A new record high as of December 2025
According to the latest Idealista data for December 2025, prices for resale housing in Spain increased by 16.2% year-on-year, exceeding the third-quarter figure (15.3%). As a result of this rise, the price per square meter reached €2,639, setting a new all-time high.
Why the housing shortage persists
According to Idealista, Spain has not restored its construction capacity since the 2008 crisis, resulting in a massive housing shortage. The Bank of Spain estimates the deficit at 700,000 homes. Given that the number of new households being formed is nearly twice the number of new homes being built, there is no clear prospect of resolving the problem.
First, it is necessary to put an end to the criminalization of construction, populist noise, and political short-sightedness that prevent mechanisms such as the “Land Law” from being used to speed up new housing supply. At the same time, new-build homes must be adapted to today’s societal needs, which are no longer the same as 30 years ago, and made more affordable.
Price dynamics in provincial capitals
In all provincial capitals, resale housing prices are higher than a year ago. León leads the growth ranking (20.4%), followed by Santa Cruz de Tenerife (20.2%), Santander (19.4%) and Salamanca (17.9%). Among the major markets, prices also rose notably 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%). Meanwhile, the smallest increases were recorded in Las Palmas (0.9%), Huesca (1.1%), Ceuta (1.2%) and Cádiz (1.3%).
The most expensive housing is sold in San Sebastián (€6,450/m2), Madrid (€5,820/m2), Barcelona (€5,144/m2), Palma (€5,086/m2) and Bilbao (€3,893/m2), while the most affordable is in Zamora (€1,281/m2). Peak prices in September 2025 were reached in 14 of the 52 provincial capitals analyzed, including San Sebastián, Madrid, Barcelona, Palma, Bilbao, Valencia and Seville.
Autonomous communities: growth across all regions
Over the last 12 months, prices rose in all autonomous communities as well. The strongest growth was recorded 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 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%) and the Balearic Islands (9.6%).
The Balearic Islands remain the most expensive autonomous community for resale housing (€5,160/m2), setting a new record. Next come Madrid (€4,562/m2), the Basque Country (€3,421/m2) and the Canary Islands (€3,150/m2). The most affordable purchases are in Extremadura (€1,035/m2), Castile-La Mancha (€1,041/m2) and Castile and León (€1,296/m2).
Provinces: where growth is highest and lowest
Year-on-year prices increased in almost all Spanish provinces except Ourense (-2.9%) and Teruel (-1.7%). The highest growth was observed in 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, growth reached 11%.
The ranking of the most expensive provinces is 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 resale options are found in Ciudad Real (€769/m2), Jaén (€863/m2) and Cuenca (€873/m2).
Related materials: Costs and taxes when buying property in Spain, Buying property in Spain – steps, taxes and costs, How to review a property in Spain before buying it.
