A STUDY has reported a record 20.5% annual price rise for second-hand properties in Spain last year.
Property portal Fotocasa said that prices reached an average of €2,879/m2 in December.
It said it was the highest recorded percentage hike since the Fotocasa Real Estate Index was launched 20 years ago.
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The group says the massive rise is down to demand ‘quadrupling’ supply, coupled with population growth, people wanting better locations, and an increase in demand for single-person properties.
María Matos, Director of Studies and spokesperson for Fotocasa, said: “Interest rate cuts leading to cheaper mortgages has also boosted demand.”
“The current lack of homes makes a drop in prices in the short term very unlikely,” Matos stated.
The regional breakdown shows that Murcia had the biggest rise in second-hand housing(29.6%), followed by the Valencian Community (24.4%).
In 2024, the Valencia region- including the sought-after area of Alicante province- had the highest increase of 19.8%.
Other figures take in Asturias (24.0%), Cantabria (22.9%), Andalucia (22.2%), Madrid (21.7%), the Canary Islands (21.3%), Catalunya (15.0%), the Balearic Islands (14.6%), Galicia (13.2%), the Basque Country (12.1%), Castilla y Leon (9.1%), La Rioja (8.9%) and Castilla-La Mancha (8.6%).
Much more modest rises were recorded in Navarra (8.0%), Castilla-La Mancha (5.2%) and La Rioja (1.5%).
In rankings by house price, the Balearic Islands tops the list with an average of €5,267/m², followed closely by Madrid with €5,206/m².
Both regions exceed the €5,000/m² barrier- well above the national average.
They are followed by the Basque Country with €3,681/m², the Canary Islands with €3,319/m² and Catalunya with €3,247/m².
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