Property prices in Spain have reached their highest average since early 2008, new figures show.
According to the housing ministry, prices rose 12% year-on-year in the third quarter of 2025, reaching an average of €2,153 per square metre.
That is higher than the €2,094 recorded in the previous quarter and the previous all-time high of €2,101, registered just before the financial crisis in 2008.
It means in practical terms, an 80m2 flat in Spain now averages around €170,000.
This marks the highest level ever recorded in the Ministry of Housing’s data series, which dates back to 1995 and is based on more than 154,000 official property valuations.
However, the ministry, led by Isabel Rodriguez, stressed that the figures are not adjusted for inflation.
If the 2008 peak were updated using consumer-price data, the equivalent today would be around €2,883 per square metre, meaning that, in real terms, prices are still below bubble-era levels.
Officials also point out that these statistics reflect valuation prices, which can differ from actual sale prices. Data from Spain’s notaries places the average price paid by buyers at €1,728 per square metre.
Spain’s square-metre price has been climbing almost continuously since mid-2014, with the only break occurring in 2020 during the pandemic. Back then, the national average stood at €1,456, meaning prices have risen nearly 48% in 10 years.
In the past three months alone, values have increased by 2.9%, marking the third consecutive quarter above €2,000 per square metre.
Quarter-on-quarter growth has remained steady at around 3% since late 2024. Year-on-year, however, the pace has clearly accelerated.
The current 12.1% rise is sharper than the 10.4% and 9% recorded in earlier quarters and is the fastest annual increase since 2005 – during the height of Spain’s property boom, when prices once surged by 18.5% in just 12 months.
A market split in two
Regional disparities remain stark, however. Madrid and the Balearic Islands now exceed €3,600/m2, for example, triple the price seen in lower-demand areas such as Castilla-La Mancha or Castilla y León.
These high-demand regions have also seen some of the strongest annual growth, surpassing 14%, alongside Cantabria, the Valencia region and Asturias.
At the other end of the scale, Extremadura remains Spain’s cheapest market, with prices under €1,000/m2 and an annual rise of just 3.8%.
Examining city-level data, Madrid and Barcelona stand at €5,034 and €4,374/m2 respectively. Malaga and Valencia hover around the €3,000 mark.
Meanwhile, some Balearic municipalities have surged beyond them all, including Calvià in Mallorca (€5,256), Ibiza (€5,271) and Santa Eulalia (€6,121), which make up the three most expensive municipalities in Spain with more than 25,000 residents.
At the bottom of the table sit Puertollano (Ciudad Real) and Villarrobledo (Albacete), both below €650/m2.
Read more Spain property news at the Spanish Eye.
