Overview
- Data from the notaries for July show transactions fell 11.1% while the average price rose 7.7%, extending a 36‑month run of year‑on‑year price increases.
- Tinsa’s third‑quarter series records a larger rise, about 14.7% year‑on‑year, highlighting that quarterly measures show stronger gains than the month‑by‑month notarial series.
- Price jumps are highly uneven across Spain, with Madrid and Galicia among the hardest hit—Madrid recorded double‑digit price growth while sales dropped and Galicia’s price rises reached roughly 19.8% in July.
- Mortgage activity is cooling: purchase loans fell about 4.9% in July, average loan size remains high (around €183,600) and loans typically cover roughly 71–72% of the purchase price; buyers are also choosing smaller homes to lower costs.
- Rising prices and shrinking supply are feeding public protests and parliamentary scrutiny of housing policy, and future affordability will hinge on new supply, interest‑rate moves and government measures.