Spanish home prices more than double after 12 years of uninterrupted growth

Home prices in Spain have more than doubled since the market bottomed out in early 2014, marking 12 years of uninterrupted annual growth, Spanish newspaper El Pais reported.

According to Spain's National Statistics Institute (INE), home prices have risen for 48 consecutive quarters, with the national housing price index more than doubling since 2014.

The increase has been particularly sharp in several regions.

Prices are now 2.3 times higher than in early 2014 in Madrid, 2.26 times higher in the Balearic Islands, 2.13 times higher in Catalonia and 2.03 times higher in Andalusia.

The only exception is Navarra, where prices have not yet fully recovered the losses recorded after the housing bubble burst, although they are higher than in 2014.

The rise has accelerated in recent years, with several regions recording annual increases of more than 10% in 2025 and early 2026.

Economist and real estate expert Ignacio Ezquiaga attributed the trend partly to a growing gap between housing prices and household incomes, saying the market was increasingly oriented toward buyers with greater purchasing power.

Experts also point to a persistent shortage of housing.

Oscar Martinez, president of the Professional Association of Real Estate Experts, said around 100,000 homes are being built annually, while some estimates indicate that twice as many may be needed.

According to property valuation company Tinsa, average home prices in Spain rose 15.5% year-on-year in July, putting them 1.8% above the previous peak recorded during the housing bubble.

The increase was particularly strong in metropolitan areas, where prices rose 17.9%, and in major cities, with a 17.3% increase.

Economists said the imbalance between housing supply and demand was likely to continue putting upward pressure on prices unless construction and the availability of new homes increased significantly.