Property prices in Spain soar to historic highs

Thursday 06 March 2025 - 12:20

By: Dakir Madiha

Property prices in Spain soar to historic highs

The average price of a pre-owned home in Spain has surged to a record €2,271 per square metre following a 1.5 percent monthly increase in February, as reported by property portal Idealista. This marks a 1.2 percent rise over the last three months, setting a new benchmark for Spain's leading real estate platform.

According to Fotocasa, another major player in Spain's real estate market, the year-on-year growth in second-hand housing prices reached 10.1 percent in February 2025, pushing the average price to €2,460 per square metre—surpassing Idealista’s figures.

Spain is currently grappling with a housing crisis, with prices now exceeding those seen at the height of the property bubble in 2007. The College of Registrars notes that the continued escalation in prices has culminated in "a new historical maximum" for housing costs.

A closer look at regional data reveals that 15 out of 17 regions have experienced price hikes since January. Madrid leads with a 2.5 percent increase, followed by Andalusia at 2.3 percent, and the Canary Islands at 2 percent. Other regions with notable increases include Asturias (1.4 percent), the Balearic Islands (1.3 percent), Cantabria and Murcia (1.2 percent), and Aragón and Valencia (1.1 percent).

Conversely, only two regions recorded price declines compared to January: Navarra at -0.6 percent and Extremadura at -0.1 percent.

Among the most expensive regions to buy property in Spain, the Balearic Islands top the list at €4,789 per square metre. Madrid follows with €3,949, while the Basque Country and the Canary Islands are priced at €3,092 and €2,922 per square metre, respectively. Catalonia rounds out the top five with an average of €2,451 per square metre.

On the other end of the spectrum, Castilla-La Mancha is the most affordable region at €943 per square metre, with Extremadura at €960 and Castilla y León at €1,195.

At the provincial level, 42 provinces have reported increases in prices over the past month. Madrid again leads with a 2.5 percent rise, followed closely by Ávila, Seville, and Huesca at 2.4 percent, along with Santa Cruz de Tenerife at 2.3 percent. However, six provinces, including Navarra (-0.6 percent) and Zamora (-0.5 percent), have experienced price decreases in used housing over the last month.

In terms of provincial costs, the Balearics remain the priciest at €4,789 per square metre, followed by Madrid at €3,949. Guipúzcoa, Málaga, and Santa Cruz de Tenerife also feature among the most expensive, with prices of €3,768, €3,566, and €3,103 per square metre, respectively. Meanwhile, Ciudad Real is the cheapest province at €738 per square metre, trailed by Jaén and Cuenca at €829 and €841, respectively.