Housing Index in Spain increased to 2094 EUR/SQ. METRE in the second quarter of 2025 from 2033 EUR/SQ. METRE in the first quarter of 2025. This dataset provides the latest reported value for - Spain House Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The average square meter price of new residential real estate in Spain was the highest in Catalonia and the Community of Madrid in 2024. In the second quarter of the year, both regions boasted home prices of over 4,000 euros per square meter, with Catalonia at 4,662 euros and the Community of Madrid at 4,493 euros. That was substantially higher than the average for the country, which amounted to 2,930 euros per square meter. Overall, house prices in Spain have been on the rise since 2016.

Graph and download economic data for Real Residential Property Prices for Spain (QESR368BIS) from Q1 1972 to Q1 2025 about Spain, residential, housing, real, and price.

Key information about House Prices Growth

• Spain house prices grew 7.7% YoY in Feb 2025, following an increase of 6.6% YoY in the previous month.
• YoY growth data is updated monthly, available from Jan 2002 to Feb 2025, with an average growth rate of 3.6%.
• House price data reached an all-time high of 21.0% in Sep 2004 and a record low of -11.7% in Apr 2013.

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.

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.

Spain - House price index was 12.30% in March of 2025, according to the EUROSTAT. Trading Economics provides the current actual value, an historical data chart and related indicators for Spain - House price index - last updated from the EUROSTAT on September of 2025. Historically, Spain - House price index reached a record high of 14.60% in December of 2006 and a record low of -16.10% in September of 2012.

The house price index (HPI) in Spain has increased steadily since 2013, reaching a 10-year record value in 2023. In that year, the HPI reached a value of 167.33 index points for newly built and 144.19 index points for existing homes, meaning that house prices for new construction have risen faster than for existing homes. An index value of 160 suggests that house prices have risen by 60 percent since 2015 - the base year of the index. 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.

View quarterly updates and historical trends for Spain House Price Index. Source: Eurostat. Track economic data with YCharts analytics.

House Price Index YoY in Spain increased to 12.30 percent in the first quarter of 2025 from 11.40 percent in the fourth quarter of 2024. This dataset includes a chart with historical data for Spain House Price Index YoY.

The house price to income ratio index in Spain increased by about 15 index points between 2015 and the second quarter of 2024. The ratio measures the development of housing affordability and is calculated by dividing nominal house price by nominal disposable income per head, with 2015 set as a base year when the index amounted to 100. Spain's index score in the second quarter of 2024 amounted to 115.5, which means that house price growth has outpaced income growth by more than 15 percent since 2015. This was slightly higher than the Euro area 17 average.

Residential Property Prices in Spain increased 12.29 percent in March of 2025 over the same month in the previous year. This dataset includes a chart with historical data for Spain Residential Property Prices.

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 Spain residential real estate market size was USD 145.18 Billion in 2022 and is likely to reach USD 264.67 Billion by 2031, expanding at a CAGR of 6.9% during 2023–2031. The growth of the market is attributed to the increase in construction as well as population.

Spain’s real estate market is posting a positive trend, especially in terms of demand. The revival in house sales was high in 2021. For instance, 468,000 transactions were completed by October 2021, a growth of 35.9% compared to 2020 and up by 8.3% on 2019. The activity in the residential sector was highest since 2008. A large part of this revival in demand has come from a reduction in pent-up demand and the forced savings accumulated during the months of lockdown and severely restricted travel, combined with highly favorable financing conditions, which make it more attractive to buy and invest in real estate assets. The residential sector is therefore on track to close 2021 with 545,000 sales in the year as a whole.

Before the pandemic began, the residential real estate market in Spain was growing at a healthy pace, which was then dented by Covid-19 as the construction of housing units came down. However, in 2021, the market was back on track with increase in construction.



As per the latest data from the Appraisal Society, it indicates that the price of new housing has remained stable, in a context of increased sales and improvement in economic indicators. The average price of new homes has grown 0.4% in Spain over the last 12 months to Euro 2,482 (approximately USD 2812) per square meter. This slight increase has been generalized and has been registered in 16 of the 17 autonomous communities.



The economic consequences of the Covid crisis made a dent in the real estate market, and has reflected in the 16.7% collapse of sales in Spain in 2020 to 419,898 transactions. As a result, experimental ways of life are introduced into the real estate market to compensate for the lack of social interaction between people.

