Housing prices in Spain have chained 11 years of uninterrupted increases
The official INE index registers an average increase of 12.2% in the second quarter of 2026, with a scarce supply that puts upward pressure on costs.
Quick Look
- House prices in Spain rose 12.2% year-on-year in the second quarter of 2026, marking 45 consecutive quarters of increases.
- The increase affects the entire country, highlighting Ceuta, Asturias and Castilla y León with the largest increases.
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Why It Matters
Housing prices in Spain have accumulated 45 consecutive quarters of growth. The supply of real estate is scarce, which puts upward pressure on prices for both new and second-hand construction.
The return to schools brings the same news about the housing situation in Spain as the previous year. Prices continue to rise, at an average of 12.2% in the last year, and have now chained more than 11 years, 45 quarters, of uninterrupted increases, according to the latest update of the official index of the National Institute of Statistics published today. The situation is more or less similar throughout the country and affects both new and second-hand properties.
The rate published today, corresponding to the second quarter of 2026, moderates seven tenths, to the aforementioned 12.2% compared to the previous quarter. However, the same rate has increased more than 12% for six quarters, which offers an idea of the price situation.
Housing prices rose in all the autonomous communities in the second quarter compared to the same period of the previous year. The highest real estate revaluations were recorded in Ceuta (15.2%), Asturias (15.0%) and Castilla y León (14.8%). And the smallest, in Navarra (9.5%), Euskadi (10.0%) and Catalonia (10.1%). These are the three autonomies that have decided to apply regulation to the sector. In Madrid the year-on-year increase was 12.9%.
Regarding the type of housing, the prices of second-hand properties rose by 12.9% in the last year, a rate very similar to those of recent quarters. Those of new housing, for their part, grew by 7.4% year-on-year, registering the lowest rate since the first quarter of 2023.
Brand new home prices are already more than 60% higher than the peak prices prior to the real estate crisis. The supply is scarce and this causes these increases for buyers. The prices of used housing have risen, for their part, 15% compared to the peaks of the bubble.
If the range is narrowed to the minimum prices during the crisis (2012-2013), we can see how the price of new housing has already grown by 130% since then and that of second-hand housing has doubled.
The economist Combarro has shared the data on how the increase in housing prices compares with the inflation of recent years. Thus, after the pandemic, new properties have increased in price by 70% and second-hand properties by 57%. The increase in the CPI during these years has been 22%.
Open Questions
- How will regional regulation affect prices in the long term?
- When will the supply of new housing stabilize?
