Housing prices hit all-time highs across seven Spanish provinces

Used home prices hit record highs in the Balearics, Madrid, Barcelona, Málaga, Alicante, Guipúzcoa and Girona, says idealista.

In August, the average price of second-hand homes for sale in Spain rose by 14.8% year-on-year, reaching €2,498/m² – the highest level since idealista began recording data. Seven provinces also hit record highs, making them the most expensive in the country: the Balearic Islands (€5,068/m²), Madrid (€4,384/m²), Guipúzcoa (€4,007/m²), Málaga (€3,842/m²), Barcelona (€3,023/m²), Alicante (€2,595/m²) and Girona (€2,587/m²).

We analyse the prices of existing homes and their annual trends in the towns and villages within these seven provinces, where property values have also reached record levels in idealista’s data.

The Balearic Islands, the most expensive province in Spain to buy a house

In terms of price, the Balearic Islands reaffirm their position as Spain’s most expensive province for purchasing a second-hand home, surpassing €5,000/m² on average after a 12.3% annual increase – slightly below the national average. A total of 25 towns across the archipelago reached record highs for resale property prices.

Topping the list is the Ibizan village Sant Joan de Labritja, now the most expensive of all towns to record a price peak in August, at €8,959/m². It is followed by Sant Josep de Sa Talaia (€7,367/m²) and Sant Antoni de Portmany (€6,927/m²). On Mallorca, Calvià (€6,925/m²) takes fourth place, while Ibiza Town (€6,879/m²) completes the top five.

Of these, Sant Antoni de Portmany registered the largest year-on-year increase (19.6%), ahead of Sant Joan de Labritja (13%) and others that grew by less than 10%, such as Calvià (8.7%), Sant Josep de Sa Talaia (6.4%) and Ibiza Town (3%).

Beyond the top five, Colònia de Sant Pere in Mallorca saw the steepest rise, up 37.5%, followed by Felanitx (+30.2%), Inca (+26.4%) and Muro (+23.1%). The Balearic capital, Palma, also posted a notable increase of 17.2%, pushing resale prices to new record highs of €5,006/m² in the islands’ largest city.

Madrid leads Spain in house price growth

As many as 43 provinces ended August with prices higher than those recorded a year earlier. The sharpest increase was seen in Madrid, where sellers’ expectations rose by 23.3%, reaching a new peak of €4,384/m². In total, 35 municipalities across the region registered record asking prices.

The most significant annual rises were recorded in Alcobendas (30.3%), Leganés (26.9%), Velilla de San Antonio (25.4%), Fuenlabrada (25.3%) and Moralzarzal (25.1%). Alcorcón (24.4%) and San Fernando de Henares (24.3%) also posted increases above the provincial average.

Meanwhile, towns such as Alpedrete, Las Rozas de Madrid, Campo Real and Ciudalcampo saw more moderate growth – below 10% – yet still maintained record-high property prices.

In absolute terms, Madrid city leads the ranking of the region’s most expensive municipalities, ahead of Pozuelo de Alarcón (€4,767/m²) and Alcobendas (€3,876/m²), both of which also reached record highs. Close behind, all exceeding €3,500/m², are Tres Cantos (€3,735/m²), San Sebastián de los Reyes (€3,622/m²), Las Rozas de Madrid (€3,614/m²) and Boadilla del Monte (€3,605/m²).

Guipúzcoa towns at peak housing prices

Three Basque municipalities in the province of Guipúzcoa reached record highs last August, with Zarautz leading the way at €6,630/m², ahead of San Sebastián (€6,283/m²) – which remains the most expensive provincial capital in Spain. Pasaia completes this trio of Guipúzcoa towns, hitting record prices, at €3,232/m².

Zarautz also recorded one of the sharpest increases, with prices rising by 21.1%, followed by San Sebastián (13.5%) and Pasaia (10.2%).

Record prices among the most expensive on the Costa del Sol

Current property prices in the province of Málaga reinforce the Costa del Sol’s position as one of Spain’s most dynamic real estate markets. The province reached a new record high of €3,842/m², reflecting a 13.8% year-on-year increase.

Among the 27 municipalities with the highest prices, Marbella (€5,258/m²), Benahavís (€5,205/m²) and Fuengirola (€4,301/m²) stand out. Record highs were also recorded in Benalmádena (€3,903/m²), Ojén (€3,863/m²), Torremolinos (€3,740/m²), Nerja (€3,734/m²) and Algarrobo-Costa (€3,614/m²) – all of which exceed the average price in Málaga city (€3,549/m²).

The steepest increases were seen in Almayate Bajo, which led growth with a 31.1% rise, followed by Algarrobo-Costa (27.6%), Ojén (25.6%), Caleta de Vélez (25.1%) and Frigiliana (20.1%). In Málaga city, prices climbed by 15.6%, while Torremolinos rose by 17.3%, Estepona by 11.2% and Marbella by 5.7%.

The city of Barcelona continues to lead in property prices across the province

Meanwhile, in the province of Barcelona, the average price of existing homes reached a new record of €3,023/m², representing a 10.5% annual increase. The city of Barcelona continues to post the highest prices among municipalities at record levels, at €4,991/m², closely followed by Sitges (€4,757/m²) and Sant Cugat del Vallès (€4,587/m²).

Sant Joan Despí recorded the sharpest annual rise among the 17 towns, hitting record highs, with prices up 22.7%, ahead of Les Franqueses del Vallès (22.6%), Castellví de Rosanes (15%), Vilassar de Mar (14.1%) and Tona (13%).

Record-high property prices hit 32 towns across Alicante

The province of Alicante leads in the number of towns recording peak property prices, with 32 municipalities – excluding the provincial capital – highlighting the strong residential appeal of these Mediterranean tourist areas. The provincial average reached €2,595/m², up 14.8% year-on-year. Among the towns hitting record highs, Jávea tops the list at €3,958/m², followed by Calpe (€3,438/m²), Altea (€3,415/m²), Benitachell (€3,335/m²), Benidorm (€3,246/m²) and Denia (€3,217/m²).

In terms of annual growth, some of the most affordable municipalities saw the largest rises. Salinas stands out with a 38.7% increase, bringing prices to €950/m², followed by Dolores (33.7%) and Catral (33.1%). Other notable increases occurred in Jávea (19.8%), Santa Pola (16.5%), Benidorm (15%), Torrevieja (14.3%) and Denia (14%).

Girona province joins seven regions with record property prices

The province of Girona rounds off the list with an average price of €2,587/m², reflecting an annual increase of 8.2%. The provincial capital does not feature among the towns with record prices.

The most expensive municipalities in the province are Castell-Platja d’Aro (€3,673/m²), Llívia (€3,234/m²), Puigcerdà (€3,169/m²) and Tossa de Mar (€3,116/m²). Meanwhile, the highest annual increases, surpassing the provincial average, were seen in Llívia (15.4%), Puigcerdà (14.1%), Sant Pere Pescador (12.3%) and Tossa de Mar (12%).

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