Note
Spain house prices in 2026: what the data shows
Quick answer
In the second quarter of 2026 the national index showed annual growth of 12.2%, down from the previous quarter, and the registrars’ average price per square metre reached €2,487 per m². The central bank reported real growth of 9.7% for 2025. These are past figures, not a forecast.
Applies toBuyers who want the latest official price figures for 2026 in one place.
On this page: 10 sections
§ 1The second quarter
The Housing Price Index of the statistics office, released on 7 September 2026, put annual growth for all dwellings at 12.2% in the second quarter of 2026. The release says this was 0.7 points lower than in the previous quarter. Prices rose 3.4% from the first quarter. This page belongs to the chapter in more on prices.
§ 2New and second-hand
The index splits homes into new and second-hand. New homes rose 7.4% over the year, which the release describes as a fall of 1.7 points. Second-hand homes rose 12.9%, 0.6 points lower than before. The gap between the two shows that growth was driven by the resale market. More on the house price index explains how the index is built.
§ 3Registered prices
The registrars’ release for the second quarter reports an average of €2,487 per m², a rise of 2.4% on the previous quarter. For new homes it gives €2,636 per m² and for second-hand homes €2,448 per m². It also notes that the new-home average fell on the quarter while the second-hand average rose. More on price per square metre explains the difference between an index and a level.
§ 4The year before
The Bank of Spain reports that real house prices rose 9.7% in 2025, and nominal prices rose 12.7%. Real means adjusted for inflation. The two figures describe the same year and differ only by that adjustment. The bank also says that the increases were concentrated in the provinces that were already the most expensive.
§ 5The regions
Regional rates in the second quarter ranged from 9.5% in Navarre to 15.2% in Ceuta. More on prices by region lists the highest and lowest regions and explains why a regional figure is still an average.
§ 6What to take from it
Prices are still rising strongly but growth slowed slightly in the second quarter. That is all the data says. It does not say that the slowdown will continue or that prices in your chosen town behave like the national figure. Use the numbers as context for a budget and not as a signal.
§ 7Updates
The next index release will replace these figures. Our page notes the release it uses and when we read it, and will be updated when a new one arrives.
§ 8How to use 2026 figures
Put the latest quarter in context: it is one reading in a long series, and it describes the past. Compare it with the same quarter a year earlier, and then with the local sales you can find. A budget should survive prices that are flat, and a purchase should survive a fall in the market.
§ 9Real and nominal
Nominal means in current euro. Real means after removing inflation. Both are correct, but they answer different questions, and an article that mixes them is misleading.
§ 10More on this topic
More on price forecasts explains what forecasts are worth and what the central bank says and more on the average price explains what an average house price means.
FAQRelated questions
How fast are prices rising in 2026?
The latest official reading is 12.2% a year on, a touch under the quarter before. Expect the next release to replace it, and compare any figure with the date it covers.
Are new and second-hand homes different?
Yes. In the second quarter new homes rose less over the year than second-hand homes in the official index, and the registrars report different price levels for the two. Check which type you are buying before using an average.
Is the 2026 figure real or nominal?
The statistics office index is nominal, meaning not adjusted for inflation. The central bank reports real growth separately for 2025. Compare like with like, or the growth will look larger or smaller than it is.
Sources
- Banco de España: Informe de Estabilidad Financiera, Primavera 2026, capítulo 4 (official source, opens in a new window), Overvaluation range, price growth, risksLast checked 17 October 2026
- 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
- Colegio de Registradores: Estadística Registral Inmobiliaria, 2T 2026 (official source, opens in a new window), Sales, foreign buyers, price per m², mortgagesLast checked 17 October 2026
General information only. This is not legal, tax or financial advice. Check your own situation with a qualified adviser.