Overview

• Housing prices increased by 12.2% year-over-year in the first quarter of 2025, marking the steepest rise since the 2007 pre-crisis peak.
• Residential values have climbed for 44 consecutive quarters, with second-hand homes up 12.3% in the latest period.
• Every autonomous community recorded double-digit gains, led by Andalucía and Melilla at 14% increases.
• An estimated annual deficit of 140,000 homes—240,000 needed versus 100,000 built—is amplifying upward price pressure.
• CaixaBank Research forecasts further growth of 9% in 2025 and 5.7% in 2026 as demand remains strong and financing costs stay low.