In the 3rd quarter of 2025, the House Price Index (HPI) increased by 17.7% year-on-year, 0.5 percentage points (pp) above the previous quarter. The increase in prices was more pronounced for existing dwellings (19.1%) than for new dwellings (14.1%).

Compared to the previous quarter, the HPI rose by 4.1% (4.7% in the previous quarter). By category, prices for existing dwellings increased by 4.5%, while new dwellings presented a rate of change of 2.9%.

Between July and September 2025, 42,481 dwellings were transacted, for a total value of 10.5 billion euros, representing an increase of 3.8% and 16.0%, respectively, compared to the same period of the previous year, determining a deceleration compared to the previous quarter (rates of change of 15.5% and 30.4%, by the same order).

In the 3rd quarter of 2025, 37,507 dwellings (88.3% of the total) were sold to buyers belonging to the institutional sector of Households, for a value of 9.2 billion euros (87.5% of the total). In the same period, buyers with a tax residence outside the National Territory purchased 2,219 dwellings, representing a year-on-year decrease of 16.4%.