House prices in Spain rose in every municipality with more than 25,000 inhabitants in the second quarter of 2026. That is 306 out of 306 localities in the appraised-value series published by the Ministerio de Vivienda y Agenda Urbana (Ministry of Housing and Urban Agenda). It is the first time this has happened since the series began, in 2005.
The average appraised value of open-market housing stood at €2,355 per square metre, 12.5% higher than a year earlier. It is the fifteenth consecutive quarter of increases.
What the Ministerio actually says
Until this quarter, even in strong years, some municipality among those 306 still recorded a fall. In the second quarter of 2026, not one fell. In 80% of them the year-on-year increase exceeded 10%.
An 80 m² home cost €20,920 more than a year earlier on the national average. In the Balearic Islands, that same floor area added €37,008. In Madrid, €36,696. In Gipuzkoa, €31,912. In Málaga, €30,008. The city of Valencia rose 17.6% year on year. Santa Cruz de Tenerife, 15.2%. Regions that used to lag behind, among them Castilla y León, Castilla-La Mancha and Aragón, are now among the fastest growing.
Santa Eulària des Riu stands at €6,844 per square metre. Villarrobledo, at €666. The gap is still wide. The direction is the same.
Why prices are rising outside Madrid and Barcelona
Supply is the bottleneck, and it is a national one. New-build output has not kept pace with household formation. Land, permits and labour remain scarce.
When Madrid and Barcelona get more expensive, demand does not disappear. It moves: the daily commuter, the remote worker, the domestic buyer who can no longer afford the centre, and the foreign buyer who still sees Spain as cheap next to northern Europe.
The difficulty of buying is spreading. It is no longer concentrated. It changes who can purchase, who has to rent, and where political pressure on housing will surface.
This is not the credit bubble of 2007. Lending is tighter, construction is slower, and a meaningful share of demand pays cash or puts down a large deposit. This is structural scarcity meeting broader demand. That combination outlasts a credit cycle.
What it means for anyone investing in Spanish property
The advertised market has already absorbed the last twelve months. Portals and auctions are already bidding that increase in plain sight.
The question is no longer whether to buy in Spain. It is which city, which product, and whether the asset has already been through a nationwide bidding contest.
Secondary cities and metropolitan commuter belts can still offer a better entry point than the shop-window postcodes. They are no longer cheap by default. You have to analyse local supply, not last year’s percentage.
Off-market access
Public listings will keep reflecting the 12.5%. The advantage sits before that increase is fully priced in: the asset that has not gone out to an open competition among buyers.
That is RS Bersy’s work. We originate under mandate for family offices and institutional investors: value-add residential, student housing and co-living, car parks, tourism assets, non-performing loan portfolios and surface rights (leasehold development rights). It is not about chasing the headline. It is about reaching the asset while the next 10% is still on the table.
Spain is getting more expensive in all 306 municipalities of more than 25,000 inhabitants at once. Anyone who wants the table can consult the Ministerio’s series. Anyone who wants the stock that is not in it, call us.
Source
Ministerio de Vivienda y Agenda Urbana, appraised value of open-market housing, second quarter of 2026. Municipal-level reading by CaixaBank Research. Published on 19 September 2026 (Vozpópuli; also Idealista News and Infobae).