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From Gesvalt,, In the first quarter of 2025, we have published our latest Housing Report for the first quarter of 2025. The study, carried out with our own data by the company's Research department, reflects a 10.3% increase in house prices compared to the same period last year.
This increase breaks a trend of consecutive increases over the past fifteen months, which were becoming increasingly pronounced. The last quarter of 2024 already saw a record high not reached since before the pandemic with an increase of 10.6%. This shows that price increases are occurring at a slower pace compared to the previous quarter.
Our experts continue to witness a scenario of uncertainty regarding the evolution of housing prices in the current and coming years. Although at the end of 2024, some indicators such as the volume of sales and purchases or the granting of mortgages show a certain reactivation of the real estate market, the shortage of supply and its inability to meet demand in the most active markets mean that housing prices could continue to rise, although at a more sustained pace than that observed in the second half of last year.
Given this increase, the price of housing stood at €1,728/m², which represents an increase of 1.6% in price compared to the value recorded in the previous quarter. At the same time, this price is 27.0% below the all-time high recorded in the fourth quarter of 2007. Against this backdrop, to purchase a property with an average value and a floor area of 90m² would currently require an outlay of €155,520, compared to the €140,940 recorded in the first quarter of 2024.
For the seventh consecutive quarter, all the Autonomous Communities have experienced a year-on-year increase in the average selling price, maintaining the growth trend that began in 2021, with the exception of Extremadura, where prices fell by 0.6%.
In the first quarter of 2025, the Balearic Islands once again leads the price ranking with a value of €3,140/m² and once again becomes the region with the highest house prices in Spain, once again exceeding the €3,000 limit. The Community of Madrid follows in second place, with a value of €2,835/m², while the Basque Country is in third place with a house price of €2,493/m² in the last quarter of the year. Consequently, these three regions are the only ones to exceed the average price of €2,000/m². In contrast, the only regions with prices below €1,000/m² were Extremadura (€868/m²) and Castilla-La Mancha (€931/m²).
Uneven house price developments
In terms of house price increases, the Canary Islands (+12.8%), the Community of Madrid (+11.4%), the Region of Murcia (+10.8%), the Community of Valencia (+10.3%) and the Balearic Islands (+9.8%) were the only ones with increases equal to or higher than 9%. At the other extreme, Navarra (+1.5%), Castilla y León (+1.5%), Aragón (+1.6%), Galicia (+2.3%), Castilla-La Mancha (+2.4%), País Vasco (+4.6%) and La Rioja (+4.8%) were the regions where growth was less than 5%.
At the provincial level, the largest year-on-year increases in prices were recorded in Santa Cruz de Tenerife (+12.9%), Malaga (+12.3%), Madrid (+11.4%), Valencia (+11.3%), Alicante (+11.2%), Murcia (+10.8%) and Las Palmas (+10.0%), these being the only provinces with increases of over 10% compared with the same period of the previous year. On the other hand, Ourense (-3.3%), Badajoz (-2.4%), Córdoba (-2.0%), Burgos (-1.4%), Ciudad Real (-1.0%) and León (-0.8%) are the provinces that have experienced falls in the average sale price of housing.
In terms of prices by province, the highest values show a stable trend. The list is headed by the Balearic Islands (3,140€/m²), Guipúzcoa (3,031€/m²), Madrid (2,835€/m²), Málaga (2,709€/m²), Vizcaya (2,475€/m²) and Barcelona (2,083€/m²), with values above 2,000€/m². At the other extreme, fourteen provinces continue to register prices below €1,000/m², the cheapest being Ciudad Real (€647/m²), Cuenca (€763/m²), Jaén (€819/m²), Teruel (€857/m²) and Badajoz (€867/m²).
Rental market on the rise in all Spanish provinces
The rental market continues to experience significant growth this quarter. During this period, all Spanish provinces have recorded growth in the price of rented housing compared to last year. In this regard, the largest increases were observed in Zamora (+16.8%), Teruel (+16.1%), Ávila (+15.7%), Huesca (+15.5%) and Palencia (+15.3%). In contrast, only Guipúzcoa (+2.2%), Cuenca (+2.7%), Cáceres (+3.5%) and Ourense (+4.2%) show year-on-year increases of less than 5%.
In terms of rental prices, Barcelona (€23.71/m²/month), Madrid (€20.34/m²/month) and the Balearic Islands (€19.05/m²/month) occupy the top positions in the ranking. On the other hand, the provinces with the most affordable rents are Jaén (5.42 €/m²/month) and Cáceres (5.98 €/m²/month).
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