In May, the average price of resale housing in Spain rose by 17.4% compared with last year, reaching €3,092/m². This is shown by data published by Fotocasa, which notes that if the latest monthly price is multiplied by the area of a standard apartment (80 m²), the average cost would be €247,391 (€36,614 more than a year earlier).
According to Fotocasa representatives, “housing prices are going through the most strained moment in the real estate market cycle. Purchase demand is approaching historic highs and continues to put strong pressure on supply, which is insufficient to meet this interest. In fact, never before has the gap between demand and supply been as noticeable as it is now, and this imbalance is the main reason for such intense year-on-year price growth”.
In addition, especially attractive mortgage rates over the past year have significantly revived the housing purchase and sale market, increasing competition among buyers and accelerating price growth. However, for the second half of the year, growth rates are expected to start slowing if monetary policy changes and interest rates rise again. More expensive lending could cool part of the demand and reduce the intensity of price growth, although price dynamics will still largely depend on the serious shortage of housing supply.
Price growth in provincial capitals
In the 50 Spanish provincial capitals analyzed, prices in May 2026 rose compared with the previous year, and in eleven of them growth exceeded 15%. Soria led this ranking – 24.7%, followed by León (22.3%), Ciudad Real (19.9%), Ourense (19.4%), Palencia (18.3%), Jaén (17.8%), Ávila (17.8%), Guadalajara (16.9%), Toledo (16.6%), Salamanca (16.1%) and A Coruña (15.3%).
In 14 provincial capitals, the average price exceeds €3,000/m². These are San Sebastián (7,129), Madrid (6,660), Barcelona (5,377), Palma (5,225), Málaga (4,280), Bilbao (4,202), A Coruña (3,670), Valencia (3,644), Pamplona (3,359), Cádiz (3,346), Vitoria (3,333), Las Palmas (3,198), Santander (3,135) and Girona (3,108). On the other hand, the capital with the lowest average price is Zamora – €1,517/m².
Dynamics by provinces and autonomous communities
In 47 of the 50 provinces analyzed, housing prices increased year-on-year in May. In four provinces, growth exceeded 20%: Murcia (26.5%), Valencia (22%), León (21.8%) and A Coruña (21.2%). On the other hand, the three provinces where prices fell were Cuenca (-2.6%), Huelva (-3.9%) and Teruel (-10%).
The only regions where the price exceeded €5,000 per square meter are Madrid and the Balearic Islands – €5,414/m² and €5,359/m² respectively. The provinces with the cheapest housing were Ciudad Real (€1,097/m²) and Jaén (€1,109/m²).
Compared with last year, in May prices rose in all 17 autonomous communities of Spain, with 13 of them recording growth of more than 10%. The most notable increases were in Murcia (26.5%), Asturias (19.5%), Cantabria (19.3%), Andalusia (18.4%) and the Valencian Community (18.3%). In the latter two autonomous communities, historic highs were reached in absolute terms: €2,970/m² and €2,847/m² respectively.
