The value of housing, both new and second-hand in Spain, recorded in October a year-on-year increase of 13.7% compared with the same month of 2025, which is five tenths less than in September. Compared with September, the monthly increase was 0.9%, according to data from the Tinsa IMIE General and Large Markets index released this Friday.
With this recent trend, the residential price stands 8.2 points above inflation and is 3.5% above the highest levels reached during the real estate bubble of 2007 in nominal terms.
However, after adjusting for accumulated inflation over nearly two decades, the real value of homes continues to be 31.6% below those pre-crisis levels.
"In October, the residential price has continued to consolidate its gradual slowdown, although it continues to record strong year-on-year rates in all areas, above inflation and above the nominal 9% threshold designated in the macroeconomic imbalance procedure of the European Commission," Cristina Arias, Head of Research at Tinsa by Accumin, has said.
Performance by area: Mediterranean coast and metropolitan areas leading the way
The report details that the Mediterranean coast and metropolitan areas led the year-on-year advance in prices, with rebounds of 16.7% and 15.6%, respectively. Behind them were the capital cities and large cities, with an increase of 13.3%, the islands, with 13.2%, and the rest of the municipalities, where the rise was 10.3%.
In real terms, that is, discounting the effect of inflation, the increase in prices compared with October 2025 ranged between 5.2% and 11.3%, according to the document.
As for monthly performance by groups, the nominal variation ranged from 0.3% for the islands to 1.4% recorded in the capital cities and large cities. In real terms, these changes were between -0.4% and 0.7%, compared with the "stabilization shown by the rest of the analyzed groups," according to the report.
By eliminating the impact of inflation, the strongest signs of price deceleration are located in the island territory and in metropolitan areas. In contrast, the growth pace in capital cities and large cities remains after the moderations already observed in August and September.
Inflation, employment, and home sales: factors supporting the market
The head of studies at Tinsa by Accumin stresses that inflationary tensions continue to affect workers' purchasing power. Nevertheless, the solidity of employment, together with a savings rate that is still high, is allowing the level of household consumption to be maintained.
"In this context, residential transactions continue to moderate in the face of price growth, supply restrictions, higher interest rates, and greater purchasing effort. Despite this, they maintain a volume above the historical average, consistent with the population increase experienced in recent years," Arias has said.