A New Record High as of December 2025
According to the latest data from Idealista for December 2025, resale housing prices in Spain rose by 16.2% compared to the previous year, surpassing the third-quarter figure of 15.3%. This increase pushed the average price per square meter to €2,639, marking a new all-time high in the Spanish housing market.
Persistent Housing Shortage Challenges
Idealista highlights that Spain has yet to recover its construction capacity since the 2008 financial crisis, resulting in a significant housing shortage. The Bank of Spain estimates this deficit at approximately 700,000 homes. With the formation of new households nearly doubling the number of newly built homes, the housing shortage shows no immediate signs of resolution.
Addressing this issue requires ending the stigmatization of construction, overcoming populist rhetoric, and moving beyond political short-sightedness that hinder the implementation of measures like the “Land Law,” which could accelerate housing supply. Additionally, new housing developments must be designed to meet contemporary societal needs, which differ markedly from those of three decades ago, while also becoming more affordable.
Price Trends Across Provincial Capitals
All provincial capitals in Spain experienced year-on-year increases in resale housing prices. León led the growth with a 20.4% rise, followed closely by Santa Cruz de Tenerife (20.2%), Santander (19.4%), and Salamanca (17.9%). Among Spain’s major cities, notable price increases were observed in Madrid (17.5%), Valencia (15.3%), Palma (14.5%), San Sebastián (13.5%), Seville (12.9%), Málaga (12.4%), Bilbao (11.5%), Alicante (10.7%), and Barcelona (9.4%). The smallest gains were recorded in Las Palmas (0.9%), Huesca (1.1%), Ceuta (1.2%), and Cádiz (1.3%).
The highest resale housing prices were found in San Sebastián (€6,450/m²), Madrid (€5,820/m²), Barcelona (€5,144/m²), Palma (€5,086/m²), and Bilbao (€3,893/m²). Conversely, Zamora offered the most affordable prices at €1,281/m². Peak prices were reached in September 2025 in 14 of the 52 provincial capitals analyzed, including key markets such as San Sebastián, Madrid, Barcelona, Palma, Bilbao, Valencia, and Seville.
Growth Across Autonomous Communities
Resale home prices increased in every autonomous community over the past 12 months. The strongest growth was seen in Murcia (23.6%), Madrid (21%), Andalusia (18.9%), Cantabria (18.6%), the Valencian Community (17.3%), Asturias (16%), the Basque Country (11.2%), Catalonia (11.1%), and the Canary Islands (10.7%). The slowest growth occurred in Navarre (2.4%), Galicia (4.9%), Extremadura (5%), Castile and León (6.5%), Aragon (7.5%), La Rioja (8.1%), Castile-La Mancha (8.8%), and the Balearic Islands (9.6%).
The Balearic Islands remain the most expensive autonomous community for resale housing, setting a new record at €5,160/m². This is followed by Madrid (€4,562/m²), the Basque Country (€3,421/m²), and the Canary Islands (€3,150/m²). The most affordable regions for buyers are Extremadura (€1,035/m²), Castile-La Mancha (€1,041/m²), and Castile and León (€1,296/m²).
Provincial Price Growth: Highest and Lowest
Year-on-year price increases were recorded in nearly all Spanish provinces, with the exceptions of Ourense (-2.9%) and Teruel (-1.7%). The provinces with the highest growth rates included Murcia (23.6%), Valencia (22.8%), Madrid (21%), Cantabria (18.6%), Asturias (16%), Toledo (15.7%), Almería (15.6%), and Málaga (15.4%). In the province of Barcelona, prices rose by 11%.
The most expensive provinces for resale housing are led by the Balearic Islands (€5,160/m²), followed by Madrid (€4,562/m²), Gipuzkoa (€4,189/m²), Málaga (€4,047/m²), Santa Cruz de Tenerife (€3,327/m²), Biscay (€3,293/m²), and Barcelona (€3,124/m²). The most budget-friendly options are found in Ciudad Real (€769/m²), Jaén (€863/m²), and Cuenca (€873/m²).