Graph and download economic data for Real Residential Property Prices for Spain (QESR628BIS) from Q1 1971 to Q1 2025 about Spain, residential, HPI, housing, real, price index, indexes, and price.

Housing Index in Spain increased to 2033 EUR/SQ. METRE in the first quarter of 2025 from 1972.10 EUR/SQ. METRE in the fourth quarter of 2024. 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.

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.

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.

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).

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.

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 August 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.

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.

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.

Graph and download economic data for Residential Property Prices for Spain (QESN368BIS) from Q1 1972 to Q1 2025 about Spain, residential, housing, and price.

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.

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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The Spain residential real estate market size reached approximately USD 165.79 Billion in 2024. The market is projected to grow at a CAGR of 5.80% between 2025 and 2034, reaching a value of around USD 291.35 Billion by 2034.

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 Office Real Estate Market Report is Segmented by Building Grade (Grade A, Grade B and More), by Transaction Type (Rental and Sales), by End Use (Information Technology (IT & ITES), BFSI (Banking, Financial Services and Insurance), and More) and by City (Madrid, Barcelona and More). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

The Spain commercial real estate market 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 in major cities like Madrid, Barcelona, and Valencia consistently boosts demand for hospitality and retail properties. Furthermore, a growing population and increasing urbanization are driving demand for residential and office spaces, particularly in multi-family developments. The logistics sector is also experiencing significant growth, driven by e-commerce expansion and improving infrastructure. While the market faces some constraints, such as potential interest rate fluctuations and construction material price increases, these are being mitigated by strong investor confidence and continued government support for infrastructure projects. Key players like Merlin Properties, Kronos Investment Group, and others are actively shaping the market through large-scale developments and strategic acquisitions. Segmentation analysis indicates a balanced portfolio of investment across office, retail, industrial, logistics, multi-family, and hospitality sectors, with Madrid, Barcelona, Valencia, and Catalonia leading the regional market share. The market's resilience is evidenced by the consistent performance during recent economic fluctuations, indicating a relatively stable investment opportunity despite inherent market risks. The ongoing expansion in the Spanish economy, particularly in key sectors like tourism and technology, contributes significantly to the commercial real estate market's optimistic outlook. The diversification across asset classes minimizes risk exposure and provides opportunities for investors with varied portfolios. While specific market size figures require further data, considering a CAGR above 5% and a current sizeable market, reasonable estimation suggests significant growth in the coming years. The presence of established and emerging players indicates a healthy and competitive market environment with opportunities for both large-scale and niche players. Continued monitoring of macroeconomic factors and regional specific dynamics remains crucial for forecasting accurate market trends. The long-term projections suggest a promising future for the Spanish commercial real estate industry, particularly for those with diversified investment strategies that capture the various segments and locations presented above. This comprehensive report provides an in-depth analysis of the Spain commercial real estate market, covering the period from 2019 to 2033. With a focus on key cities like Madrid, Barcelona, Valencia, and Catalonia, this report is essential for investors, developers, and industry professionals seeking to understand the dynamics of this dynamic market. We delve into market size and segmentation, identifying key trends, growth drivers, and challenges. Our detailed forecast, based on the Base Year 2025 and Estimated Year 2025, provides valuable insights for strategic decision-making, extending to the Forecast Period 2025-2033 and utilizing data from the Historical Period 2019-2024. 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.. Key drivers for this market are: Government Initiatives Promoting Affordable Housing, Economic Growth and Rising Disposable Incomes. Potential restraints include: Shortage of Skilled Labor, Fluctuating Construction Materials Costs. Notable trends are: Increasing demand for logistics property driving the market.

Avg Housing Price: Free Market: More than 5 Years Old: Caceres data was reported at 998.800 EUR/sq m in Mar 2018. This records a decrease from the previous number of 1,055.400 EUR/sq m for Dec 2017. Avg Housing Price: Free Market: More than 5 Years Old: Caceres data is updated quarterly, averaging 1,120.900 EUR/sq m from Mar 2010 (Median) to Mar 2018, with 33 observations. The data reached an all-time high of 1,426.000 EUR/sq m in Jun 2011 and a record low of 998.800 EUR/sq m in Mar 2018. Avg Housing Price: Free Market: More than 5 Years Old: Caceres 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 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.