Tinsa’s IMIE shows Spanish house prices rose 14.4% y/y in January, led by islands (+21.6%) and metropolitan areas (+16.6%), as supply lags growing demand.
Spanish housing prices accelerated again in January, with the average value of new and second‑hand homes rising 14.4% year‑on‑year and 0.9% month‑on‑month, according to the latest IMIE General and Large Markets index from Tinsa by Accumin. That annual gain is 11.7 percentage points above inflation and continues the intense price momentum seen throughout 2025.
Tinsa highlights stark regional differences. The island territories recorded the strongest monthly and annual increases, with prices up 2.6% month‑to‑month and 21.6% year‑on‑year. Metropolitan areas followed, climbing 1.2% month‑to‑month and 16.6% year‑on‑year. The Mediterranean coast also saw above‑average growth, while capitals and large cities posted the slowest monthly rise at 0.3%.
Key figures from the report:
• National: +0.9% month, +14.4% year (nominal)
• Islands: +2.6% month, +21.6% year
• Metropolitan areas: +1.2% month, +16.6% year
• Mediterranean coast: +1.2% month
• Capitals and large cities: +0.3% month
• Year‑on‑year ranges across groups: +7.9% to +21.6% nominal (real terms: +5.4% to +18.8%)“In January, intense growth rates of residential prices have been recorded again in all areas, especially around employment poles and tourist hotspots, where the gap between demand and supply of housing is more accentuated,” said Cristina Arias, director of Tinsa’s Research Service. She warned this trend is increasing difficulty of access for the average household in major centers and expanding the geographic influence of cities.
Drivers and context
Tinsa attributes the strong sales and price growth in 2025 and into January to sustained population growth since 2021, healthy employment trends and lower mortgage costs. At the same time, construction output has not been sufficient to absorb household formation, keeping upward pressure on prices.
Despite current gains, the national average nominal price remains 5.6% below the peaks of late 2007; only the islands have surpassed those boom-era nominal highs. When adjusted for inflation, average housing values remain around 16% below the 2007 peak.
Implications
For buyers, particularly first‑time buyers in popular coastal and island markets, affordability pressures are intensifying. Sellers and investors continue to benefit from strong capital appreciation in hotspot areas. For policymakers, the persistent imbalance between demand and new supply underscores the need for targeted housing delivery and affordability measures—especially near employment centers and tourist hubs.
Methodology note
Tinsa also updated the index’s calculation algorithm this January to improve robustness in settings with asymmetrical price distributions and to better separate new-build and second‑hand segments.
