Quarterly housing price trends in Spain Q1 2025

In Q1 2025, the average value of completed properties (new and resale) rose in nominal terms by 7.5% year-on-year and by 2.9% quarter-on-quarter. Excluding inflation, these figures show real annual growth of 4.7%, implying new growth in residential prices compared to the previous quarter, according to data from the IMIE report by TINSA Spain by Accumin and Accumin Intelligence.

Key insights:

• A total of 28 provincial capitals saw strong growth of over 5%, compared to 22 in the previous quarter.
• A study of theoretical affordability in provincial capitals shows that 19 cities of the total 52 had a rate higher than the 35% considered reasonable. The most intense pressure, where residents had to spend more than 50% of their disposable income on mortgage payments, was found in the cities of Cadiz, San Sebastián, Madrid, Malaga and Barcelona.
• New-build licences in January stood at similar levels to 12 months earlier (down 0.4%, according to data from the Ministry of Housing and Urban Agenda), reflecting the limitations facing the supply chain limitations to increase residential stock in areas where demand is concentrated, particularly in those where there’s a shortage of available building land.