Residential real estate in Spain - statistics & facts

Spain has a versatile residential real estate market: on one hand, the largest cities such as Madrid, Barcelona, and Valencia concentrate most of the residential real estate sales. On the other hand, the coastal regions and islands attract a lot of investors interested in properties for rent or vacation homes. The country’s capital, Madrid, registered almost 43,000 free housing transactions in 2021 – more than any other city and about three 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 over 10 percent in 2022 were Gandia (Valencia), Aguilas, La Manga del Mar Menor (Murcia), and Santa Pola (Alicante).

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 2021, the average square meter price of residential real estate reached 1,829 euros, up from 1,521 euros in 2016 but still below the peak in 2013. Despite a slight drop in 2021, rents in Spain rose for seven consecutive years since 2014. In 2021, the housing market recorded the highest number of home sales since 2006. 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.

Residential real estate in 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 is the most expensive Spanish province, followed by Madrid. The average house price in both provinces exceeded 3,000 euros per square meter as of July 2022. Individual districts within cities also varied greatly. Madrid’s Salamanca, Chamberi, Chamartin, and Centro districts, as well as Barcelona’s Sarria-Sant Gervasi, Les Corts, and L’Eixample boasted house prices of over 4,000 euros per square meter as of the second quarter of 2022 – 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, May 25, 2023

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 2027 (in millions)

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Total population of Spain 2027

Mortgage interest rate in Spain from 2003 to 2022, by mortgage term

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Mortgage interest rate in Spain 2003-2022, by mortgage term

Average house price in Spain in December 2021, by region (in euros per square meter)

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Average house price per square meter in different regions in Spain 2021

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