The average price per square meter of houses in the district of Sarrià-Sant Gervasi, Barcelona, amounted to approximately ***** euros in December 2023. During the same time period the value of the square meter in L'Eixample also exceeded ***** euros.

After a long period of steady increase in real estate prices in Spain, the market was hit by the global financial crisis of 2007, resulting in the burst of the Spanish property bubble. House prices have since picked up and in 2023, the average square meter price reached 2,809 euros - just slightly below 2008 levels. Though prices have risen across the whole country, some regions, such as the Balearic Islands, Catalonia, Madrid, and Andalusia, experienced faster growth than others. Additionally, the gap between newly built and existing home prices has widened. Spain’s real estate market behind others The property market has made great progress, but it is still far off the rest of its European counterparts, and it is positioned, in fact, at the bottom of the European list of the EMF’s house price index, which is led by Czechia and Portugal. Supply is a major factor influencing the price development. Many European countries suffer housing shortages due to sluggish construction activity, and Spain is no exception. In 2022, ranked among the countries with the lowest number of residential construction starts per 1,000 citizens in Europe. Buying vs renting As happens with many other countries, the affordability of buying a home and renting will differ considerably dependent on the area. In 2022, the average Spanish citizen needed between five and 18 years to purchase an average priced property in their region with their full salary, with Murcia and La Rioja being the most affordable regions. The house price to rent index shows that house price growth has been much faster than rental growth. That is good news for homeowners whose homes appreciate over time, but an issue for renters who are yet to purchase a property.

Avg Housing Price: Free Market: Barcelona data was reported at 3,300.100 EUR/sq m in Sep 2018. This records an increase from the previous number of 3,297.300 EUR/sq m for Jun 2018. Avg Housing Price: Free Market: Barcelona data is updated quarterly, averaging 3,071.100 EUR/sq m from Mar 2005 (Median) to Sep 2018, with 55 observations. The data reached an all-time high of 3,950.200 EUR/sq m in Jun 2008 and a record low of 2,385.200 EUR/sq m in Mar 2014. Avg Housing Price: Free Market: Barcelona data remains active status in CEIC and is reported by Ministry of Public Works. The data is categorized under Global Database’s Spain – Table ES.P003: Housing Prices: Free Market: by Region and Major City.

Avg Housing Price: Free Market: More than 5 Years Old: Alicante data was reported at 1,122.200 EUR/sq m in Mar 2018. This records an increase from the previous number of 1,101.400 EUR/sq m for Dec 2017. Avg Housing Price: Free Market: More than 5 Years Old: Alicante data is updated quarterly, averaging 1,080.400 EUR/sq m from Mar 2010 (Median) to Mar 2018, with 33 observations. The data reached an all-time high of 1,461.800 EUR/sq m in Jun 2010 and a record low of 1,035.000 EUR/sq m in Mar 2014. Avg Housing Price: Free Market: More than 5 Years Old: Alicante data remains active status in CEIC and is reported by Ministry of Public Works. The data is categorized under Global Database’s Spain – Table ES.P003: Housing Prices: Free Market: by Region and Major City.

House prices in Spain have risen year-on-year since 2014. The house price index measures the development of house prices, with 2015 chosen as a base year when the index value was 100. Between 2021 and 2023, the house price index in Spain rose by eight percent for new housing and 3.2 percent for existing housing. Overall, newly built housing has appreciated more than existing homes.

