The second-hand housing market in Spain continues its upward trend, with an average price of 2,126 euros per square meter by the end of March, representing an 8% year-on-year increase, according to data from hogaria.net. This escalation is widespread, affecting 45 provinces, underscoring persistent and territorially expanding pressure on prices.
In this context, the province of Cádiz stands out with a 2.4% increase in used housing prices, only surpassed by Las Palmas (2.8%) and Alicante (2.6%). Other provinces with significant increases include Málaga (2.4%) and Madrid (2.3%). These regions share a common characteristic: particularly strong residential and investment demand, which creates a strained market and makes housing access difficult.
The provinces with the highest prices are the Balearic Islands, at 4,934 euros per square meter, followed by Madrid (4,110 euros) and Guipúzcoa (4,061 euros). This dynamism is attributed to a shortage of supply, international demand, and concentrated economic activity. Price corrections are rare, with minimal drops in Soria (-1.3%), Cuenca (-1%), Palencia (-0.3%), and Ávila (-0.1%).
The data from the first quarter of the year demonstrate that the real estate market continues to advance with "its own inertia," even in a complex economic environment due to the war in Iran, leading to housing prices growing well above household incomes.
The situation is exacerbated by the scarcity of long-term rental housing available in the city of Cádiz. The supply, which typically ranged between 300 and 330 units, has sharply dropped to fewer than 250 apartments for rent by early 2026. Of these, only about fifty are for long-term stays, leaving those who need to reside in the city without viable options, especially those without the means or interest to purchase a home. This figure contrasts with approximately 80 apartments available in May of the previous year.
The persistence of this upward cycle and the shortage of supply suggest that housing prices will continue to outpace household income growth. Furthermore, the geopolitical situation, such as the war in Iran, could delay interest rate cuts in Europe, making housing even more expensive and solidifying real estate as a safe-haven asset, thereby sustaining investment demand and limiting any price adjustments.
