Record-Breaking Figures in the Subsidized Housing Market
Spain has set a new all-time high for the price per square meter of subsidized housing. In the third quarter of 2025, the average appraised price reached €1,195.7 per square meter. This is the highest figure ever recorded since tracking began in 2005. Over the past year, prices have risen by 2.4%, and by 0.6% compared to the previous quarter.
Among the autonomous communities, Madrid, Cataluña, Andalucía, and the Canary Islands lead the way. In these regions, the average price per square meter is significantly above the national average. In Madrid, it’s €1,472.2; in Cataluña — €1,252.1; in Andalucía — €1,201.3; and in the Canary Islands — €1,196.8. Meanwhile, in regions such as Aragón, Navarra, País Vasco, the Valencian Community, Cantabria, and the Balearic Islands, the price also exceeds €1,100 per square meter, but falls short of the leaders.
Price Geography: Where Housing Is Most Expensive
Looking at the breakdown by province, the highest prices are in Madrid, where a square meter goes for €1,472.2. Eight other provinces with prices above €1,200 include Barcelona, Lleida, Girona, Tarragona, Málaga, Sevilla, Cádiz, and Santa Cruz de Tenerife. On the opposite end of the list are Badajoz and Cáceres, where the price per square meter is €760.6 and €751.5, respectively.
Extremadura remains the only region where subsidized housing costs less than €1,000 per square meter. In all other regions, prices range from €1,000 to €1,100, including La Rioja, Galicia, Asturias, Castilla y León, Castilla-La Mancha, and Murcia.
Free Market: Record Highs and Regional Disparities
It’s not just subsidized housing that is on the rise. In the free market, the average price per square meter has also reached a historic high of €2,153. That’s a 12.1% increase over the year and 2.9% in the past quarter. This figure even surpasses pre-crisis levels from 2008, when prices peaked at €2,101 per square meter.
The highest prices on the free market are seen in Madrid and the Balearic Islands, where a square meter now costs over €3,000. They are followed by the Basque Country and Catalonia, at €2,866 and €2,548 respectively. In all other regions, prices fall below the national average, with Extremadura once again at the bottom of the list with less than €1,000 per square meter.
Trends and Outlook for Buyers
Spain’s real estate market continues to surprise with its steady price growth, despite economic challenges and shifting demand. For potential buyers, the situation is becoming increasingly tense: housing affordability is declining, and the gap between regions is widening. Experts note that the future trajectory will largely depend on macroeconomic factors and housing policy.
