Residential real estate in Spain - statistics & facts

Spain’s versatile residential real estate market combines large cities with flourishing economies such as Madrid and Barcelona with coastal regions and islands, attractive for investors interested in the vacation rentals. The country’s capital, Madrid, registered almost 40,000 free housing transactions in 2023 – more than any other city and two times as many as in the second-largest city - Barcelona. The capital of the Balearic Islands, Palma de Mallorca, registered a total of about 5,000 residential real estate sales. The profitability of residential real estate with investment purposes varied across different cities, but the ones which yielded the most in 2022 were Gandia (Valencia), Manga del Mar Menor (Murcia), and Laredo (Cantabria).

Development of house prices in Spain

The housing market in Spain took a major hit during the Spanish financial crisis (2008-2014), with both house prices and rents plummeting after the burst of the housing bubble. Since 2016, house prices have risen year on year and in October 2023, the average square meter price of residential real estate exceeded 2,000 euros, almost reaching 2007 levels. Rents have also been on an upward trend, peaking at 12.1 euros per square meter in 2023. Though well below the levels before the crisis, the surge in both house prices and rents has raised major concerns about the affordability of housing. As a response, the Spanish government passed a new law in early 2022 tackling the housing affordability issue. Some of the measures include provisions to reserve 30 percent of newly constructed units for affordable housing, tax penalties for owners who keep multiple rental homes vacant for prolonged periods, and the option for regional governments to impose rent caps on rental housing owned by large landlords in stressed markets.

Focus on key markets

Unsurprisingly, the big economic centers in the country tend to have more active housing markets and fetch higher house prices. Bordering France and the Cantabrian Sea in the Bay of Biscay, Gipuzkoa was the second-most expensive Spanish province in 2023, followed by Madrid. The average house price in both provinces exceeded 3,000 euros per square meter in December 2023. Individual districts within cities also varied greatly. Madrid’s Salamanca, Chamberi, Chamartin, and Centro districts, as well as Barcelona’s Sarria-Sant Gervasi and L’Eixample boasted house prices of over 5,000 euros per square meter in December 2023 – more than double the national average. Famous for its beautiful architecture, walkability, and cultural life, Barcelona’s status as a popular destination for both tourists and expats has earned it a spot among the most expensive cities for rental properties in Europe.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.
Published by Statista Research Department, Feb 19, 2024

Key insights

Share of homes with an outstanding mortgage
27.7%
Foreign nationality with most housing bought in Spain
United Kingdom
Housing stock per 1,000 inhabitants
549
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Editor’s Picks Current statistics on this topic

Total population of Spain between 2010 and 2023 and forecast 2024 to 2028 (in millions)

Population

Total population of Spain 2028

Average mortgage interest rate in Spain from 2003 to 2023, by mortgage term

Mortgages & Financing

Average mortgage interest rate in Spain 2003-2023, by mortgage term

Average house price in Spain in 2nd quarter 2023, by region (in euros per square meter)

Residential Real Estate

Average house price per square meter in Spain 2023, by region

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