Real Estate Market Report – September 2025

Vantys

September 5, 2025

3 min read

Reports

According to the General Council of Notaries, the number of home transactions in Spain increased by 5.9% in June 2025 compared to June 2024.
68,100 homes were sold in June 2025, of which 75% were apartments and 25% were single-family homes.
By property type, apartment sales grew by 2.9%, while single-family homes recorded a strong increase of 16.2%.
The average price per square meter reached €1,906 (+8% year-on-year).
Notable highlights include the rise in apartment prices (+9.9%, up to €2,170/m²) and the more moderate increase in single-family homes (+7.5%, up to €1,460/m²).
The average floor area acquired was 114 m²: 94 m² for apartments and 156 m² for single-family homes.
35,900 mortgages were signed (+16.6% year-on-year), driven by the decline in interest rates.
53% of sales were financed with a mortgage, which on average covered 73% of the property price.
Transaction volume grew in 14 autonomous communities and fell in 4.
Among the main markets, the most notable increases were in the Basque Country (+12%) and Catalonia (+11%), followed by Andalusia (+7%), the Balearic Islands (+3%), and the Valencian Community (+2%).
Conversely, sales decreased in the Community of Madrid (-4%) and the Canary Islands (-8%).
Regarding prices, double-digit increases were observed between June 2024 and June 2025: Canary Islands (+13%), Community of Madrid (+12%), Catalonia (+11%), and the Valencian Community (+10%).
The Balearic Islands rose by 9% and Andalusia by 3%.

In Spain, 243,300 mortgages were signed during the first half of 2025 (+25% compared to 2024), the highest volume since 2011.
Average interest rate: 2.99%. 72% at a fixed rate.
Average amount: €168,400. 78% of purchases were for second-hand homes.
Since 2013/2014, real estate prices in Spain have resumed a clear upward trend, reaching record levels in 2025, even exceeding those of 2007/2008.
Balearic Islands: +65% compared to 2007; Community of Madrid: +29%; Canary Islands: +27%; Andalusia: +7%; Basque Country: +1%; Valencian Community: -2%.
Exception: Catalonia, still 14% below 2007 levels, affected by the 2017 independence declaration, rent caps, and strict urban planning requirements.

Energy Certificate: On August 12, 2025, order EMC/599/2025 on real estate appraisal standards came into effect. Since that date, it is mandatory to present the energy efficiency certificate for mortgage appraisals.
The energy rating can directly influence the expert appraisal and the market value of the property.
Andalusia: Since 2024, the Regional Government of Andalusia has cancelled the registration of 10,500 tourist housing units (VUT).
Malaga accounts for 3,900 cancellations, followed by Granada (1,800), Cadiz (1,400), Seville (1,200), and Almeria and Cordoba (700 each).
Valencian Community: The Generalitat Valenciana has deregistered nearly 12,000 tourist homes in the first year of the new regulation’s application. The cancellations are due to non-compliance, such as the absence of a cadastral reference or NIF (tax ID).

Spain recorded the highest growth in the construction sector within the EU (+31.4%), ahead of Czechia (+14%) and Slovakia (+9.8%).
France (-5.1%) and Germany (-2.5%) saw a decline.
Up to 16 different taxes can be levied from the initial land purchase to the final acquisition.
The total tax burden increases the cost of housing by approximately 45%.
In 2025, the State expects to collect €52 billion in real estate taxes (~3.5% of GDP), while public spending on housing barely reaches 0.5% of GDP.