The Girona province & South Costa Brava housing market in 2025

Sales

There were 15,637 home sales in Girona province (home to the South Costa Brava) in 2025, up 7% year-on-year, 27% above the ten-year average, and 87% higher than ten years earlier, indicating a market that remained active by long-term standards despite already operating from a relatively elevated base, as illustrated in Fig. 1-1.

There were 3,977 home sales involving foreign buyers, up 0% year-on-year. Of these, 1,793 were foreigners resident in Spain, up 2%, and 2,184 were foreign non-residents, down 1%. Over ten years, purchases by expats increased by 107%, whilst purchases by foreign non-residents rose by 3%, suggesting that the long-term growth in overseas demand has come much more from established foreign residents than from second-home and investment buyers, as illustrated in Fig. 1-2.

Foreign buyers accounted for 26% of the market, down from 27% a year earlier, as illustrated in Fig. 1-3. Even so, that remains a high share by Spanish standards and underlines the continued importance of international demand in Girona and the South Costa Brava area.

There were 1,279 new-build sales in the period, up 17% year-on-year, 57% above the ten-year average, and 110% higher than a decade earlier, showing that the new-build segment outperformed the broader market and continued to recover from historically low levels, as illustrated in Fig. 1-4.

Looking just at sales in the Costa Brava municipalities* there were 7,885 home sales, up 6% year-on-year, 15% above the ten-year average, and 47% higher than ten years earlier, as illustrated in Fig. 1-5. This suggests that the Costa Brava sub-market has continued to expand over the long term, with activity remaining comfortably above historic norms.

Prices

According to figures from the Spanish Housing Ministry, the average price of homes sold in Girona in 2025 was €234,426, up 7% year-on-year, whilst the average price of newly-built homes sold was €338,286, up 14%, as illustrated in Fig. 2-1. New homes therefore continued to command a substantial premium, with price growth also running ahead of the market average.

A ten-year index of prices in Girona has risen from 100 to 141 for all homes and to 165 for new homes, as illustrated in Fig. 2-2. In other words, average prices increased by 41% over the decade for the market as a whole, but by 65% for new homes, showing that new-build has appreciated significantly more. That differential is consistent with constrained supply, higher build and land costs, tighter energy-efficiency standards, and the concentration of new development in more desirable or higher-value segments. Over five years, however, all-property prices rose 30% compared with 24% for new homes, suggesting that the resale market has recently narrowed the gap somewhat.

Mortgages and financing conditions

There were 9,220 new mortgages signed in Girona province in 2025, up 25% year-on-year, 42% above the ten-year average, and 99% higher than ten years earlier, as illustrated in Fig. 3-1. Mortgage lending therefore rebounded strongly, pointing to improved financing activity and resilient buyer appetite.

The average Euribor in the period was 2.22%, down 32% year-on-year, as illustrated in Fig. 3-2. That leaves it well below the ten-year high of 3.86% in 2023, but still far above the low of -0.49% in 2021, so borrowing conditions were materially easier than at the peak of the tightening cycle but not especially loose by longer-term standards. ECB policy helps explain that shift: the deposit facility rate was cut from 2.75% in February 2025 to 2.00% in June 2025 and then left unchanged through the rest of the year, indicating a clear easing cycle followed by a pause.

Housing starts

There were 2,332 housing starts based on planning approvals in Girona in 2025, up 1% year-on-year, 69% above the ten-year average, and 213% higher than ten years earlier, as illustrated in Fig. 4-1. This points to a construction pipeline that is much improved on a long-term view, though annual growth was almost flat, suggesting that supply is expanding but not accelerating sharply.

Summary

The Girona and South Costa Brava housing market performed well in 2025, with sales, mortgage lending and new-build transactions all showing solid momentum, whilst prices continued to rise at a healthy pace. Foreign demand remained a major pillar of the market, even though its share eased slightly, and financing conditions improved as Euribor moved down from recent highs. At the same time, housing starts suggest supply is responding but still not fast enough to remove pressure in the most sought-after segments. The outlook is therefore broadly positive, with the main opportunity coming from easier borrowing conditions and sustained international demand, whilst the main risk remains limited supply in the face of firm demand.

* Municipalities analysed for sales: Blanes, Lloret de Mar,Tossa de Mar, Sant Feliu de Guíxols, Santa Cristina d’Aro, Castell–Platja d’Aro, Calonge, Palamós, Mont-ras, Palafrugell (including Llafranc, Calella de Palafrugell, and Tamariu), Begur, Pals, Torroella de Montgrí (including L’Estartit).

DISCLAIMER: This report is prepared in good faith using publicly available data. While efforts are made to ensure accuracy, no guarantees are provided regarding the completeness, reliability, or suitability of the information for any purpose. Use of this information is at your own risk.