Spain's property market entered 2026 with prices rising at their fastest pace in nearly two decades. The national average for new and resale housing reached €1,987 per square metre in Q1 2026, representing a 14.3% year-on-year increase and 11.8% growth in real terms after adjusting for inflation. To put that in practical terms: at the national average, a 90m² apartment costs approximately €179,000. But that figure is almost meaningless in isolation, because Spain is not one property market — it is seventeen very different ones.
The difference between the most and least expensive regions is stark. The Balearic Islands sit at more than four times the price per square metre of Extremadura. Understanding the regional picture is the essential starting point for any buyer comparing locations. All figures in this article are drawn from Tinsa's IMIE Mercados Locales index and reflect Q1 2026 data covering new and resale housing combined. They should be treated as indicative — prices within any region can differ substantially depending on location, property type, and condition. Where city-level figures are quoted separately, these refer to resale market data and will differ from the broader regional average.
Barcelona is one of Spain's most active property markets, with prices well above the national average. Photo: Freepik
It is also worth keeping in mind that the purchase price is only part of the budget. Taxes, notary fees, land registry costs, and legal fees typically add 10 to 14% on top of the agreed price — our guide to buying property in Spain covers those costs in full.
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Balearic Islands — approx. €4,200/m²
The Balearic Islands are the only Spanish region to have fully recovered and matched the peak values of the 2007 boom in real, inflation-adjusted terms. Ibiza and Formentera sit at the very top of the price range; Mallorca covers a broad spread from luxury coastal villas to more accessible inland towns; Menorca offers the most moderate entry point of the four islands.
At the regional average, a 90m² apartment costs around €378,000, though prime coastal locations will take that considerably higher. Supply is structurally constrained across all islands, and short-term rental licensing restrictions have added further pressure on the purchase market. If the islands are on your shortlist, see what is currently available in the Balearics.
Clifftop properties in Mallorca represent some of the highest price per square metre in Spain. Photo: Freepik
The Community of Madrid recorded the highest year-on-year growth of any region in Q1 2026, at 19.2%. The capital itself averages around €5,162 per square metre for resale properties, though the spread within the city is substantial — prime central districts approach €10,000 per square metre, while more accessible outer areas remain under €3,000. Madrid is one of the most liquid and transparent property markets in the country, with strong rental demand and excellent connectivity. Browse properties for sale in Madrid to get a sense of what the market looks like right now.
Basque Country — approx. €3,100/m²
The Basque Country is the third most expensive region in Spain, with San Sebastián holding the title of most expensive provincial capital in the country — a position driven by chronic supply shortage in an already densely built coastal city. Bilbao offers a more accessible entry point and has undergone significant urban regeneration over the past two decades. Unlike the southern coastal markets, this region draws predominantly domestic buyers rather than international ones, which gives the market a different character and more stable, less seasonal demand.
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