Spain house prices hit record high in 2025 after 9.5% annual rise

Spain’s housing market closed 2025 at a new historic high, with the average declared house price rising 9.5% year-on-year, according to the latest Estadística Registral Inmobiliaria (ERI) published by the Colegio de Registradores.

At year-end 2025 (Q4), the average declared price reached €2,354 per square metre, marking the highest level recorded in the historical series. The annual increase confirms that 2025 was another year of strong expansion for the residential market, extending the recovery cycle that began after the 2014 market low.

Record levels confirmed by repeat-sales index (IPVVR)

The strength of the market is also reflected in the Índice de Precios de Vivienda de Ventas Repetidas (IPVVR) — the repeat-sales index used by the Registrars to track price movements through comparable transactions.

In 2025:

• The IPVVR recorded an annual increase of 16.6%
• The index reached a new historic maximum
• According to the Registrars’ repeat-sales index, nominal price levels now stand 29.3% above the 2007 peak.
• Since the 2014 post-crisis low, prices have increased by more than 110%

This confirms that the current cycle has moved decisively beyond previous nominal highs, both in level terms and according to repeat-sales methodology.

Average declared house prices by autonomous community (€/m²), 2025

New-build and resale homes both at historic highs

Price growth was broad-based across housing types.

At year-end 2025:

• New homes averaged €2,500 per m²
• Resale homes averaged €2,317 per m²

Both segments reached record levels. While resale properties recorded stronger annual acceleration, new-build prices remain structurally higher due to construction costs, land scarcity and regulatory pressures.

All autonomous communities registered positive annual growth, and eight regions posted double-digit increases over the year.

Regional disparities remain pronounced

Significant differences persist across Spain’s autonomous communities.

At the close of 2025, the highest average declared prices were recorded in:

• Comunidad de Madrid: €4,241/m²
• Illes Balears: €4,101/m²
• País Vasco: €3,489/m²
• Cataluña: €2,779/m²
• Canarias: €2,721/m²

At the lower end of the spectrum, Extremadura, Castilla-La Mancha and Castilla y León recorded the most affordable average levels nationally.

These regional gaps underline the structural divide between high-demand urban and island markets and lower-density inland areas.

Interannual variation of the Repeat Sales House Price Index (IPVVR)

Strong demand continues to support prices

The Registrars’ report highlights several structural drivers behind the 2025 increase:

• Continued population growth and household formation
• Limited new housing supply
• Solid employment levels
• Ongoing access to mortgage financing

Despite rising affordability pressures, transaction activity remains elevated, suggesting that underlying demand continues to exceed available supply in many regions — particularly for those considering buying property in Spain.

Spain compared with Europe

Spain’s near-10% annual increase places it among the stronger-performing housing markets in Europe.

According to the latest available Eurostat House Price Index data, euro area growth remains below Spain’s 2025 pace. While several European markets have moderated following interest rate tightening, Spain continues to display upward momentum supported by:

• Structural housing shortages
• International buyer demand in lifestyle regions
• Supply constraints in major urban centres

This differentiates Spain from markets that have already entered correction phases.

Outlook for 2026

With prices closing 2025 at historic highs and annual growth close to double digits, Spain’s housing market enters 2026 from a position of strength.

The key uncertainty is whether affordability constraints will begin to moderate growth, or whether structural supply shortages will continue to sustain upward pressure.

For now, official data from the Colegio de Registradores confirms that 2025 marked another decisive step in Spain’s post-crisis housing expansion.