The real estate market in Barcelona. Bid prices of the premises. Estimated retail price for neighborhoods. Annual series 2008-2011. Source change

The Spain Commercial Real Estate industry is experiencing robust growth, projected to maintain a Compound Annual Growth Rate (CAGR) exceeding 5% from 2025 to 2033. This expansion is fueled by several key drivers. Strong tourism, particularly in cities like Madrid, Barcelona, and Valencia, is boosting demand for hospitality and retail spaces. Furthermore, a growing population and increasing urbanization are driving the need for more residential (multi-family) and office properties. Investment in logistics and industrial real estate is also significant, reflecting Spain's growing role in European supply chains. While challenges exist, including potential interest rate hikes impacting financing costs and fluctuations in the global economy, these are largely offset by the strong underlying fundamentals of the Spanish market. The sector's segmentation reflects diverse investment opportunities. Major cities like Madrid and Barcelona account for a substantial share of the market, but other cities like Valencia and Malaga are also demonstrating significant growth potential, reflecting a decentralization of economic activity and investment. Key players, including Merlin Properties, Via Celere, and Kronos Investment Group, are driving this growth through both development and acquisition. The study period (2019-2033) provides a comprehensive overview of the market's historical performance and future trajectory, allowing for informed investment decisions. The diverse segments within the Spanish commercial real estate market offer compelling investment prospects. The office sector remains a significant contributor, fueled by both established businesses and burgeoning startups. Retail real estate continues to evolve, with a shift towards experiential retail and a growing online presence requiring strategic adaptations. The logistics and industrial segments are experiencing particularly rapid growth due to increased e-commerce activity and the strategic location of Spain within the European Union. The hospitality sector, while sensitive to global economic conditions, benefits from Spain's enduring popularity as a tourist destination. The multi-family sector is also witnessing expansion to meet the housing needs of a growing population. Understanding the interplay between these segments, coupled with an analysis of regional variations and the key players involved, is crucial for investors seeking to navigate this dynamic market successfully. The forecast period (2025-2033) provides a valuable outlook on the future trajectory of this promising market. Considering the historical data (2019-2024) will help in creating a balanced understanding of the market fluctuations and potential future trends. Recent developments include: December 2022: GAena, the Spanish public company in charge of general aviation airports in Spain, announced today a call for tenders for 86 duty-free shops, all of which are indivisible, at 27 airports in its network. The bidding documents include six lots in total, which is twice the number of lots available in the previous tender. According to a press release issued by Aena, the tender will double the number of lots to increase and favor competition among global operators. The total commercial space available will exceed 66.000 square meters, allowing for the development of economies of scale., June 2022: Allianz Real Estate, acting on behalf of several Allianz group companies, paid EUR 185 million (USD 196.95 million) for a portfolio of nine prime residential buildings in Madrid's Chamartn district. The transaction consolidates Allianz Real Estate's ownership of the larger block and expands its exposure to the highly attractive Spanish PRS sector, particularly in Madrid. It is located next to Castellana 200, a mixed-use office and retail asset already owned by Allianz Real Estate. The nine assets include 245 residential units as well as additional retail space.. Notable trends are: Increasing demand for logistics property driving the market.

Avg Housing Price: Free Market: More than 5 Years Old data was reported at 1,559.400 EUR/sq m in Mar 2018. This records an increase from the previous number of 1,550.700 EUR/sq m for Dec 2017. Avg Housing Price: Free Market: More than 5 Years Old data is updated quarterly, averaging 1,517.500 EUR/sq m from Mar 2010 (Median) to Mar 2018, with 33 observations. The data reached an all-time high of 1,835.500 EUR/sq m in Mar 2010 and a record low of 1,445.100 EUR/sq m in Sep 2014. Avg Housing Price: Free Market: More than 5 Years Old data remains active status in CEIC and is reported by Ministry of Public Works. The data is categorized under Global Database’s Spain – Table ES.P003: Housing Prices: Free Market: by Region and Major City.

Barcelona was the most expensive city to buy residential real estate in the Spanish autonomous community of Catalonia in October 2023. The square meter price of residential properties in Barcelona stood at 4,150 euros in that month, which was substantially higher than the average for the country or the region. Homeownership is important in Spain, with the majority of households living in an owner-occupied home.

