Overview

• Official INE data show used homes up 12.8% year over year and new homes up 12.1%, with a 4% quarterly rise marking the strongest quarterly gain since 2015.
• Every region posted double‑digit annual increases, led by Murcia at 14.6%, followed by La Rioja and Aragón at 13.7%.
• CaixaBank Research estimates an accumulated national housing shortfall of roughly 515,000 to 765,000 homes since 2021, including more than 164,000 in the Comunitat Valenciana.
• Indicators cited by CaixaBank, the Bank of Spain and the ECB point to measurable overvaluation, with the ECB estimating about 10% at end‑2024, though analysts see lower systemic risk than in the 2000s.
• Non‑resident foreign buyers account for about 7.9% of transactions and their market share has risen roughly 40% since 2019, adding demand pressure at the higher end.