The cost of buying a resale home in Spain has reached its highest level in over two decades, according to the latest data from the Fotocasa Real Estate Index. In June 2026, asking prices for second-hand properties averaged €3,133 per square metre, marking a 17.2% increase compared to the same month in 2025 and a 4% rise from the previous quarter.
This upward trajectory has been relentless: prices set new records in four of the first six months of the year. The trend reflects a deepening imbalance between robust demand and a constrained supply of available housing, particularly in the country's most dynamic markets.
Supply Shortage Fuels Acceleration
María Matos, head of research and spokesperson at Fotocasa, attributes the surge to a sharp mismatch. “The shortage of available properties, financing conditions and demographic pressure in the main markets are driving prices up and making it more difficult to access housing,” she said. “The result is ever faster price growth that makes it harder to access housing and widens the affordability gap for a large proportion of households.”
The Fotocasa data aligns broadly with figures from Spain's National Statistics Institute (INE), though the two sources use different methodologies. While Fotocasa tracks asking prices on listings, the INE records actual transaction prices. The INE reported a 12.9% year-on-year increase in overall housing prices in the first quarter of 2026, with second-hand homes rising 13.5%.
Regional Disparities Widen
Sixteen of Spain's seventeen autonomous communities saw quarterly price increases in the second quarter. The Region of Murcia led with an 8.6% rise, followed by Cantabria (6.3%), the Valencian Community (5.9%), Castile and León (5.6%), and La Rioja (5.1%). The Canary Islands was the sole exception, recording a 0.7% decline.
On an annual basis, Murcia again topped the list with a 28% jump, ahead of Cantabria (20%), the Valencian Community (19.8%), Asturias (17%), and Andalusia (16.9%). The report notes that “June 2026 ended with 14 autonomous communities posting double-digit year-on-year increases, compared with 11 in 2025, six in 2024 and seven in 2023.”
The most expensive regions remain the Balearic Islands and Madrid, at €5,441 and €5,410 per square metre respectively. They are followed by the Basque Country (€3,925), Catalonia (€3,418), and the Canary Islands (€3,374). At the other end of the spectrum, Extremadura (€1,352), Castile-La Mancha (€1,407), and Castile and León (€1,816) offer the most affordable resale homes.
Provincial and Urban Hotspots
Among provinces, forty-six recorded quarterly gains, with León (10.7%), Palencia (10.2%), and Murcia (8.6%) seeing the steepest rises. Only Cuenca, Huelva, Santa Cruz de Tenerife, and Ávila experienced price drops. The Balearic Islands remain the most expensive province at €5,441 per square metre, followed by Madrid (€5,410), Guipúzcoa (€4,695), and Málaga (€4,690). Jaén is the most affordable at €1,112 per square metre.
In provincial capitals, León posted the largest quarterly increase, while Donostia-San Sebastián retains the highest average price in Spain at €7,158 per square metre, ahead of Madrid (€6,630), Barcelona (€5,368), Palma (€5,275), Málaga (€4,320), and Bilbao (€4,157).
At the municipal level, Santa Eulària des Riu in Ibiza tops the national ranking with €8,491 per square metre, followed by Sant Antoni de Portmany (€8,284) and Eivissa (€7,441). In Madrid, the Salamanca district reaches €10,786 per square metre, while Sarrià-Sant Gervasi leads Barcelona at €7,540 per square metre.
The sustained price growth underscores a broader European challenge: housing affordability. As Spain's market tightens, policymakers may need to address supply constraints to prevent further exclusion of first-time buyers and younger households. The trend also has implications for the wider eurozone economy, given Spain's size and the potential for spillover effects on consumer spending and migration patterns.
