In 2025, the House Price Index (HPI) increased by 17.6%, 8.5 percentage points (pp) more than in the previous year. The annual increase in prices of existing dwellings (18.9%) outpaced that of new dwellings (14.2%).

In the last quarter of 2025, the year-on-year rate of change of the HPI was 18.9%, 1.2 pp more than the previous quarter. During this period, existing dwellings prices increased at a faster pace than new dwellings, 20.9% and 13.7% respectively.

In 2025, 169,812 dwellings were transacted for a total of 41.2 billion euros. These results represent increases of 8.6% and 21.7% in number and value, respectively, compared to 2024. By category, existing dwellings recorded rates of change of 9.5% in number and 25.0% in value. Regarding new dwellings, there was a 5.3% increase in the number of transactions and a 13.0% increase in value.

In the 4th quarter of 2025, 43,084 houses were transacted, corresponding to a year-on-year reduction of 4.7% (3.8% in the previous quarter) and a quarter-on-quarter increase of 1.4%. From October to Decembre of 2025, transacted dwellings totalled 10.8 billion euros, up 5.9 % compared to the same period of 2024.

Purchases of dwellings by the institutional sector of Households, in 2025, increased by 10.5% over the previous year, reaching 148,632 units and totalling 35.7 billion euros. 

In 2025, 8,471 dwellings were purchased by buyers with a tax residence outside of the National Territory, for a total of 3.4 billion euros, corresponding to reductions of 13.3% and 2.1%, respectively, in number and value, compared to 2024.