The price of second-hand housing in Spain rose by 14% year-on-year during the second quarter of the year. This increase brings the price per square metre to 2,438 euros, according to the latest price index from idealista. Looking at the quarterly variation, prices have increased by 5.5% in the last three months. With this price, Spain has reached a new all-time high.
According to Francisco Iñareta, spokesperson for idealista, "we haven't seen such an increase in purchase prices, not even at the height of the property bubble. It is the result of a perfect storm: on the one hand, an accumulated housing construction deficit that is not being resolved and to which thousands of new homes are added each year, exacerbated by the total emergency situation in the rental market, the fall in interest rates and the consequent reduction in the cost of financing".
"Second-hand housing is unable to meet the huge demand that continues to grow. Sales are skyrocketing and supply is not growing, so homes that come onto the market find buyers within hours and at unprecedented prices. After years of strategic short-sightedness on the part of the authorities, it is essential that agreements be reached to speed up the processes to provide the market with the volume of housing it needs," adds the expert.
Madrid once again leads the rise in prices, after increasing by 25%
All Spanish capitals have seen price increases in the last 12 months, except for Girona, where prices fell by 5.5%, and Ourense (-0.3%). Madrid leads the price rise, with a 25% increase in the last year, followed by Valencia with 20.1%. Next are Santander (19.1%), Oviedo (18.4%), Palma (18.4%) and Guadalajara (17.2%). Among the major markets, prices have also risen in Alicante (16.4%), Malaga (14.7%), Seville (14.5%), San Sebastian (11.2%), Barcelona (11.1%) and Bilbao (10.4%).
While the only price reductions have been in Girona and Ourense, the smallest increases have been in Tarragona (3.3%), Badajoz (3.9%) and Ceuta (4.8%).
San Sebastián is the most expensive Spanish capital (6,071 euros/m2), followed by Madrid (5,642 euros/m2), Barcelona (4,920 euros/m2), Palma (4,907 euros/m2) and Bilbao (3,646 euros/m2). At the opposite end of the table is Zamora, the cheapest capital city, with a price of €1,238/m2.
Fourteen of the 51 provincial capitals analysed reached maximum prices in June, including all the major Spanish markets.
The Balearic Islands remain the most expensive autonomous community (€4,996/m2).
Prices have increased in all autonomous communities over the last 12 months, except in Extremadura, where they have fallen by 0.6%, and Navarre, with a drop of 0.1%. The largest increase was recorded in Madrid, where owners' expectations have risen by 24.7%. Double-digit increases were also seen in Murcia (20.5%), the Valencian Community (18.5%), the Canary Islands (18.4%), Andalusia (15%), the Balearic Islands (14.1%), Cantabria (14%), Asturias (12.7%) and the Basque Country (10.6%). In Catalonia, the increase was 6%. Castile and León recorded the lowest increase, with 2.8% year-on-year, followed by Galicia (2.9%), La Rioja (3%), Castile-La Mancha (3.1%) and Aragon (3.9%).
The Balearic Islands remain the most expensive autonomous community, at €4,996/m2, the highest price since idealista began recording data. They are followed by Madrid (€4,289/m2), which also recorded its highest ever price. In third place is the Basque Country (€3,227/m2), followed by the Canary Islands (€3,068/m2). At the opposite end of the table are Castilla-La Mancha (€971/m2), Extremadura (€985/m2) and Castilla y León (€1,226/m2), the most affordable regions.
Nine provinces reach maximum housing prices
As with the capitals, almost all provinces have seen price increases in the last 12 months, with eight exceptions: Ourense (-8.6%), Badajoz (-2.3%), Ciudad Real (-1.7%), Teruel (-1.3%), Burgos (-1.1%), Jaén (-0.4%), Soria (-0.3%) and Navarra (-0.1%). The biggest increase was in Madrid, with 24.7%, followed by Murcia (20.5%) and Santa Cruz de Tenerife (19.8%). Valencia (18.2%), Alicante (16.7%), Málaga (15%), Las Palmas (14.8%), the Balearic Islands (14.1%), Cantabria (14%), Asturias (12.7%), Cádiz (12.3%), Castellón (11.2%), Vizcaya (10.8%) and Granada (10.3%) also saw increases of over 10%.
The ranking of the most expensive provinces is headed by the Balearic Islands, with 4,996 euros/m2, followed by Madrid (4,289 euros/m2). Behind them are Guipúzcoa (€3,900/m2), Málaga (€3,775/m2), Santa Cruz de Tenerife (€3,260/m2), Vizcaya (€3,109/m2) and Barcelona (€2,946/m2). Ciudad Real is the most affordable province (€740/m2), followed by Jaén (€837/m2) and Cuenca (854 euros/m2).
Source: Idealista
David Marrero
2 July 2025, 9:18