The price of housing in Spain has climbed by more than 40% in the past ten years, now averaging over €2,000 per square metre (m²). In the Canary Islands, the rise has been even sharper — almost 52%, increasing from €1,318/m² in 2015 to nearly €2,000/m² today, a difference of around €680.
According to data from the Ministry of Housing and Urban Agenda, the steepest rise has occurred in the Balearic Islands, where prices have almost doubled in a decade.
Carla, a young woman from Tenerife, summarises the struggle many face in finding affordable accommodation: “Even with two salaries, we can’t afford it.”
Record Levels and a Decade of Continuous Growth
In the second quarter of 2015, the average price of housing in Spain was €1,476/m². By the same period in 2025, it had risen to €2,093/m² — an increase of €616.
Over the past ten years, housing prices have risen steadily:
- Between 2016 and 2018, the price per square metre exceeded €1,500.
- Between 2019 and 2021, it remained above €1,600.
- Since 2022, it has surpassed €1,700.
- In 2024, the average reached €1,900, and in 2025, for the first time since the 2008 property bubble, it has crossed the €2,000 threshold, reaching €2,093/m².
Current figures are now approaching the historical record since data collection began in 1995 — the all-time high was registered between January and March 2008, at €2,101/m².
Persistent Supply Shortage and Growing Demand
The lack of available housing, combined with strong demand, continues to push prices higher and make access to property increasingly difficult — particularly for young people, who remain among the latest in Europe to leave the family home.
Between April and June 2025, property prices were 10.4% higher than a year earlier and 41.7% higher than in 2015. Although the growth rate has slowed slightly this year, the cumulative increase still stands at 9.7%.
Balearic Islands Lead the Price Surge
Among Spain’s autonomous communities, the Balearic Islands have seen the most dramatic increase, with prices soaring by 82.4% over the past decade. In 2015, the average price per square metre was €1,927; today, it exceeds €3,518, a rise of almost €1,600.
Together with Madrid, the Balearic Islands are the only regions where the average price exceeds €3,000/m². In the Community of Madrid, the current average is €3,631/m², up 75% from €2,078/m² in 2015.
The Canary Islands follow with a 52% rise, from €1,318/m² to nearly €2,000/m², while Catalonia has seen a 49% increase, from €1,680/m² to €2,499/m², an additional €820 per square metre. In the Valencian Community, prices have risen by 46% in ten years (from €1,140/m² to €1,672/m²), and in Andalusia, by 43.5%, now averaging €1,741/m².
Extremadura Remains the Cheapest Region
The remaining autonomous communities recorded more moderate increases, generally below the national average.
- Navarre: +33%, reaching €1,784/m²
- Ceuta and Melilla: +31.4%, to €2,027/m²
- Aragon: +26.8%, to €1,537/m²
- Galicia: +26.3%, to €1,490/m²
- Asturias: +24%, to €1,578/m²
- Cantabria: +22.4%, to €1,851/m²
- Murcia: +20%, to €1,185/m²
- Castilla-La Mancha: +19.6%, to €1,060/m²
- La Rioja: +19%, to €1,317/m²
- Basque Country: +14%, to €2,792/m²
- Castilla y León: +11.6%, to €1,172/m²
Extremadura closes the list as both the least expensive and least inflationary region, with an increase of just 6.8%. It remains the only community where the average price per square metre is still below €1,000, standing at €920/m².
