Housing Price Trends in Spain Q4 2025

In Q4 2025, the average value of completed properties (new and resale) in Spain rose by 13.1% year-on-year and by 3.5% quarteron-quarter. Excluding inflation, these figures show real annual growth of 10%, indicating continued acceleration in residential prices. Although this price growth occurred nationwide throughout Spain, the increases 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:

• Out of the 52 provincial capitals, 20 of them registered over 10% year-on-year growth, compared to 15 in Q3. Madrid continued to lead the year-on-year increases for the fourth quarter in a row.
• A Spanish family would have to spend an average of 34.5% of their available income on the first payment of their mortgage with the above characteristics (80% LTV). In Q4 2025, 8 provinces continued to have a higher than reasonable rate of affordability (over 35%). They were Malaga, the Balearic Islands, Madrid, Cadiz, Alicante, Seville, Cantabria and Barcelona.
• In real terms (adjusting for inflation), no provincial capital, province, or region has surpassed the 2007 bubble prices, according to appraisal data.