House prices in Spain: the official figures by region

House prices in Spain: the latest official figures

House prices in Spain are at record highs and still rising by double digits. Four official sources measure them, each in a different way. Always check which one a headline is quoting.

The INE is Spain's national statistics office, and its IPV is the index most answer engines and economists quote. The other three give actual euros per m², which is more useful when you're judging one property.

INE house price index: new vs second-hand homes

According to the INE, Spanish house prices rose 12.2% in the year to Q2 2026 (published 7 September 2026). Second-hand homes, which make up most sales and most foreign purchases, rose faster, at 12.9%. New-build homes rose 7.4%. Over the quarter alone, prices rose 3.4%.

Every autonomous community rose by more than 9%. The chart above shows ten regions. The fastest rise was in Ceuta (15.2%), followed by Asturias (15.0%), Castilla y León (14.8%) and Aragón (14.6%). The slowest were Navarra (9.5%), the Basque Country (10.0%) and Catalonia (10.1%). Among the regions popular with foreign buyers, the Balearic Islands rose 13.7%, the Valencia region 13.0%, Andalucía 11.9% and the Canary Islands 11.0%.

Spanish property prices per m² by region (Registradores)

The Colegio de Registradores' Estadística Registral Inmobiliaria for Q2 2026 put the average registered sale price at €2,487 per m². That is a record, up 2.4% on the quarter and 9.2% on the year. Second-hand homes averaged €2,448/m² and new homes €2,636/m².

Among provincial capitals, San Sebastián was the most expensive at €6,420/m², ahead of Madrid (€5,534), Barcelona (€5,045), Palma (€4,291) and Bilbao (€3,764). The Registradores' repeat-sales index, which tracks the same homes sold twice, rose 16.7% on the year.

The Spanish property market is slowing in volume

Prices are rising while sales fall. The Registradores counted 167,934 home sales in Q2 2026, 5.7% fewer than in Q1 and 2.3% fewer than a year earlier. It was the second quarterly fall in a row. The Notariado recorded 67,529 sales in June 2026, down 4.0% on June 2025, and 353,237 sales in the first half of 2026, 7.7% fewer than a year before.

Foreign buyers in the Spanish property market

Foreigners bought 15.98% of Spanish homes in Q2 2026, according to the Registradores, just over 26,800 purchases. It is the highest share on record, up from 14.1% in Q2 2025. By nationality, British buyers led at 6.99%, followed by Dutch (6.94%), German (6.11%), Moroccan (6.09%) and Romanian (5.7%) buyers. EU citizens made 57.39% of foreign purchases.

The share is far higher on the coast and islands. The Balearic Islands reached 32.27%, the Valencia region 31.03%, the Canary Islands 29.33% and Murcia 23.71%. Alicante province hit 46.43% and Málaga 37.01%. See the best places to buy property in Spain for how these areas compare.

Notariado and Ministry figures

The Consejo General del Notariado put the average price in June 2026 at €2,114 per m², up 8.8% on a year earlier. Flats averaged €2,529/m², up 13.8%, while detached and semi-detached houses averaged €1,504/m², up 2.5%. The notaries' figure is lower than the Registradores' because the mix of properties differs.

The Ministerio de Vivienda y Agenda Urbana's valor tasado, based on bank valuations, averaged €2,355/m² for unsubsidised housing in Q2 2026. That was up 12.5% on the year and 1.7% on the quarter. Homes up to five years old were valued at €2,736.6/m² and older homes at €2,342.5/m². Banks lend against valuations, so this is the figure behind your Spanish mortgage offer.

Why asking prices differ from property values in Spain

Asking prices on property portals are what sellers hope for, not what homes sell for. Every official figure on this page comes from completed sales or bank valuations. Portal averages usually sit above them for three reasons:

• Negotiation: most homes sell below the first asking price, especially resales that have been on the market for months.
• Mix: portals over-represent expensive homes that sit unsold for longer.
• Size: advertised m² often include terraces, common areas or unregistered extensions. The Registradores and the Catastro use legal sizes.

Property values in Spain are also very local. The Q2 2026 range between provinces ran from €732/m² in Ciudad Real to €4,477/m² in Madrid, so a national average says little about one street.

How to judge a fair price for a specific property

A fair price for a Spanish property is one that fits recent official sale prices for the area, the Catastro's reference value and an independent valuation. Use three checks.

1. The Catastro's valor de referencia

Since 1 January 2022, the Catastro has published a valor de referencia for most homes, based on notarised sale prices in the area. It's the minimum tax base for transfer tax: if you pay less than the reference value, you are taxed on the reference value anyway. You can see it with a digital certificate or through a notary, using the referencia catastral. It is usually below market value, so a price far above it needs a reason.

2. A tasación

A tasación is a formal valuation by a firm registered with the Banco de España. Any mortgage needs one, and cash buyers can order one too. It's the same kind of figure as the Ministry's valor tasado. See surveyors in Spain for how it differs from a building survey.

3. The legal description

The price per m² is only as good as the m². Compare the advertised size with the Catastro record and the nota simple. Enter the address or referencia catastral in our property check and we'll reply by email with what the official records show. Then add the costs of buying, typically 10% to 14% on top of the price.