According to the latest data from the Idealista portal for December 2025, prices for second-hand homes in Spain rose by 16.2% year-on-year, surpassing the 15.3% increase recorded in the third quarter. This surge pushed the average price per square meter to €2,639, setting a new all-time high.
Drivers Behind the Price Increase and the Housing Shortage
Representatives from Idealista highlight that Spain has struggled to restore its construction capacity since the 2008 financial crisis, resulting in a significant housing shortage. The Bank of Spain estimates this deficit at around 700,000 homes. Household formation is occurring at nearly twice the rate of new residential construction, indicating no immediate resolution to the shortage.
Addressing this issue requires ending the stigmatization of construction, overcoming political inertia, and cutting through populist opposition that hampers the implementation of effective measures—such as reforms to the “Land Law”—which could accelerate the development of new housing. Additionally, new construction must be aligned with contemporary societal needs, which have evolved considerably over the past three decades, and must be made affordable to meet demand.
Provincial Capitals Leading Price Growth
All provincial capitals recorded higher prices for second-hand homes compared to the previous year. León topped the list with a 20.4% increase, followed closely by Santa Cruz de Tenerife (20.2%), Santander (19.4%), and Salamanca (17.9%). Significant price rises were also observed in major cities:
- 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%)
- Barcelona (9.4%)
Conversely, the smallest price increases were recorded in Las Palmas (0.9%), Huesca (1.1%), Ceuta (1.2%), and Cádiz (1.3%).
Most Expensive and Most Affordable Cities
The highest prices for second-hand homes in Spain are found in:
- San Sebastián (€6,450/m²)
- Madrid (€5,820/m²)
- Barcelona (€5,144/m²)
- Palma (€5,086/m²)
- Bilbao (€3,893/m²)
At the other end of the spectrum, Zamora offers the most affordable housing at €1,281 per square meter. In September 2025, 14 of the 52 provincial capitals analyzed—including San Sebastián, Madrid, Barcelona, Palma, Bilbao, Valencia, and Seville—reached peak price levels.
Price Trends Across Autonomous Communities
Over the past year, all autonomous communities experienced price increases. The most notable growth occurred in:
- Murcia (23.6%)
- Madrid (21%)
- Andalusia (18.9%)
- Cantabria (18.6%)
- Valencian Community (17.3%)
- Asturias (16%)
- Basque Country (11.2%)
- Catalonia (11.1%)
- Canary Islands (10.7%)
The smallest increases were seen 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%)
- Balearic Islands (9.6%)
The Balearic Islands remain the most expensive autonomous community for second-hand housing, setting a new record at €5,160 per square meter. They are followed by Madrid (€4,562/m²), the Basque Country (€3,421/m²), and the Canary Islands (€3,150/m²). The most affordable regions for property purchases are Extremadura (€1,035/m²), Castile–La Mancha (€1,041/m²), and Castile and León (€1,296/m²).
Provincial Growth and Price Leaders
Year-on-year price increases were observed in nearly all Spanish provinces, except for Ourense (-2.9%) and Teruel (-1.7%). The highest growth rates were recorded in Murcia (23.6%), Valencia (22.8%), Madrid (21%), Cantabria (18.6%), Asturias (16%), Toledo (15.7%), Almería (15.6%), and Málaga (15.4%). Barcelona province saw an 11% increase.
The most expensive provinces 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 affordable second-hand homes are concentrated in Ciudad Real (€769/m²), Jaén (€863/m²), and Cuenca (€873/m²).