The Spanish residential market is heading towards a "change of cycle" after the highs reached in 2025, in a scenario of progressive normalization of activity. Demand continues to be intense, but it is beginning to show "adjustment" symptoms, according to Fotocasa, Pisos.com and Idealista, in light of the latest INE data.
From Fotocasa, the director of Studies, María Matos, has assured that "the housing market maintains notable dynamism, with a very high volume of sales that prolongs the positive inertia initiated in 2025", although she has specified that the sector "has entered a phase of normalization after the highs of the past year".
In this regard, Matos has pointed out that the market is "on the verge of a change of cycle driven by the mortgage market", in an environment in which financial institutions are evolving towards "a more prudent position", which could translate into "a slight moderation in the pace of mortgage lending in the coming months".
For his part, the director of Studies at pisos.com, Ferran Font, has pointed out that "February prolongs the adjustment trend, although in a very contained way", and has stressed that, despite this, "demand continues to show solidity" and the market maintains "a very high level of activity".
Likewise, Font has highlighted that "the combination of limited supply and solid demand points to prices maintaining an upward trend in the short term," while insisting that the sector continues at high levels of activity in cumulative terms.
From idealista, its spokesperson Francisco Iñareta has warned that "it is still too early to ensure a change in trend", although he acknowledges that the statistic "seems to indicate a ceiling in the volume of operations".
In this regard, Iñareta has explained that this situation responds, in part, to the fact that "a part of the demand is being withdrawn due to the high prices that housing has reached and a scenario of interest rate increases", which introduces pressure on the market's evolution in the coming months.
The three companies have agreed to point out that, after several years of strong growth, the market is entering a phase of adjustment and stabilization, in which the evolution of demand, financing conditions, and price levels will be "determinants" for marking the pace of activity.