The Spanish real estate market accelerated noticeably in 2025. According to Spain's national statistics office (Instituto Nacional de Estadística, INE), the transaction-based Housing Price Index rose 12.9% year-on-year in the fourth quarter of 2025, existing housing up 13.1%, new housing up 11.2%. On a quarter-on-quarter basis, prices climbed 1.8%.
Demand for housing remains firm
The recovery follows a period of price stagnation between 2008 and 2015. Since then, demand in Spain has grown structurally, driven by domestic purchasing power and sustained interest from abroad. CaixaBank Research describes the market as entering a new expansionary phase, with growing supply shortages in major cities.
Foreign buyers: 13.52% of the market
In Q4 2025, foreign buyers represented just over 24,200 transactions, 13.52% of all registered home purchases. On a rolling twelve-month basis the share came in at 13.82%, slightly below a year earlier (14.60%). According to the Spanish Asociación de Registradores, the dip is not the result of weakening foreign demand but of a faster-growing domestic market.
