THE number of property sales in Spain has hit its highest level in nearly two decades, new data shows – with some areas even surpassing the record-breaking highs of the 2006 real estate bubble.
Home seekers in 12 cities – including Cordoba and Granada in Andalucia – bought more properties last year than at the height of the 2006 market frenzy, according to Spain’s Ministry of Housing.
Similar trends are seen in Bilbao, Caceres, San Sebastian, Ourense and Vitoria – as well as in the provinces of Cordoba, Granada, Toledo, Caceres, Ourense, Alava, Gipuzkoa and Bizkaia.
Only in Sevilla, Pamplona, Segovia and Teruel were total sales lower than or comparable with 2006.
Overall, 752,098 property transactions were recorded across the peninsula last year – a 5% jump on 2024 and the highest total in 18 years.
The eye-watering figure is beaten only by the annual sales recorded in the run-up to the infamous 2006 real estate bubble, which wrecked markets and triggered a devastating economic crisis when it burst in 2007.
While today’s surge may not necessarily signal another bubble, it underlines a deepening housing crisis, experts warn – as prices rocket, buildable land remains scarce, and investors pile into the market while many would-be buyers are left locked out.
Real estate expert Raul Garcia Molina, of Ysabika Inmobiliaria, told the Olive Press: “Homes are selling like hot cakes simply because they are seen as a safe investment.
“Buyers can easily purchase property and rent it out at a profit. This pushes prices higher – and the more they rise, the more attractive the business becomes for potential investors.
“The solution? Building more homes,” Garcia added.
According to the Ministry’s figures – which include all sales registered before notaries in 2025 – the biggest surges were seen in Granada and Bilbao.
Granada recorded 4,005 property sales in 2005 – 1,406 more than in 2006. In Bilbao, where 4,684 homes were sold, the gap with 2006 stands at 1,215.
But in Spain’s largest cities the picture is very different, with sales falling well short of levels seen two decades ago.
Madrid sold around 9,000 fewer homes in 2025 than in 2006, while Malaga, Palma de Mallorca and Barcelona trail at roughly 3,500. Valencia follows with nearly 2,500 fewer sales.
Experts say this reflects very different demographics in big cities, where property prices have surged far faster than elsewhere across the peninsula.
“There may be a slowdown soon,” Garcia warned. “And Spain’s biggest cities may just be the canary in the mine that we thought we would see in 2026.”
Click here to read more Property News from The Olive Press.
