. This indicates that the housing market in Donostia is under serious pressure, making apartment availability increasingly problematic for local residents.
Comparison with the rest of Spain
While San Sebastián sets new price records, the situation in other regions of Spain is developing less dramatically. The average annual growth nationwide was 16.1%, which is certainly impressive but still falls significantly short of the pace seen in the capital of Gipuzkoa. As a result, the gap between Donostia and the rest of Spain continues to widen, and the city is increasingly being called the ‘Spanish Monaco’ because of the lack of affordable housing for the middle class.
Buying an apartment in San Sebastián is becoming increasingly exclusive. Even in the city’s most “affordable” neighborhoods, prices have long surpassed the national average. For many families, owning a home here is no longer a realistic option—renting or moving to neighboring municipalities are often the only choices left.
A Market Under Pressure
The real estate market in Donostia is under significant strain. On one hand, the city continues to attract new residents and investors; on the other, locals are finding it impossible to buy property at reasonable prices. As a result, social tension is growing, and authorities are being forced to seek new solutions to stabilize the situation.
In the coming months, experts predict that prices will continue to rise rapidly, especially in central and upscale areas. However, it is already clear that the housing market in San Sebastián requires close attention from both local and regional authorities to prevent a worsening of the housing crisis.
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