Dataset

This dataset was created by Imanol Laconcha

Contents

The Spanish residential real estate market, valued at €166.01 million in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 6.90% from 2025 to 2033. This growth is fueled by several key drivers. Increased tourism and immigration are boosting demand, particularly in major cities like Madrid, Barcelona, and Valencia. A growing younger population and a shift towards urban living further contribute to the market's dynamism. Government initiatives aimed at improving housing affordability and infrastructure development also play a significant role. However, challenges remain. Rising construction costs and limited land availability in prime locations could constrain supply. Furthermore, fluctuations in mortgage interest rates and broader economic uncertainty pose potential risks to market stability. The market is segmented by property type (apartments and condominiums, villas and landed houses) and key cities. Major players like MetroVacesa, Neinor Homes, AEDAS Homes, and Via Celere are shaping the competitive landscape, demonstrating both the consolidation and dynamism within the sector. The forecast for the Spanish residential real estate sector indicates continued growth, albeit potentially at a moderated pace in the later years of the forecast period. While the strong growth drivers are expected to remain, the influence of external factors like global economic conditions and potential regulatory changes should be considered. The segmentation analysis highlights the differing dynamics across property types and geographic locations. Areas like Madrid and Barcelona, with their strong economies and established infrastructure, are likely to continue attracting significant investment and showing higher growth rates compared to other regions. Analyzing these trends allows for a deeper understanding of investment opportunities and potential risks within specific segments of the market. Continuous monitoring of economic indicators, government policies, and consumer preferences is crucial for navigating this evolving landscape. Recent developments include: October 2022: A build-to-rent (BTR) cooperation between Layetana Living and Aviva Investors was established in Spain. According to the statement, the collaboration between Aviva and the Spanish developer Layetana will construct a more than EUR 500 million (USD 531.20 Million) residential portfolio, already securing its first development project. Based on the recommendation of international real estate consultancy Knight Frank, the partnership purchased a 71-unit residential building in Barcelona's Sants neighborhood. Construction is scheduled to begin at the end of 2023., September 2022: Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network, expanded its services in the Valencian Community. It is now running with Maryana Kim directing a new office in Denia, in the northern section of the Costa Blanca. It is the fourth facility that Berkshire Hathaway HomeServices Spain opened in 2022.. Notable trends are: Rise in International Property Buyers in Spain.

The Spain office real estate market, exhibiting a Compound Annual Growth Rate (CAGR) exceeding 4.00% from 2019 to 2024, presents a robust investment landscape. Key cities like Madrid, Barcelona, Valencia, and Seville are driving market growth, fueled by a burgeoning tech sector, increasing foreign direct investment, and a robust tourism industry. The market is segmented by key cities, allowing for targeted investment strategies. Major players like Cushman & Wakefield, Savills Spain, and CBRE Spain are shaping market dynamics through their development projects and leasing activities. Factors such as evolving workplace strategies (demand for flexible workspaces), increasing sustainability concerns (demand for LEED-certified buildings), and economic fluctuations in the broader European market present both opportunities and challenges for investors. The forecast period (2025-2033) suggests continued growth, though potential economic downturns and shifts in global investment patterns warrant careful consideration. The market size in 2025 is estimated (based on extrapolation from historical data and industry benchmarks) at €15 Billion, a conservative projection that takes into account the fluctuations that are inherent in real estate markets. This prediction will require regular review and adjustment to account for evolving macroeconomic factors. Continued growth in the Spain office real estate market is anticipated through 2033, driven by ongoing urbanization, a growing population, and a strengthening economy. However, potential headwinds include regulatory changes influencing construction and development, and competition from other European markets. The market’s resilience will depend on adapting to shifting tenant demands for flexible workspaces, sustainable buildings, and technologically advanced infrastructure. Successful players will need to demonstrate strategic agility, technological prowess, and a deep understanding of local market conditions. The concentration of activity in key cities presents both opportunity for significant returns but also the risk of oversaturation in specific micro-markets. Careful due diligence is therefore crucial for investors looking to participate in this vibrant sector. Recent developments include: Feb 2023: Hospitality technology provider and apartment operator, limehome, has signed 82 flats in the Balgequartier district of Bremen. The Balgequartier, a new inner-city district along Langenstraße, is currently being developed by Joh. Jacobs and Co. Four buildings of the mixed-use development will house shops and office space., March 2022: Meta announced new, 2,000 Staff Meta Lab to be Developed in Madrid. The new office space will provide flexible base for Meta's remote workers in Spain with space for local tech entrepreneurs and small businesses start-ups.. Key drivers for this market are: Increasing geriatric population, Growing cases of chronic disease among senior citizens. Potential restraints include: High cost of elderly care services, Lack of skilled staff. Notable trends are: Office Take-up Remains Strong in Spain.

