Average prices went up 20% in January
The price of second-hand housing in Spain increased by 0.6% month-on-month and 20.4% year-on-year, bringing the average asking price of homes in January to €2,897 per m², according to data. Based on this latest monthly increase and applied to an 80 m² standard home, the average property value stands at €231,744 in January.
“Housing prices have once again recorded an increase of more than 20% for the second consecutive month, marking the sharpest rise since records began. This surge places the average price just 1.9% below historical highs, approaching the €2,952/m² peak recorded in April 2007. Despite the intensity of these increases, this is not a housing bubble, but rather the largest imbalance between supply and demand ever observed. Buyer demand is at record levels, while new housing production remains clearly insufficient to absorb it. Forecasts indicate that second-hand housing prices will reach a new record in the coming months, further complicating affordability for middle- and lower-income households,” explains María Matos, Director of Research and spokesperson for Fotocasa.
Spain has therefore experienced a 20.4% increase over the past year in the average price of an 80 m² property, rising from €192,432 to €231,744 in January 2026 — a difference of €39,312. This annual growth rate is the highest recorded for this period of the year in the past 20 years.
Regional Performance
All 17 autonomous communities recorded year-on-year price increases in January. Eleven regions posted rises above 10%:
- Region of Murcia (27.1%)
- Andalusia (24.5%)
- Valencian Community (23.8%)
- Asturias (23.3%)
- Madrid (19.6%)
- Cantabria (19.0%)
- Canary Islands (18.6%)
- Balearic Islands (14.4%)
- Galicia (14.0%)
- Catalonia (12.8%)
- Basque Country (11.4%)
- Castilla-La Mancha (10.2%)
They are followed by:
- Castilla y León (9.9%)
- Aragon (7.8%)
- La Rioja (7.5%)
- Navarra (6.7%)
- Extremadura (6.6%)
In the ranking of Spain’s most expensive regions by price per square metre, the leaders are the Balearic Islands and Madrid, both exceeding €5,000/m² for the first time. Average prices are:
- Balearic Islands — €5,293/m²
- Madrid — €5,225/m²
- Basque Country — €3,684/m²
- Canary Islands — €3,325/m²
- Catalonia — €3,246/m²
- Andalusia — €2,775/m²
- Valencian Community — €2,634/m²
- Cantabria — €2,519/m²
- Asturias — €2,233/m²
- Navarra — €2,203/m²
- Galicia — €2,157/m²
- Region of Murcia — €1,919/m²
- Aragon — €1,881/m²
- La Rioja — €1,802/m²
- Castilla y León — €1,696/m²
- Castilla-La Mancha — €1,338/m²
- Extremadura — €1,309/m²
Provinces
In 48 out of 50 provinces (96%), year-on-year housing prices increased in January. In 36 provinces, growth exceeded 15%, including:
- Murcia (27.1%)
- Valencia (25.9%)
- Asturias (23.3%)
- A Coruña (21.4%)
- León (19.6%)
- Madrid (19.6%)
- Santa Cruz de Tenerife (19.5%)
- Alicante (19.5%)
- Las Palmas (19.1%)
- Cantabria (19.0%)
- Almería (17.9%)
- Gipuzkoa (17.9%)
- Granada (17.9%)
- Castellón (17.3%)
- Ávila (16.1%)
- Segovia (15.8%)
- Ourense (15.6%)
- Guadalajara (15.0%)
The only provinces recording price declines were Zamora (-4.2%) and Teruel (-10.7%).
The Balearic Islands and Madrid are the only provinces exceeding €5,000 per m². The four most expensive provinces are:
- Balearic Islands — €5,293/m²
- Madrid — €5,225/m²
- Málaga — €4,444/m²
- Gipuzkoa — €4,390/m²
The most affordable provinces by price per square metre are Jaén (€1,045/m²) and Ciudad Real (€1,039/m²).
Spain’s residential market has opened the year with sustained price acceleration, with second-hand values up over 20% year-on-year, driven by structural supply shortages and historically high buyer demand. Average pricing is now close to previous peak levels, with several regions and provinces posting double-digit growth and prime areas surpassing €5,000 per square metre. This environment reinforces upward pressure on values nationwide, positioning Spanish property for sale as a high-demand, low-inventory asset class, while simultaneously increasing affordability constraints for mid- and lower-income buyers.
