Spain's housing prices climb 14% in Q1 2026, Madrid tops 4,000 €/m²

The average price of a home in Spain rose about 14 % in the first quarter of 2026, reaching €2,315.7 per square metre, according to the Ministry of Housing and Urban Agenda. Madrid was the only province to break the €4,000 per m² barrier, posting €4,047.5 (up 16.4 % year‑on‑year). The Balearic Islands (€3,885.6, +13.1 %), Guipúzcoa (€3,419.7, +10.5 %) and Barcelona (€3,207.7, +12 %) followed. In Andalusia, Málaga became the most expensive province at €2,988 per m², a 14.2 % increase, while Jaén was the cheapest at €898.2. Extremadura remained the lowest‑cost region, with both provinces below €1,000 per m².

A separate report on Valencia showed new‑build multi‑family housing surpassing €4,500 per m², a near‑10 % quarterly rise. Analysts linked the surge to a structural housing deficit of roughly 750,000 units, fast‑growing household formation and limited new supply. The deficit is most acute in metropolitan fringes, with demand outpacing construction across the country.