According to the latest data from the Idealista portal for December 2025, prices for second-hand homes in Spain increased by 16.2% year-on-year, exceeding the third-quarter figure (15.3%). As a result of this growth, the price per square meter reached €2,639, a new all-time high.
Reasons for the rise and the housing shortage
According to the portal’s representatives, after the 2008 crisis Spain failed to restore its construction capacity, which led to a huge housing shortage. The Bank of Spain estimates it at 700,000 homes. Given that households are being created almost twice as fast as new residential units are being built, the problem has no prospects for resolution. First, it is necessary to put an end to the criminalization of construction, populist noise, and political blindness that prevent the use of mechanisms – such as the “Land Law” – that would speed up the creation of new housing. At the same time, new builds must be adapted to the new needs of society, which is no longer the same as 30 years ago, and made affordable.
Where prices are rising fastest: provincial capitals
In all provincial capitals, prices for second-hand homes are higher than a year ago. León leads in price growth (20.4%), followed by Santa Cruz de Tenerife (20.2%), Santander (19.4%), and Salamanca (17.9%). In major markets, prices also rose noticeably:
- 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%).
Meanwhile, the smallest increases were recorded in:
- Las Palmas (0.9%).
- Huesca (1.1%).
- Ceuta (1.2%).
- Cádiz (1.3%).
The most expensive and the most affordable cities
The most expensive housing in Spain is sold in:
- San Sebastián (€6,450/m²).
- Madrid (€5,820/m²).
- Barcelona (€5,144/m²).
- Palma (€5,086/m²).
- Bilbao (€3,893/m²).
and the cheapest – in Zamora (€1,281/m²). Peak prices in September 2025 were reached in 14 of the 52 analyzed provincial capitals, including (among others) San Sebastián, Madrid, Barcelona, Palma, Bilbao, Valencia, and Seville.
Changes across autonomous communities
Over the past 12 months, prices increased in all autonomous communities as well. The most significant increases 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%).
- the Canary Islands (10.7%).
The smallest increases were 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%).
- the Balearic Islands (9.6%).
The Balearic Islands remain the autonomous community with the most expensive second-hand housing (€5,160/m²), a new record. Next come Madrid (€4,562/m²), the Basque Country (€3,421/m²), and the Canary Islands (€3,150/m²). The cheapest property purchase will be in:
- Extremadura (€1,035/m²).
- Castile–La Mancha (€1,041/m²).
- Castile and León (€1,296/m²).
Growth by provinces and price leaders
Year-on-year prices rose in almost all Spanish provinces except Ourense (-2.9%) and Teruel (-1.7%). The highest growth was seen 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, it was 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 second-hand home options are concentrated in:
- Ciudad Real (€769/m²).
- Jaén (€863/m²).
- Cuenca (€873/m²).
