Note
Spain house price index: how to read the IPV
Quick answer
The statistics office publishes the Housing Price Index every quarter. Its second quarter 2026 release put annual growth at 12.2% and quarterly growth at 3.4%, with the base year 2025. An index measures change, not the price of a typical home.
Applies toReaders who see index figures quoted and want to know what they mean.
On this page: 9 sections
§ 1What it is
The Índice de Precios de Vivienda, or IPV, is the housing price index of the Instituto Nacional de Estadística. It is published every quarter, with a press release, and describes how the prices of homes change over time. This page belongs to the chapter in Spain property prices.
§ 2The latest release
The release for the second quarter of 2026, published on 7 September 2026, says the annual variation rate of the index stood at 12.2%, down 0.7 points from the previous quarter, and that prices rose 3.4% on the quarter. New dwellings rose 7.4% over the year, and second-hand dwellings 12.9%. The base year is 2025.
§ 3Reading the rates
An annual rate compares the latest quarter with the same quarter a year earlier. A quarterly rate compares it with the previous quarter. If prices jump in one quarter, the annual rate stays high for four quarters. So a falling annual rate does not mean falling prices: in the second quarter of 2026 the annual rate fell while prices still rose on the quarter.
§ 4New and second-hand
The index is published for new and for second-hand dwellings. They behave differently because they are different markets. Second-hand homes are the larger part of the market, and they set the pace of the headline figure. For a foreign buyer the difference matters: new homes carry VAT and stamp duty, and second-hand homes carry transfer tax, as the costs section explains.
§ 5Regions
The release gives annual rates for each region. In the second quarter the highest were Ceuta at 15.2% and Asturias at 15.0%, and the lowest were Navarre at 9.5% and the Basque Country at 10.0%. How prices by region works discusses what regional rates tell you.
§ 6What it does not tell you
It does not give the price of a home, a street or a town. It does not cover asking prices. It lags the market by the time it takes to register deeds and compile the data. And it is nominal, not adjusted for inflation, unlike the real figure that the central bank also reports.
§ 7Where to find it
The statistics office publishes the press release and the full tables on its site, with a calendar of future releases. How price per square metre works explains the other main kind of figure, the price per square metre.
§ 8Chained and fixed bases
The index is expressed relative to a base year, here 2025, so a value is meaningful only against another value in the same series. Compare the index with itself over time, and do not compare its numbers with a price in euro.
§ 9More on this topic
Prices in 2026 explained explains what the 2026 price figures show so far and price forecasts explained explains what forecasts are worth and what the central bank says.
How the average price works explains what an average house price means.
FAQRelated questions
What does the index measure?
The change in the prices of homes over time, for homes of constant quality. It does not tell you what a house costs. For levels in euro per square metre, use the registrars’ statistics, and always check the area.
What is the difference between annual and quarterly rates?
One looks back a full year, the other only one quarter. A big jump in a single quarter keeps the yearly figure high for the following three, even when the latest quarter is calm.
Does the index include asking prices?
No. It is built from price data taken from deeds, not from portal advertisements. For that reason it moves later than asking prices, and it is the better guide to what buyers actually paid.
Sources
- Instituto Nacional de Estadística: Housing Price Index (HPI), Q2 2026 press release (official source, opens in a new window), Annual and quarterly change; regionsLast checked 17 October 2026
General information only. This is not legal, tax or financial advice. Check your own situation with a qualified adviser.