Property Prices In Spain Have Hit An All-Time High
It's good news for Spanish homeowners. The prices for pre-owned properties in Spain have hit a historic high. According to data released in February 2025, property prices are at their highest since records began, with the average price for a 100 sqm property sitting at over €220,000.
In the last three months alone, property prices increased by 1.2%. These figures come from the Idealista property portal.
This is great news for Spanish homeowners, especially those looking to sell their properties, but less so if you're trying to get on the property market. So how much can you expect to spend on a house in Spain? And how do prices differ by region?
Let's delve in to answer these questions and more.
Spain's property boom
Property prices in Spain are now at an all-time high, even higher than during the previous property bubble peak of 2007.
Figures vary from analyst to analyst, but real estate search engine Fotocasa found that the year-on-year price increase for second hand properties was 10.1 percent in February 2025. They found that property in Spain now costs €2,460 per square metre, which is even higher than the Idealista figures quoted above.
Prices are at a new historical maximum, but how long will they stay this way? And will the bubble burst? The short answer to this question is no. Demand for property in Spain is only set to rise, and in fact Spain is in the grips of a housing crisis, as there simply isn't enough property available to meet demand.
This means that many experts believe that now is a good time to get on the property ladder in Spain, if you haven't already taken the plunge. Between 2008 and 2014 property prices in Spain dropped by 30%, and now the country is in a period of incredible recovery that doesn't show any sign of slowing.
What are the regional variations of property price?
Property prices are increasing across 15 out of 17 Spanish regions, comparing February's figures to January's figures. The only two regions where property prices fell slightly were Navarra and Extremadura.
The region seeing the highest increase is Madrid, where property prices increased by 2.5% month on month, and in second place is Andalusia, where property prices increased by 2.3% month on month.
Other regions saw increases too: the Canary Islands rose 2%, Asturias 1.4%, the Balearic Islands 1.3%, Cantabria and Murcia 1.2% each, and Aragón and Valencia 1.1% each.
The following regions all saw noticeable increases, but these below one percent: property prices in Castilla-La Mancha and the Basque Country rose by 1%, Catalonia by 0.9%, Castilla y León and Galicia by 0.7%, and La Rioja by 0.4%.
How much does property cost in Spain right now?
Just like the property price increases, the cost of property in Spain varies from region to region. It is no coincidence that many of the regions with the most expensive property are also popular with tourists and second home owners.
The region with the most expensive property in Spain right now is the Balearic Islands, where property costs €4,789/m². This is followed by Madrid at €3,949/m², then the Basque Country at €3,092/m² and the Canary Islands at €2,922/m². In fifth place is Catalonia at €2,451/m².
The cheapest places to buy a property in Spain are Castilla-La Mancha at €943/m², Extremadura at €960/m² and Castilla y León at €1,195/m².
Are you thinking of taking the plunge and moving to Spain? If you've always dreamt of relocating but don't know where to start, then our local property experts are perfectly placed to help you find the Spanish property of your dreams. Why not get in touch today?
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