The Ministerio de Vivienda y Agenda Urbana published the official figures for the second quarter on 17 September 2026. They show that the national average price per square metre for homes for sale has reached a nominal high. At the same time, current prices in 11 autonomous communities are above the peaks recorded in 2007 and 2008. The Instituto Nacional de Estadística confirmed new nominal highs in several regions in its quarterly statement on the same day, while annual growth had slowed slightly.
The official analysis identifies strong increases in Cantabria, the Comunitat Valenciana and in Madrid; Madrid also records the highest absolute prices. The published trend shows a sustained upward movement since 2021, interrupted only by brief periods of weaker growth. The figures are based on Spain’s valuation statistics (“valor tasado”) and are therefore not methodologically identical to the price measure used by the Instituto Nacional de Estadística, but both consistently show rising market levels.
The authorities also point to the difference between nominal and inflation-adjusted values: in real terms, that is, adjusted for inflation, average prices per square metre remain below the peaks of the previous property bubble, according to the ministry. This qualification is intended to avoid exaggeration, but it does not change the fact that affordability continues to decline for households on middle and low incomes.
The underlying issue is a structural imbalance between supply and demand. Construction activity lagged behind demand for a long time, building costs rose, available building land is scarce and migration within Spain to larger cities continues. Higher financing costs also make it harder for first-time buyers to access home ownership. The effects vary by region: economic and population centres such as Madrid push up average values, while peripheral areas report lower levels but, in some cases, similarly high percentage increases.
This has once again brought into focus the Plan Estatal de Vivienda 2026–2030 published in the official state gazette. It provides for support schemes for new construction and renovation, an expansion of the public housing stock and measures to make building land available. Instruments such as the designation of “zonas de mercado tensionado” are also under discussion, with the aim of curbing rents and prices in areas under particular pressure. Whether these measures will have a short-term effect remains unclear; for the current year, the authorities expect prices to continue rising, but moderately. Reversing the trend would require higher levels of new construction and a marked easing of costs and financing conditions.
Editor: Mira Cadena (Article created with AI assistance).