Spain Residential Real Estate Market Trends, Drivers, Restraints, and Opportunities

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Spain Avg Housing Price: Free Market: Valencia data was reported at 1,235.600 EUR/sq m in Mar 2018. This records an increase from the previous number of 1,183.800 EUR/sq m for Dec 2017. Spain Avg Housing Price: Free Market: Valencia data is updated quarterly, averaging 1,653.600 EUR/sq m from Mar 2005 (Median) to Mar 2018, with 53 observations. The data reached an all-time high of 2,475.600 EUR/sq m in Mar 2008 and a record low of 1,099.000 EUR/sq m in Jun 2017. Spain Avg Housing Price: Free Market: Valencia 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 price index in Spain, March, 2025 The most recent value is 127.83 index points as of Q1 2025, an increase compared to the previous value of 123.42 index points. Historically, the average for Spain from Q1 1990 to Q1 2025 is 72.55 index points. The minimum of 29.22 index points was recorded in Q1 1990, while the maximum of 127.83 index points was reached in Q1 2025. | TheGlobalEconomy.com

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.

Graph and download economic data for Consumer Price Index: Services Less Housing for Spain (CPSELR01ESQ659N) from Q1 1977 to Q1 2018 about Spain, services, CPI, housing, price index, indexes, and price.

ES: House Price Index: Nominal: sa data was reported at 161.768 2015=100 in Sep 2024. This records an increase from the previous number of 158.097 2015=100 for Jun 2024. ES: House Price Index: Nominal: sa data is updated quarterly, averaging 47.834 2015=100 from Mar 1971 (Median) to Sep 2024, with 215 observations. The data reached an all-time high of 161.768 2015=100 in Sep 2024 and a record low of 1.828 2015=100 in Dec 1971. ES: House Price Index: Nominal: sa data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Spain – Table ES.OECD.AHPI: House Price Index: Seasonally Adjusted: OECD Member: Quarterly. Whole country; Seasonnally adjusted by OECD, using the X-12 ARIMA method; Residential property prices, sales of newly-built and existing dwellings, all types of dwellings The source for recent figures (from 2005Q4) is same as the OECD Residential Property Price Indices (RPPIs) - Headline indicators database. For the period 1987Q1-2005Q3, the used indicator is 'Residential property prices, all dwellings, per m2, NSA' from Bank of Spain. For the period 1975Q1-1986Q4, the used indicator is 'House prices in the capital city area' from Banco Hipotecario; Previously, this is OECD estimations. Sales

Companies operating in the third-party real estate industry have had to navigate numerous economic headwinds in recent years, notably rising interest rates, spiralling inflation and muted economic growth. Revenue is projected to sink at a compound annual rate of 0.6% over the five years through 2025, including an estimated jump of 1.2% in 2025 to €207.6 billion, while the average industry profit margin is forecast to reach 35.1%. Amid spiralling inflation, central banks across Europe ratcheted up interest rates, resulting in borrowing costs skyrocketing over the two years through 2023. In residential markets, elevated mortgage rates combined with tightening credit conditions eventually ate into demand, inciting a drop in house prices. Rental markets performed well when house prices were elevated (2021-2023), being the cheaper alternative for cash-strapped buyers. However, even lessors felt the pinch of rising mortgage rates, forcing them to hoist rent prices to cover costs and pricing out potential buyers. This led to a slowdown in rental markets in 2023, weighing on revenue growth. However, this has started to turn around in 2025 as interest rates have been falling across Europe in the two years through 2025, reducing borrowing costs for buyers and boosting property transactions. This has helped revenue to rebound slightly in 2025 as estate agents earn commission from property transactions. Revenue is forecast to swell at a compound annual rate of 3.7% over the five years through 2030 to €249.5 billion. Housing prices are recovering in 2025 as fixed-rate mortgages begin to drop and economic uncertainty subsides, aiding revenue growth in the short term. Over the coming years, PropTech—technology-driven innovations designed to improve and streamline the real estate industry—will force estate agents to adapt, shaking up the traditional real estate sector. A notable application of PropTech is the use of AI and data analytics to predict a home’s future value and speed up the process of retrofitting properties to become more sustainable.