Housing Price Trends in Spain Q3 2025

In Q3 2025, the average value of completed properties (new and resale) rose by 11.7% year-on-year and by 3% quarter-on-quarter. Excluding inflation, these figures show real annual growth of 8.6%, implying yet another acceleration in residential prices compared to figures registered in the previous quarter. Although this price growth is nationwide throughout Spain, upticks were particularly significant in employment and tourism hotspots, according to data from the IMIE report by TINSA Spain by Accumin and Accumin Intelligence.

Key insights:

• The ranking of the most expensive provincial capitals placed Madrid in first place (€4,664 per sq. m), surpassing San Sebastián in Q3 (€4,554 per sq. m) and Barcelona (€4,156 per sq. m).
• At provincial level, 33 of the 52 provinces in Spain showed higher intensity in price increases, and in 13 of them, year-on-year growth was over 10%. The biggest upticks were in Madrid and some of its neighbouring provinces, and on the Mediterreanean Coast, the North Coast and the Islands.
• A Spanish family would have to spend an average of 34.8% (compared to 34.6% in the previous quarter) of their available income on the first payment of their mortgage with the above characteristics (80% LTV). In Q3 2025, 7 provinces continued to have a higher than reasonable rate of affordability (over 35%). They were Malaga, the Balearic Islands, Madrid, Cadiz, Alicante, Seville and Barcelona.