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After the collapse of both purchase operations and housing prices during and after the bursting of the real estate bubble, the sector began to recover gradually. Thus, the average cost of housing in Spain was approximately 1,918 euros per square meter in the last quarter of 2024. This value represents an increase of 3.56 percent compared to the same period in 2023.

Significant regional disparities

The national real estate market is characterized by strong regional differences. The Community of Madrid and the Balearic Islands are the regions that have experienced the greatest increase in residential property prices in recent years and also top the ranking of autonomous communities where housing is least affordable, a fact that seems to respond to the difference between average purchasing power and property prices. At the opposite end are the Region of Murcia and Castilla-La Mancha. So much so that while in these two autonomous communities buying a home requires five years of full salary, in the Balearic Islands it requires almost 20.

Can everyone access housing?

The fluctuations in the cost of residential properties have followed a very different trend from the general price behavior. It is worth noting, however, that the cost of new housing has increased more sharply than that of second-hand housing. Despite the slowdown in prices, many Spaniards have difficulty accessing property and mortgages due, among other factors, to job insecurity (especially since the COVID-19 pandemic) and low salary levels.