In May 2026, the average price of resale housing in Spain rose by 17.4% compared to the previous year, reaching €3,092 per square meter. According to data published by Fotocasa, this translates to an average cost of €247,391 for a standard 80 m² apartment—an increase of €36,614 from May 2025.
Representatives from Fotocasa explain that the housing market is currently experiencing one of its most strained phases in the real estate cycle. Purchase demand is nearing historic highs, exerting significant pressure on supply, which remains insufficient to meet this demand. This unprecedented gap between demand and supply is the primary driver behind the intense year-on-year price growth.
Additionally, attractive mortgage rates over the past year have revitalized the housing market, intensifying competition among buyers and accelerating price increases. However, growth rates are expected to moderate in the second half of the year if monetary policy tightens and interest rates rise again. Higher borrowing costs could dampen demand and slow price growth, though the persistent housing shortage will continue to influence market dynamics.
Price Growth in Provincial Capitals
Among the 50 Spanish provincial capitals analyzed, all recorded price increases in May 2026 compared to the previous year, with eleven exceeding 15% growth. Leading the list was Soria with a 24.7% increase, followed by León (22.3%), Ciudad Real (19.9%), Ourense (19.4%), Palencia (18.3%), Jaén (17.8%), Ávila (17.8%), Guadalajara (16.9%), Toledo (16.6%), Salamanca (16.1%), and A Coruña (15.3%).
In 14 provincial capitals, average prices surpassed €3,000 per square meter. These include San Sebastián (€7,129), Madrid (€6,660), Barcelona (€5,377), Palma (€5,225), Málaga (€4,280), Bilbao (€4,202), A Coruña (€3,670), Valencia (€3,644), Pamplona (€3,359), Cádiz (€3,346), Vitoria (€3,333), Las Palmas (€3,198), Santander (€3,135), and Girona (€3,108). Conversely, Zamora recorded the lowest average price at €1,517 per square meter.
Price Trends by Provinces and Autonomous Communities
Out of 50 provinces analyzed, 47 saw year-on-year price increases in May 2026. Four provinces experienced growth exceeding 20%: Murcia (26.5%), Valencia (22%), León (21.8%), and A Coruña (21.2%). Meanwhile, three provinces registered price declines: Cuenca (-2.6%), Huelva (-3.9%), and Teruel (-10%).
Only Madrid and the Balearic Islands reported average prices above €5,000 per square meter, at €5,414/m² and €5,359/m² respectively. The most affordable provinces were Ciudad Real (€1,097/m²) and Jaén (€1,109/m²).
All 17 autonomous communities in Spain recorded price increases compared to the previous year, with 13 exceeding 10% growth. The most significant rises occurred in Murcia (26.5%), Asturias (19.5%), Cantabria (19.3%), Andalusia (18.4%), and the Valencian Community (18.3%). Andalusia and the Valencian Community also reached historic price highs in absolute terms, at €2,970/m² and €2,847/m² respectively.