Solving Spain's housing paradox: why prices rise even as home sales fall

Home sales in Spain fell in Q1 2026, according to the INE and the Notary Council.

Despite fewer transactions, appraisals showed double-digit year-on-year increases in price per square meter for both new and existing homes.

The slowdown was uneven across regions, with territorial differences in communities such as Madrid, Catalonia, Andalusia, the Basque Country, Cantabria, and Castilla-La Mancha.

Even with the cooling versus 2025, the market remains above 2024 levels and continues to face strong housing pressure.