Average Price Growth and Decade-Long Trends
In August, the average price of resale housing in Spain rose by 17.7% year over year, reaching €2,738 per square meter. According to the latest data from the real estate portal Fotocasa, this means that an “average” 80 m² apartment now costs €219,020, compared to €131,707 in August 2015. Over the past decade, this represents a 66.3% increase, or a rise of €87,313.
Demand, Supply, and Key Growth Drivers
Fotocasa reports that home prices continue to climb, marking the largest annual increase on record—approaching 20%. This unprecedented one-year surge has pushed prices to record highs in many Spanish cities.
The sharp rise reflects a significant imbalance between demand and supply. Demand remains steady and is growing, fueled by social, demographic, and macroeconomic factors, including increasingly favorable mortgage conditions. When purchasing a home becomes more financially advantageous than renting, the pressure on available listings intensifies. This strong upward trend has persisted for seven consecutive months and is expected to continue in the near term.
Regional Price Dynamics
In August, all 17 autonomous communities in Spain experienced annual price growth. The regions with the highest increases were:
- Valencian Community: 24.1%
- Andalusia: 23.1%
- Asturias: 20.7%
- Murcia: 20.4%
The regions with the smallest annual price increases included:
- La Rioja: 3.7%
- Extremadura: 3.3%
- Castilla–La Mancha: 3.0%
- Aragon: 2.9%
- Navarre: 0.9%
Record Prices by Region
When ranked by price per square meter, the Balearic Islands lead with €5,168/m². They are followed by Madrid (€4,943/m²), the Basque Country (€3,540/m²), the Canary Islands (€3,139/m²), Catalonia (€3,110/m²), Andalusia (€2,667/m²), and the Valencian Community (€2,447/m²). The most affordable regions remain Extremadura (€1,269/m²) and Castilla–La Mancha (€1,263/m²).
Provincial Price Changes
Year-over-year price increases were recorded in 47 out of 50 provinces (94%). Notable rises occurred in:
- Valencia: 26.1%
- Santa Cruz de Tenerife: 25.0%
- Castellón: 21.5%
- Asturias: 20.7%
- Murcia: 20.4%
- Alicante: 20.0%
Only three provinces saw price declines:
- Teruel: −3.1%
- Jaén: −0.2%
- Ciudad Real: −0.01%
Most Expensive Provincial Capitals
The Balearic Islands stand out as the only region where average prices exceed €5,000/m². Following are Madrid (€4,943/m²), Málaga (€4,354/m²), and Gipuzkoa (€4,110/m²). The least expensive provincial capital is Ciudad Real, with an average price of €963/m².
Among provincial capitals, the sharpest annual price increases were seen in Santa Cruz de Tenerife (34.5%) and Castellón (21.7%). Huesca was the only capital to experience a slight annual decline (−0.5%). The most expensive capital city is San Sebastián at €7,072/m², followed by Madrid (€6,123/m²), Barcelona (€5,160/m²), Palma (€4,988/m²), and Málaga (€4,160/m²).