The Spain Commercial Real Estate Market Report is Segmented by Property Type (Offices, Retail and More), by Business Model (Sales and Rental), by End-User (Individuals / Households, Corporates & SMEs and Others) and by Geography (Key City) (Madrid, Barcelona, Valencia and More). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

House prices in Spain have risen year-on-year since 2013. The house price index measures the development of house prices, with 2015 chosen as a base year when the index value was set to 100. In 2023, the index stood at 147.28 index points, meaning that since 2015, prices have risen by almost 42 percent. Overall, newly built homes saw appreciated faster than existing homes. Catalonia, the Balearic Islands and Madrid were the Spanish regions where prices of both new and existing housing have risen the most in recent years.

Avg Housing Price: Free Market: Less than 5 Years Old: Badajoz data was reported at 1,155.800 EUR/sq m in Mar 2018. This records an increase from the previous number of 1,138.600 EUR/sq m for Mar 2016. Avg Housing Price: Free Market: Less than 5 Years Old: Badajoz data is updated quarterly, averaging 1,385.700 EUR/sq m from Mar 2010 (Median) to Mar 2018, with 19 observations. The data reached an all-time high of 1,617.400 EUR/sq m in Jun 2010 and a record low of 1,097.500 EUR/sq m in Dec 2013. Avg Housing Price: Free Market: Less than 5 Years Old: Badajoz data remains active status in CEIC and is reported by Ministry of Public Works. The data is categorized under Global Database’s Spain – Table ES.P003: Housing Prices: Free Market: by Region and Major City.

The Spain Residential Real Estate Market is Segmented by Property Type (Apartments & Condominiums and Villas & Landed Houses), Price Band (Affordable, Mid-Market and Luxury), Business Model (Sales and Rental), Mode of Sale (Primary and Secondary) and Key Cities (Madrid, Barcelona, Catalonia, Valencia Community, Andalusia – Malaga & Costa Del Sol and Rest of Spain). The Market Forecasts are Provided in Terms of Value (USD).

The Spanish residential real estate industry is projected to experience robust growth over the coming years, driven by favorable economic conditions, increasing population density in urban areas, and a growing demand for modern and sustainable housing. The market size, valued at USD 166.01 million in 2025, is expected to expand at a CAGR of 6.90% during the forecast period of 2025-2033, reaching USD 263.57 million by 2033. The industry's key drivers include government incentives for homeownership, rising disposable incomes, and a growing millennial population seeking affordable and convenient housing options. Key trends shaping the industry include the increasing popularity of energy-efficient and eco-friendly buildings, the emergence of proptech solutions, and the growing demand for rental properties. The industry is also witnessing a shift towards mixed-use developments, integrating residential spaces with retail, commercial, and recreational facilities to cater to evolving consumer preferences. However, the industry faces restraints, such as rising construction costs, supply chain disruptions, and regulatory complexities. The market is segmented based on property type, with apartments and condominiums dominating the market, followed by villas and landed houses. Major cities, including Madrid, Catalonia, Valencia, Barcelona, and Malaga, serve as key growth hubs, attracting both domestic and international buyers. Recent developments include: October 2022: A build-to-rent (BTR) cooperation between Layetana Living and Aviva Investors was established in Spain. According to the statement, the collaboration between Aviva and the Spanish developer Layetana will construct a more than EUR 500 million (USD 531.20 Million) residential portfolio, already securing its first development project. Based on the recommendation of international real estate consultancy Knight Frank, the partnership purchased a 71-unit residential building in Barcelona's Sants neighborhood. Construction is scheduled to begin at the end of 2023., September 2022: Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network, expanded its services in the Valencian Community. It is now running with Maryana Kim directing a new office in Denia, in the northern section of the Costa Blanca. It is the fourth facility that Berkshire Hathaway HomeServices Spain opened in 2022.. Key drivers for this market are: 4., Increasing Number of High Net-Worth Individuals (HNWIs). Potential restraints include: 4., Rising Interest Rates. Notable trends are: Rise in International Property Buyers in Spain.

