In November 2025, Spain’s housing market rebounded with home sales returning to positive growth after two months of decline. The number of purchase-and-sale transactions increased by 7.8% year-on-year, totaling 58,546 deals — marking the strongest November performance since the National Statistics Institute (INE) began tracking these figures in 2007. Despite this growth, November’s total was 9,200 transactions fewer than October’s peak earlier in 2025.
Stronger Growth in Second-Hand Homes and New Builds
According to INE data, the annual increase was primarily driven by a rise in second-hand home sales, which grew by 8.9% to 45,804 transactions. New build sales also contributed, rising by 4.1% to 12,742 deals. Research from Fotocasa reveals that 20% of prospective buyers are exclusively interested in new homes, while 65% consider new builds at some point during their purchasing process.
Although full-year data for 2025 is not yet available, the current monthly pace—close to 60,000 signed contracts—suggests that 2025 could become the best year for home sales since 2007, when 775,000 transactions were recorded. Experts at Fotocasa attribute this “golden age” of home buying and selling to a combination of low interest rates, strong buyer confidence, high household savings, and significantly more favorable mortgage lending conditions.
Looking Ahead to 2026: Interest Rates, Euribor, and Supply Constraints
For 2026, sustaining monthly transaction levels near 60,000 will largely depend on interest rates and the Euribor stabilizing around 2.5%. While financing is expected to remain accessible, banks are anticipated to shift away from aggressive commercial competition and instead offer more cautious mortgage products aligned with a climate of greater monetary stability. This adjustment may result in a modest slowdown in sales compared to 2025’s highs.
Additionally, the persistent shortage of housing supply at competitive prices will continue to act as a structural constraint on the market. Buyers may face increasing challenges in finding homes that meet their budget requirements, further influencing market dynamics.