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Spain · report

Past price cycles in Spain

Appraised values have fallen by 3% or more 2 times since 1995. The deepest began in Q1 2008.

Deepest fall
−30.7%
Recovery from the low
132 months

Prices in Spain, indexed

Appraised values, both set to 100 in Q1 1995.

  • Spain
  • 100 = Q1 1995
Show the numbers
PeriodSpain
Q2 2026351.1
Q1 2026345.2
Q4 2025332.4
Q3 2025321.0
Q2 2025312.1
Q1 2025303.1
Q4 2024294.0
Q3 2024286.4
Q2 2024282.6
Q1 2024278.1
Q4 2023274.6
Q3 2023270.2
Q2 2023267.3
Q1 2023266.6
Q4 2022260.8
Q3 2022259.4
Q2 2022259.5
Q1 2022258.5
Q4 2021252.5
Q3 2021247.7
Q2 2021245.9
Q1 2021242.3
Q4 2020241.8
Q3 2020241.4
Q2 2020240.0
Q1 2020244.5
Q4 2019246.4
Q3 2019244.2
Q2 2019244.1
Q1 2019243.9
Q4 2018241.3
Q3 2018237.0
Q2 2018236.7
Q1 2018233.5
Q4 2017232.4
Q3 2017229.6
Q2 2017228.1
Q1 2017227.5
Q4 2016225.4
Q3 2016223.6
Q2 2016224.6
Q1 2016222.5
Q4 2015222.1
Q3 2015220.0
Q2 2015220.2
Q1 2015217.3
Q4 2014218.1
Q3 2014217.0
Q2 2014217.5
Q1 2014217.6
Q4 2013218.7
Q3 2013222.9
Q2 2013224.0
Q1 2013226.1
Q4 2012228.3
Q3 2012233.4
Q2 2012239.5
Q1 2012245.9
Q4 2011253.7
Q3 2011257.8
Q2 2011261.2
Q1 2011265.0
Q4 2010272.1
Q3 2010273.1
Q2 2010275.6
Q1 2010278.1
Q4 2009282.1
Q3 2009282.8
Q2 2009286.4
Q1 2009291.9
Q4 2008300.9
Q3 2008308.4
Q2 2008312.4
Q1 2008313.3
Q4 2007310.9
Q3 2007307.3
Q2 2007306.3
Q1 2007301.8
Q4 2006296.7
Q3 2006291.7
Q2 2006289.5
Q1 2006281.4
Q4 2005272.0
Q3 2005265.6
Q2 2005261.3
Q1 2005251.3
Q4 2004241.2
Q3 2004234.2
Q2 2004229.4
Q1 2004217.1
Q4 2003205.8
Q3 2003200.5
Q2 2003195.2
Q1 2003183.4
Q4 2002173.6
Q3 2002170.3
Q2 2002166.6
Q1 2002156.8
Q4 2001148.0
Q3 2001146.5
Q2 2001143.5
Q1 2001138.7
Q4 2000133.2
Q3 2000132.9
Q2 2000131.2
Q1 2000127.6
Q4 1999123.6
Q3 1999123.4
Q2 1999120.1
Q1 1999116.3
Q4 1998112.8
Q3 1998115.8
Q2 1998113.6
Q1 1998106.8
Q4 1997104.8
Q3 1997108.3
Q2 1997108.3
Q1 1997103.0
Q4 1996103.5
Q3 1996103.0
Q2 1996104.0
Q1 1996102.3
Q4 1995103.3
Q3 1995101.8
Q2 1995102.3
Q1 1995100.0

Every fall of 3% or more

From the peak to the lowest month after it, and how long prices took to get back.

PeakLowFallMonths fallingMonths to recover
Q3 1997Q4 1997−3.2%36
Q1 2008Q3 2014−30.7%78132

Spain against the EU since 2015

Eurostat's house price index for all dwellings, 2015 = 100. National figures, comparable across member states.

  • Spain
  • EU
  • 2015 = 100
Show the numbers
PeriodSpainEU
Q2 2026200.6168.6
Q1 2026194.1166.5
Q4 2025187.5164.6
Q3 2025184.1163.5
Q2 2025178.9161.0
Q1 2025172.0158.5
Q4 2024166.1156.2
Q3 2024163.1155.1
Q2 2024158.6152.7
Q1 2024153.2149.8
Q4 2023149.1148.9
Q3 2023150.7149.1
Q2 2023147.0148.2
Q1 2023144.0147.6
Q4 2022143.0148.7
Q3 2022144.2150.9
Q2 2022141.7149.6
Q1 2022139.1146.2
Q4 2021135.6143.2
Q3 2021133.9140.2
Q2 2021131.2136.0
Q1 2021128.1132.1
Q4 2020127.6129.8
Q3 2020128.6128.1
Q2 2020127.0126.3
Q1 2020126.9124.4
Q4 2019125.4122.7
Q3 2019126.3121.5
Q2 2019124.3119.8
Q1 2019122.9117.6
Q4 2018121.0116.8
Q3 2018120.5115.9
Q2 2018117.9114.2
Q1 2018115.0112.3
Q4 2017113.4111.2
Q3 2017112.4110.4
Q2 2017110.4108.8
Q1 2017108.2106.9
Q4 2016105.8106.1
Q3 2016105.4105.4
Q2 2016104.6103.8
Q1 2016102.7102.0
Q4 2015101.3101.1
Q3 2015101.3100.8
Q2 2015100.799.8
Q1 201596.798.3

Appraised values go back to 1995 for Spain, its regions and provinces, and to 2005 for municipalities over 25,000 inhabitants. They are quarterly, so falls are dated by quarter. A fall counts once values drop 3% below a peak, and ends when they are back at it.

Other reports for Spain

Next 12 months

Asking prices have an 80% chance of landing between €3,001/m² and €3,338/m² by September 2027.

Expected, September 2027
€3,170/m²
Chance of a rise
97%

Affordability

At the average appraised value, a 90 m² home costs €211,950. With 10% down and a 30-year mortgage, the payment is €808 a month. Spain sets no cap on the payment; lenders must assess each borrower's solvency.

Payment, two incomes
24%
Payment, one income
49%

Asking against valuation

In Q2 2026, sellers asked 22.2% more than appraisers valued homes at. A year ago the gap was +14.3%.

Gap today
+22.2%
Change in a year
+7.9 pp

New homes

42.5% more homes were licensed for construction in the last 12 months than in an average year of the past decade.

Licensed, 12 months
146,376
Per 1,000 residents
3.0

Foreign buyers

Buyers living abroad bought 7.0% of the homes sold here in the four quarters to Q2 2026.

Bought by buyers abroad, 12 months
7.0%

People and new homes

In 2024 the population grew by 510,212 while 97,837 homes were finished: 5.2 new residents for every new home.

New residents per new home, 2024
5.2
Population change, 2024
+510,212

Empty homes

14.4% of the 26,623,708 homes counted in the 2021 census stood empty, whether for sale, to let or for other reasons.

Empty, 2021 census
14.4%
Empty homes
3,828,307

Renovation

In 2025, 16% of the homes authorised were in existing buildings: conversions, extensions and changes of use.

Homes in existing buildings, 2025
16%

Public housing works

Public bodies signed €771.7M of housing works here in 2025, and €2.4B since 2017.

Signed in 2025
€771.7M
Per resident, 2025
€16