Spanish Real Estate Market: New Price Peaks
In the third quarter of 2025, Spain’s property market saw yet another surge in prices per square meter. The average home price reached €2,303 per square meter, up 2.3% from the previous quarter. This upward trend is seen in both resale and new-build segments. Second-hand homes rose in price by 2.7%, while new apartments went up 0.7%, reaching €2,412 per square meter. Both figures set new all-time records.
The resale price index also reached a record high, climbing 3.4% over the quarter. Current price levels are now 26% higher than the pre-crisis peak in 2007, underlining the market’s steady growth in recent years.
Growth Map: Leaders in Price and Activity
Price increases have affected almost the entire country: rises were recorded in 15 autonomous communities and 41 provinces. The highest average prices were seen in Madrid (€4,112/m²), the Balearic Islands (€4,096/m²), the Basque Country (€3,274/m²), and Catalonia (€2,775/m²). Leading provinces include Madrid, Balearic Islands, Guipúzcoa, Barcelona, and Vizcaya.
Among cities, top prices were recorded in San Sebastián (€5,962 per square meter), Madrid (€5,157), Barcelona (€4,719), Palma (€3,996), and Bilbao (€3,353).
Transactions and Demand: Buyer Activity Remains High
Over the quarter, 174,384 residential real estate transactions were registered in the country, up 1.9% from the previous period. This is the second-highest figure since 2007. Year-on-year, the number of transactions grew by 4.7%. There were 36,083 new home purchases, an increase of 4.9% compared to the previous quarter. The secondary market saw 138,301 transactions, up 1.2%.
Over the past 12 months in Spain, nearly 700,000 housing transactions have taken place, including 548,521 on the secondary market (a 15% rise year-on-year) and 151,117 involving new builds (up 29.1%).
Foreign interest: share of overseas buyers is declining
During the summer months of 2025, foreign buyer activity dipped slightly. Their share made up 13.6% of all transactions, equal to around 23,700 operations. Leading among international buyers are citizens of the United Kingdom (7.9%), Germany (6.5%), the Netherlands (6%), Romania and Morocco (both 5.6%), France (5.2%), Italy (5%), and Poland (4.6%).
Most foreign transactions are carried out by citizens of European Union countries (57.7%), followed by other European states, Africa, Asia, and South America. The highest share of foreign buyers is seen in the Balearic Islands (29.5%), Comunidad Valenciana (27%), Canary Islands (25.3%), Murcia (21.9%), Catalonia (15.1%), and Andalusia (13%).
Mortgages: stability amid market growth
The number of mortgages taken out for home purchases in the third quarter remained nearly unchanged at 123,483, just 0.1% lower than in the previous quarter. Mortgages accompanied 70.8% of all housing transactions, 1.4 percentage points less than before.
In absolute numbers, the highest number of mortgages was registered in Andalucía (24,194), Cataluña (21,878), Madrid (17,821), and the Comunidad Valenciana (14,839). Eight autonomous communities reported an increase in the number of mortgage agreements.
