Overview
- Tinsa reports a 13.1% annual rise at Q4 2025, roughly 10% in real terms, with the national average reaching €2,091 per square meter.
- Capital cities led the acceleration: Madrid rose 20.9%, València 17.5% and Palma de Mallorca 15.3%, while regional gains were also steep in Madrid, Comunidad Valenciana and Cantabria.
- Home sales stayed robust through 2025, with notaries estimating about 550,000 transactions despite the price surge.
- Supply constraints deepened: Galicia’s certified completions fell 60% from January to October, and the Banco de España pegs the national shortfall at about 700,000 homes.
- Social strain is acute in hotspots such as Mallorca, with local reports of encampments and overloaded services, while economist Gonzalo Bernardos warns the rental market is severely constrained.