From Gesvalt,, a benchmark company in the field of consultancy, valuation and technical services, we publish our Housing Report for the fourth quarter of the year.. According to this study, based on our own data from our Research department, 2025 ends with a clear acceleration in housing price rises. At the end of the fourth quarter, the average selling price stood at 1,963 €/m², a year-on-year increase of 15.4% and a rise of 4.1% compared to the previous quarter.
At this price level, we estimate that purchasing a typical 90 square metre house requires an average investment of 176,670 euros., 153,090 needed for a similar house in the same period in 2024. In practical terms, this implies that buying a house today costs more than 23,000 euros extra in just one year..
Our analysis shows that price developments have been on a clear upward trajectory over 2025. Year-on-year growth stood at 10.3% in the first quarter, accelerated to 12.7% in the second quarter, reached 13.8% in the third quarter and is now ending the year with a rise of over 15%, reflecting an increasingly stressed market with little sign of moderation.
This price increase occurs in a context of strong market activity, with sustained growth in sales and purchases and in mortgages. Added to this is the dynamism of development activity: the processing of construction management visas reaches 115,279 authorisations in the period up to october 2025, 7.6% more than a year earlier. However, this momentum has not yet translated into an equivalent increase in finalised supply., The final work certifications fell by 10.6% to 73,788 dwellings, which shows the time lag between the start of new projects and their effective arrival on the market.
Rising housing prices spread to all the Autonomous Communities
During the fourth quarter of 2025, we observe that all the Autonomous Communities recorded year-on-year increases in the average selling price., This is a prolongation of the cycle of rising prices in the residential market.
The largest increases are concentrated in the Region of Murcia (+18.7%), the Community of Madrid (+18.4%), Cantabria (+17.7%), the Principality of Asturias (+16.2%), Andalusia (+15.2%), the Community of Valencia (+13.6%) and the Canary Islands (+11.9%), all of them with growth of over 10%. At the other extreme, Extremadura (+2.8%), Navarre (+4.0%) and La Rioja (+4.2%) show the most moderate growth, below 5%.
In terms of price levels, Balearic Islands maintain leadership, The average value of €3,371/m², followed by the Community of Madrid (€3,234/m²), the Basque Country (€2,691/m²) and the Canary Islands (€2,067/m²), the only regions to exceed the €2,000/m² threshold. At the bottom of the ranking are Extremadura (900 €/m²), Castilla-La Mancha (1,003 €/m²) and Castilla y León (1,139 €/m²), highlighting the fact that Only Extremadura still maintains average prices below €1,000/m²..
Among the provincial capitals, San Sebastián remains the city with the highest average selling price, 4,861 €/m², followed by Madrid (4,350 €/m²) and Barcelona (4,107 €/m²). Cities such as Palma de Mallorca, Malaga, Bilbao, Cadiz, Valencia, Vitoria and Seville, which are also well above €2,000/m², also exceed €2,000/m². joins this group at the end of the year.
The rental market maintains its upward pressure
At the provincial level, our analysis of the rental market shows significant increases in several areas.. Segovia (+14.8%), Ciudad Real (+14.4%) and Zamora (+13.6%) lead the increases, followed by Madrid (+12.8%) and Guadalajara (+12.6%). At the other extreme, Cáceres (-1.8%) is the only province with a year-on-year decrease, while Girona, which maintains its prices, Huesca (+1.8%), Pontevedra (+2.6%), Guipúzcoa (+2.7%) and Cantabria (+3.0%) present more contained increases.
In terms of prices, Barcelona (24.09 €/m²/month), Madrid (22.26 €/m²/month) and the Balearic Islands (19.64 €/m²/month) continue to lead the ranking. of the provinces with the highest rents. On the other hand, Jaén (5.70 €/m²/month), Cáceres (6.05 €/m²/month) and Teruel (6.34 €/m²/month) remain the most affordable options.
The capitals with the highest incomes are Barcelona (29.34 €/m²/month) and Madrid (27.32 €/m²/month), followed by San Sebastian, Palma de Mallorca, Valencia, Malaga, Las Palmas and Bilbao, all above 15 €/m²/month.