Spanish resale home prices surge 16.2% in a year, lifting average above €250,000 — The Debate

The average second-hand property now costs €3,154 per square metre as supply shortages keep driving values up across every region.

The average price of a second-hand home in Spain has climbed above €250,000 for the first time, driven by a 16.2% annual surge that outpaces most of the eurozone. The resale housing market is showing no sign of easing. The average price in Spain stood in July at 3,154 euros per square metre, 0.7% higher than the previous month and 16.2% above a year ago, according to the Fotocasa Property Index. Converted into a standard 80-square-metre flat, the figure has jumped from 217,214 to 252,308 euros in just twelve months: 35,094 euros more for the same home.

"The price of an average home in Spain has now exceeded 250,000 euros for the first time," sums up María Matos, head of research at Fotocasa, who attributes the rise to an insufficient supply in the face of demand that remains robust despite the mortgage strain households are already bearing. Matos herself expects the market to enter over the coming months a phase of "gradual normalisation", as more buyers hit the limit of their financial capacity. The European Central Bank's recent rate cuts may ease borrowing costs, but they risk adding fresh fuel to demand before supply can respond.

All 17 autonomous communities saw second-hand homes become more expensive in July compared with 2025. Fourteen of them recorded increases of more than 10%: Murcia tops the table with 26.2%, followed by Cantabria (20.1%), the Valencian Community (18.1%), Navarre (17%) and La Rioja (16.5%). At the other end of the scale, the Balearic Islands (6.5%) and Extremadura (7.4%) posted the most moderate rises.

In absolute price terms, Madrid remains the most expensive region, just short of 5,500 euros per square metre (5,455 €/m²), ahead of the Balearic Islands (5,401 €/m²) and the Basque Country (3,970 €/m²). Extremadura (1,359 €/m²), Castilla-La Mancha (1,426 €/m²) and Castilla y León (1,806 €/m²) bring up the rear.

At provincial level, the increase is virtually across the board: 48 of the 50 provinces analysed saw prices rise, and in 29 of them the increase exceeded 10%. Alongside Murcia (26.2%), two inland provinces that rarely make the property headlines stand out: Ávila, with 25.3%, and León, with 25.2%. Only Teruel (-8.4%) and Huelva (-2.3%) recorded falls.

Madrid (5,455 €/m²) and the Balearic Islands (5,401 €/m²) again rank as the most expensive provinces, followed by Gipuzkoa (4,758 €/m²) and Málaga (4,651 €/m²). Jaén, at 1,117 euros per square metre, remains the cheapest province in the country.

Among provincial capitals, 46 of the 47 analysed became more expensive, with the city of León leading the way (25.6%), ahead of Ávila and Ciudad Real, both up 19.8%. The only capital where prices fell was Santa Cruz de Tenerife, with a slight -1.3%.

Donostia-San Sebastián has cemented its position as Spain's most expensive provincial capital, at 7,120 euros per square metre, ahead of Madrid (6,624 €/m²), Barcelona (5,304 €/m²) and Palma de Mallorca (5,200 €/m²).

Zooming in on municipalities, 93% of the 404 analysed by Fotocasa posted year-on-year price increases, and in twenty of them the rise exceeded 30%. Catral (Alicante) tops the list with a 129.7% jump, followed by Bigastro (92.9%) and Narón (62.5%). The most expensive municipalities in Spain remain concentrated in the Balearic Islands: Santa Eulària des Riu, at 8,494 €/m², and Sant Antoni de Portmany, at 8,266 €/m², while Bailén, Mengíbar and Torredonjimeno, in Jaén, are the cheapest, all below 800 euros per square metre.

Spain's two largest cities are on very different trajectories. In the city of Madrid, an 80-square-metre flat has gone from 485,075 to 529,900 euros in a year, up 9.2%, meaning buyers are paying 44,825 euros more for the same home. In Barcelona, the increase is much more contained: 3% year on year, from 412,086 to 424,280 euros, 12,194 euros more. The gap mirrors a broader split across southern Europe, where capital cities with tighter land constraints see sharper price pressure.

By district, Madrid is experiencing its own boom in the south of the city: Villaverde is up 29.8% and Villa de Vallecas 25.5%, well ahead of already consolidated areas such as the Barrio de Salamanca (2.6%), which remains the most expensive district, at 10,682 euros per square metre. In Barcelona, Gràcia (11.6%) and Nou Barris (11.5%) lead the rises, while Ciutat Vella is the only district where prices are falling, down -2.7%.