In the 1st quarter of 2025, the HPI increased by 16.3% year-on-year, 4.7 percentage points (pp) more than in the previous quarter. In the reference quarter, the rate of change in prices of existing dwellings was 17.0%, higher than that of new dwellings (14.5%). 

Compared to the previous quarter, HPI rose by 4.8% (3.0% in the previous quarter). The existing dwellings category presented higher price growth than new dwellings, 5.3% and 3.7% respectively.

Between January and March 2025, 41,358 dwellings were sold, corresponding to year-on-year growth of 25.0% (32.5% in the previous quarter) and a quarterly reduction of 8.5%. In value, transactions totalled 9.6 billion euros, 42.9% more than in the same period in 2024.

In the reference quarter, 35,967 units (87.0% of the total) were purchased by buyers belonging to the institutional sector of Households, totalling 8.3 billion euros (86.2% of the total). In this period, 5.1% of the total number of transactions (2,098 dwellings) involved buyers with a tax residence outside the National Territory, a percentage that rises to 8.2% when considering the value transacted.