The Spain condominiums and apartments market, valued at approximately €XX million in 2025, is projected to experience robust growth with a Compound Annual Growth Rate (CAGR) exceeding 5.40% from 2025 to 2033. This expansion is fueled by several key drivers. Firstly, Spain's burgeoning tourism sector consistently demands increased accommodation options, driving investment in both new construction and renovations. Secondly, a growing urban population, particularly in major cities like Madrid and Barcelona, creates sustained demand for modern, comfortable housing. Thirdly, favorable government policies and incentives aimed at stimulating the real estate sector contribute to market dynamism. While challenges exist, such as fluctuating interest rates and potential construction material cost increases, the long-term outlook remains positive due to the strong underlying fundamentals of population growth and tourism. The market segmentation reveals significant regional variations. Barcelona and Madrid, as the largest cities, naturally dominate the market share, with Valencia, Malaga, and Catalonia also contributing substantially. Leading construction companies like Dragados Sociedad Anonima, Ferrovial Construccion SA, and Constructora San Jose SA play crucial roles in shaping the market landscape. Future growth will likely be influenced by evolving consumer preferences, including an increasing demand for sustainable and energy-efficient buildings, smart home technologies, and flexible living spaces. The market's continued success hinges on addressing challenges such as maintaining affordability in the face of rising construction costs and ensuring sustainable development practices. Recent developments include: Oct 2022: A build-to-rent (BTR) cooperation between Layetana Living and Aviva Investors was established in Spain. According to the statement, the collaboration between Aviva and the Spanish developer Layetana will construct a more than EUR 500 million (USD 531.20 million) residential portfolio, already securing its first development project. Based on the recommendation of international real estate consultancy Knight Frank, the partnership purchased a 71-unit residential building in Barcelona's Sants neighborhood. Construction is scheduled to begin at the end of 2023., Sept 2022: Berkshire Hathaway HomeServices, a global residential real estate brokerage franchise network, expanded its services in the Valencian Community. It is now running with Maryana Kim directing a new office in Denia, in the northern section of the Costa Blanca. It was the fourth facility that Berkshire Hathaway HomeServices Spain opened in 2022.. Notable trends are: Rise in International Buyers in Spain.

Avg Housing Price: Free Market: More than 5 Years Old: Ciudad Real data was reported at 951.800 EUR/sq m in Mar 2018. This records a decrease from the previous number of 953.500 EUR/sq m for Dec 2017. Avg Housing Price: Free Market: More than 5 Years Old: Ciudad Real data is updated quarterly, averaging 1,041.900 EUR/sq m from Mar 2010 (Median) to Mar 2018, with 33 observations. The data reached an all-time high of 1,730.100 EUR/sq m in Dec 2011 and a record low of 947.400 EUR/sq m in Sep 2014. Avg Housing Price: Free Market: More than 5 Years Old: Ciudad Real data remains active status in CEIC and is reported by Ministry of Public Works. The data is categorized under Global Database’s Spain – Table ES.P003: Housing Prices: Free Market: by Region and Major City.

House prices in Spain have grown year-on-year since 2016 and 2023, increasing by almost 500 euros per square meter. In October 2023, the average house price per square meter reached 2,016 euros - almost as high as in 2007 before the global financial crisis hit and the market plummeted.