In November 2025, Spain’s real estate market was once again in the spotlight: the price per square meter for existing homes surpassed €2,600 for the first time. Over the year, prices rose by 16.1%, marking the largest increase ever recorded. Experts note that such growth has not been seen even during periods of strong economic expansion. On average nationwide, the price reached €2,605 per square meter—and this is not the limit, as the upward trend has persisted for several consecutive months.
Over the past three months, housing has become 4.3% more expensive, and compared to October, prices are up 2%. This rapid increase has led many potential buyers to rethink their plans and sellers to raise their expectations. For the first time in a while, almost every region in Spain has posted positive growth, although the pace has varied widely.
Leaders and Laggards
The sharpest price jump was seen in Murcia, where housing prices soared by 22.5% year-on-year. Madrid follows closely, with a 21% increase. Double-digit growth was also recorded in Andalucía, Cantabria, Comunidad Valenciana, and Asturias. Meanwhile, regions like Cataluña, the Balearic Islands, and the Basque Country saw more modest growth rates, but still above 9%.
At the opposite end of the spectrum are Extremadura, Navarra, Galicia, and Castilla y León. Here, housing prices are rising much more slowly, and in some provinces, the increase barely exceeds 3-6%. The Balearic Islands remain the most expensive region, with the average price per square meter surpassing €5,100. Madrid and the Basque Country also rank among the top three most expensive areas, while Extremadura and Castilla-La Mancha are still the most affordable for buyers.
Provinces and cities
In 48 out of 50 Spanish provinces, resale housing prices have increased compared to last year. This is especially noticeable in Murcia, Valencia, Madrid, Cantabria, and Asturias. In Barcelona, the growth reached 10.8%, and in Málaga—over 12%. Only in Ourense and Teruel was a decline in prices recorded, which stands out as a rare exception amid the overall trend.
The Balearic Islands remain out of reach in terms of price: here, asking prices exceed €5,100 per square meter. In Madrid, it’s nearly €4,500, and in Gipuzkoa and Málaga—over €4,000. The lowest prices are in Ciudad Real, Jaén, and Cuenca, where a square meter costs less than €900. This gap between regions highlights the uneven development of the market and differences in demand.
Trends in provincial capitals
In 51 provincial capitals, prices have increased over the past 12 months. León took the lead, with housing prices rising by almost 21%. In Madrid, Palencia, Guadalajara, and Salamanca, the growth also exceeded 17%. Meanwhile, prices in Huesca remained virtually unchanged, while Ceuta, Girona, and Las Palmas recorded only minimal increases.
Among Spain’s largest cities, Madrid is once again in the spotlight: here, the price per square meter has reached €5,758. In Barcelona it stands at €5,089, while in San Sebastián—at a record €6,411—making it the country’s most expensive capital. At the other end of the ranking are Zamora, Jaén, and Lugo, where housing remains comparatively affordable.
Methodology and analysis
To compile the price index, experts analyze sales listings, excluding outdated and anomalous offers. Both apartments and detached houses are included, and the final price is determined based on the median of all active listings on the market. This approach offers the most objective view possible and helps reveal real trends.
The collected data is used not only to assess the current state of the market, but also to forecast future changes. Analysts note that interest in real estate in Spain remains high despite rising prices. This is due to limited supply, investment appeal, and steady demand from both local and international buyers.
In case you didn’t know, idealista is one of the largest players in the digital real estate services market in Spain, Italy, and Portugal. The company specializes in collecting and analyzing housing market data, offering both professionals and private individuals tools for assessment, investment, and property searches. The platform actively implements modern technologies and collaborates with leading agencies, allowing it to maintain its leadership in the proptech sector on the Iberian Peninsula.
