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.

Housing Index in Spain increased to 1972.10 EUR/SQ. METRE in the fourth quarter of 2024 from 1921 EUR/SQ. METRE in the third 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.

Graph and download economic data for Real Residential Property Prices for Spain (QESR368BIS) from Q1 1972 to Q3 2024 about Spain, residential, housing, real, and price.

The Report Covers Residential Real Estate Market in Spain and is Segmented by Type (Villas and Landed Houses, Apartments, and Condominiums) and Key Cities (Madrid, Catalonia, Valencia, Barcelona, and Malanga, Among Others). The Report Offers Market Sizes and Forecasts in Value (USD Billion) for all the Above Segments.

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.

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.

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.

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 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. 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.

House prices in Spain are forecast to fall in 2024, after increasing by 1.2 percent in 2023. Nevertheless, prices are expected to pick up in 2025, with an increase of one percent. The Portuguese housing market, on the other hand, grew by 5.5 percent in 2023, but was forecast to contract in the next two years.

Key information about Spain Gold Production

• Spain Real Residential Property Price Index was reported at 92.085 2010=100 in Sep 2024.
• This records an increase from the previous number of 89.271 2010=100 for Jun 2024.
• Spain Real Residential Property Price Index data is updated quarterly, averaging 57.953 2010=100 from Mar 1971 to Sep 2024, with 215 observations.
• The data reached an all-time high of 118.686 2010=100 in Sep 2007 and a record low of 26.502 2010=100 in Sep 1982.
• Spain Real Residential Property Price Index data remains active status in CEIC and is reported by Bank for International Settlements.
• The data is categorized under World Trend Plus’s Association: Property Sector – Table RK.BIS.RPPI: Selected Real Residential Property Price Index: 2010=100: Quarterly. [COVID-19-IMPACT]

The Spain Commercial Real Estate Market is segmented by Type (Offices, Retail, Industrial, Logistics, Multi-family, and Hospitality) and Key Cities (Madrid, Valencia, Barcelona, Catalonia, Malaga, and Other Cities). The report offers market size and forecasts for the Spain Commercial Real Estate Market in value (USD Billion) for all the above segments.

Located in the Region of Valencia, the province of Castellon had the lowest property prices of all Spanish coastal areas, with an average price of 1,000 euros per square meter as of the first quarter of 2022. Castellon was also the Valencian province with the lowest average price of urban land. Also on the Mediterranean coast of Spain, Almeria ranked second on the list, with an average price per square meter of 1,100 euros, followed by another Valencian province, Valencia, which featured an average property price of just over 1,200 euros.

The other side of the coin: the most expensive coastal areas

Out of the four main islands that comprise the Balearic province, two are listed as the most expensive coastal areas of Spain. Ibiza and Formentera’s coasts ranked as the least affordable coasts in terms of property prices, with their average price per square meter amounting to nearly 4,000 euros. The Basque province of Gipuzkoa was the second most expensive coastal area.

Spain: the rebirth of a broken property market

After a long period of time in which Spain’s real estate prices increased sharply, the market was hit by the global financial crisis of 2007, making the Spanish property bubble collapse and damaging home value. It can be seen that real estate prices in Spain initiated a solid recovery in 2015, after the house price index fell to 96.27 index points in 2013. 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.

The Spanish Manufactured Homes Market is Segmented by Type (Single Family and Multi-family). The report offers market size and forecast values (USD billion) 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.

Spain Office Real Estate Market Report is Segmented by Key Cities (Madrid, Barcelona, Valencia, Seville, and Other Cities). The Report Offers Market Size and Forecasts in Value (USD) for all the Above Segments.

Spain Housing Market Indicators: Mortgage Lending: Percent of GDP data was reported at 58.310 % in Mar 2017. This records a decrease from the previous number of 59.730 % for Dec 2016. Spain Housing Market Indicators: Mortgage Lending: Percent of GDP data is updated quarterly, averaging 52.430 % from Mar 1989 (Median) to Mar 2017, with 113 observations. The data reached an all-time high of 101.760 % in Dec 2009 and a record low of 14.820 % in Mar 1989. Spain Housing Market Indicators: Mortgage Lending: Percent of GDP data remains active status in CEIC and is reported by Bank of Spain. The data is categorized under Global Database’s Spain – Table ES.EB003: Housing Market Indicators.

Spain Housing Market Indicators: Mortgage Credit data was reported at 654,802,321.000 EUR th in Mar 2017. This records a decrease from the previous number of 655,385,358.000 EUR th for Feb 2017. Spain Housing Market Indicators: Mortgage Credit data is updated monthly, averaging 389,106,901.000 EUR th from Jan 1989 (Median) to Mar 2017, with 339 observations. The data reached an all-time high of 1,099,307,341.000 EUR th in Dec 2009 and a record low of 37,194,360.000 EUR th in Jan 1989. Spain Housing Market Indicators: Mortgage Credit data remains active status in CEIC and is reported by Bank of Spain. The data is categorized under Global Database’s Spain – Table ES.EB003: Housing Market Indicators.

The Spain residential real estate market reach USD 165.79 billion in 2024 & projected to grow at a CAGR of 5.8% to reach USD 276.69 billion by 2034.

Spain Avg Housing Price: Free Market: Alicante data was reported at 1,064.600 EUR/sq m in Sep 2018. This records a decrease from the previous number of 1,150.400 EUR/sq m for Jun 2018. Spain Avg Housing Price: Free Market: Alicante data is updated quarterly, averaging 1,258.600 EUR/sq m from Mar 2005 (Median) to Sep 2018, with 55 observations. The data reached an all-time high of 2,002.900 EUR/sq m in Mar 2008 and a record low of 1,037.200 EUR/sq m in Jun 2017. Spain Avg Housing Price: Free Market: 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.