House prices in Spain rose 4.1% from the end of 2022 to the end of 2023, according to Spain’s main appraiser, Tinsa. A typical 80 square meter home now costs around 134,000 euros, edging above 141,000 euros (about 1,767 euros per square meter). Looking at the yearly trend, the average monthly data shows a 5.1% price gain across the region for the year.
Despite the annual rise, price levels remain well below the peaks reached during the real estate bubble years. Those highs, recorded between 2007 and 2008, were about 18.4% higher. Yet, the overall value is up roughly 38.4% from the bottom reached after the financial crisis, with a 1% increase logged in the last quarter.
In which regions did prices rise the most
Tinsa reports Navarre led the gains with 9.6% growth. The Balearic Islands follow at 8.1%, then the Valencian Community at 7.5%, Castilla-La Mancha at 7.3%, and La Rioja at 6.8%. While every region saw an uptick, Ceuta posted a modest 0.2%, Murcia 1.8%, Asturias 2%, Castilla y León 2.5%, and Cantabria 2.8% as among the smallest increases. The interior regions tend to be drier in price growth than the Mediterranean arc, much of Andalusia, the archipelago, and southern Galicia.
When looking by province, Ceuta aside, Palencia registered the smallest rise at just 0.6%. Inland provinces like León (1.3%) and Soria (1.2%) also sit near the bottom, as do coastal areas such as A Coruña (1.4%) and Guipúzcoa (1.3%). On the opposite end, Guadalajara leads with a 12.1% increase, followed by Almería (9.5%), Santa Cruz de Tenerife (9%), Ourense (8.2%), the Balearic Islands (8.1%), and Alicante (7.8%). Navarra again appears among the top gains. Valencia also posted strong growth at 16.8% and 10.6% in certain contexts, with notable rises in Almería and Santa Cruz de Tenerife as well. In some capitals price movements were double digits, including Valencia at 16.8% and 10.6% respectively, while Almería (9.6%), Málaga (9%), Lleida (8.8%), Logroño (7.8%), Pamplona (7.6%), and Ávila (7.5%) also showed significant increases. There were declines in two cities: Las Palmas de Gran Canaria down 0.8% and Palencia down 3.1%.
Where housing prices are highest and lowest
Madrid remains the most expensive region and province, with a typical price of 2,975 euros per square meter, equivalent to about 238,000 euros for an 80 square meter flat. San Sebastián sits above Madrid in city rankings, with an average price around 4,225 euros per square meter, compared with Madrid’s roughly 3,780 euros. Other top cities include Barcelona at 3,714 euros per square meter, Bilbao at 2,757 euros, and Palma de Mallorca at 2,710 euros.
Across autonomous communities, the Balearic Islands average 2,871 euros per square meter, followed by the Basque Country at 2,337 euros and Catalonia at 2,232 euros. Provincially, Barcelona rose to 2,507 euros per square meter, while Guipúzcoa and Vizcaya stand at 2,460 and 2,399 euros respectively.
The far end of the spectrum shows Extremadura as the only community with average prices below 1,000 euros per square meter. Castilla y León, La Rioja, Murcia, and Castilla-La Mancha also sit under 1,100 euros. Provincially, Lugo, Soria, Jaén, Cáceres, Zamora, Cuenca, and Ciudad Real appear as the most affordable. The latest local data place Zamora at the top of affordability, followed by Cáceres, Lugo, and Soria, with others like Ciudad Real, Castellón, and Ávila also showing lower prices.
The Balearic Islands are the only place where prices exceed bubble-era highs
The Balearic Islands, and specifically Palma de Mallorca, are the only two areas in the country where prices continue to surpass the peak seen during the housing bubble, at 5.3% and 1.8% above those levels, respectively. Ceuta and Melilla remain below the historic highs by 1.1% and 6.1%, while Ourense is about 5% below. Looking ahead, Santa Cruz de Tenerife and Madrid show the next closest gaps from those highs, at -8.2% and -8.9% respectively.
Castilla-La Mancha and Murcia are the furthest from their peak values, at 37% and 36%. In the Mediterranean regions, the rebound since the crisis remains modest, around 15%. Provincially, Cuenca, Castellón, Tarragona, Lleida, and Toledo also sit far from peak values, and at the municipal level, Zamora, Soria, Lleida, and Ciudad Real are among the most affordable. Price movements in cities like Ciudad Real, Ourense, Jaén, Zamora, and Palencia show the smallest increases in comparison to post-crisis lows.