Spain's residential property market maintained strong upward momentum in the first quarter of 2026, with house prices rising 14.3% year-on-year, according to the latest IMIE Mercados Locales report from Tinsa by Accumin. In real terms, once inflation is accounted for, the increase stands at 11.8% — up from 10.7% the previous quarter — with the average price now sitting at approximately €1,987/m².
The quarterly rate also accelerated, with prices rising 3.2% between January and March compared to the final quarter of 2025, reinforcing the market’s continued growth trajectory. Since the market's lowest point in the summer of 2015, house prices have risen by 68%, though they remain 4.5% below the peak values recorded at the height of the 2007 property boom.
Residential apartment buildings in southern Spain, where house prices have seen some of the sharpest increases in Q1 2026. Photo: Freepik
Which regions recorded the sharpest increases
Price growth was broad-based but uneven, with the strongest pressure concentrated in economically active regions and high-demand coastal markets. According to the Tinsa report, of the 19 autonomous communities and autonomous cities, 14 recorded year-on-year nominal increases above 10%, compared with 11 the previous quarter. The regions with the highest growth were:
- Comunidad de Madrid: +19.2%
- Comunidad Valenciana: +19.1%
- Castilla-La Mancha: +18.8%
- Canary Islands: +17.8%
- Cantabria: +16.2%
- Región de Murcia: +16%
- Balearic Islands: +15.5%
At the other end of the scale, Extremadura, Ceuta, La Rioja, and Melilla recorded annual growth below 8%.
Four regions have now surpassed their own price peaks from the 2007 boom in nominal terms: the Balearic Islands, the Comunidad de Madrid, Melilla, and — for the first time this quarter — the Canary Islands. At a provincial level, price increases intensified in 40 of Spain's 52 provinces, with the sharpest rises concentrated in Madrid and surrounding areas, the islands, the Mediterranean coast, and the Cantabrian coast.
How affordability is holding up
The national average affordability ratio —
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