Overview
- Official data show sale prices up about 9.5% year over year through September 2025 and rents up roughly 13%.
- Registries recorded more than 600,000 sales through October and projections point to over 700,000 for 2025, about 10% above 2024 and the second highest since 2007.
- Analysts, including CaixaBank Research, forecast continued increases in 2026 at a softer pace, with some estimates putting sale‑price growth a little above 6%.
- Supply remains tight, with about 150,000 housing starts expected to be authorized in 2026 versus 140,000 in 2025, and second‑hand homes accounting for roughly 80% of transactions.
- Market dynamics are uneven, with micro‑adjustments and longer selling times in central districts of Madrid and Barcelona and sharper moves in smaller provinces such as Cuenca and Teruel, as housing pressure fuels calls for stronger tenant protections and public supply.