House prices across Spain are continuing to surge, but the pace of growth is being driven overwhelmingly by Murcia, Madrid and Andalucia.
These three regions topped the national rankings for annual increases in 2025, according to new figures from property portal idealista.
Across the country as a whole, second-hand homes are now 16.2% more expensive than a year ago, with prices rising almost 5% in the last quarter.
The average resale property is priced at €2,639 per square metre, pushing Spain’s housing market to its highest level on record.
Murcia leads the national surge
The fastest growth has been recorded in the Region of Murcia, where asking prices have jumped by 23.6% year-on-year.
The Community of Madrid follows closely with a 21% increase, while Andalucia is not far behind on 18.9%, underlining the intense pressure being felt in Spain’s most popular residential and lifestyle regions.
Other communities also posted double-digit growth, including Cantabria (18.6%), the Valencian Community (17.3%) and Asturias (16%), while price rises were more restrained in regions such as Navarra, Galicia and Extremadura.
Despite slower growth, the Balearic Islands remain Spain’s most expensive region overall, with average prices now above €5,160/m2, followed by Madrid (€4,562/m2) and the Basque Country (€3,421/m2).
Capitals: Strong rises, but uneven momentum
Every provincial capital in Spain is now more expensive than it was a year ago, though the scale of increases varies sharply. Leon recorded the steepest rise among capitals, followed by Santa Cruz de Tenerife, Santander and Salamanca.
In the largest urban markets, prices continue to climb at a brisk pace. Madrid has seen annual growth of more than 17%, while Valencia, Palma, San Sebastian, Sevilla, Malaga and Barcelona have all registered solid double or high single-digit increases.
At the top end of the market, San Sebastian remains Spain’s most expensive capital at €6,450/m2, ahead of Madrid and Barcelona. At the opposite end, Zamora continues to offer the lowest average prices among provincial capitals.
Provinces tell a similar story
Looking beyond city centres, nearly every province in Spain recorded annual price growth. Only Ourense and Teruel bucked the national trend, both posting modest declines.
Once again, Murcia, Madrid and Valencia dominate the provincial rankings for growth, with parts of Andalucia, including Malaga and Almeria, also seeing strong upward pressure.
The most expensive provinces are led by the Balearic Islands and Madrid, while Ciudad Real, Jaén and Cuenca remain the most affordable.
Supply crunch still driving the market
Idealista attributes the sustained acceleration in prices to a structural lack of housing supply, with new construction failing to keep pace with household formation since the 2008 financial crisis.
With demand continuing to outstrip supply in key regions – particularly Madrid, the Mediterranean coast and southern Spain – price pressures show little sign of easing in the short term.
The index is based on advertised asking prices for second-hand homes, filtered to remove duplicate and atypical listings, and calculated using median values to reflect prevailing market conditions.
