Mark Stücklin
Spain’s housing market kept moving in Q2 2025 with prices jumping sharply year-on-year, even as sales broadly levelled out compared to last year.
The notaries report 195,000 home sales in Q2 2025 – just 2% more than the same quarter last year. Activity is still running above the ten-year average but below the post-pandemic peak of 2022. Regionally, Catalonia stood out with 31,000 transactions, its highest Q2 in over a decade, while the Balearics and Canaries both saw declines, suggesting softer demand in the island holiday-home markets.
Prices surge to new highs
Prices rose 8% nationally, with the average home now costing €1,883 per square metre – the highest Q2 figure in the series, and the first time prices have risen above the 2007 peak. Madrid, Catalonia, and the Balearics all posted record highs, with the Balearics once again leading the pack at nearly €3,900/m². Compared to the ten-year average, Spanish house prices are now 25% higher, underscoring how far values have rebounded since the slump that followed the financial crisis.
What it means for the market
The latest figures suggest a market that remains resilient despite economic headwinds. Rising prices in the face of steady sales point to supply constraints continuing to drive competition, particularly in urban and international hot spots.
Get the full picture
Don’t stop here. SPI’s in-depth reports go beyond the headlines with hard data and analysis of key markets and housing trends in Spain. Visit the reports section to get the full picture.
