House prices rise 10.6% in the third quarter to €2,085/m²: Castilla-La Mancha, Aragón and the Valencian Community lead the increase, according to Gesvalt

08/10/2026 – ⏱ 4 min

This article is for informational purposes only and does not constitute investment advice or a recommendation of any kind.

The average price of housing in Spain stood at 2,085 euros per square metre at the end of the third quarter of 2026, according to the quarterly report by Gesvalt Tasaciones published this week. The figure represents an increase of 10.6% compared with the third quarter of 2025 and of 2.2% compared with the previous quarter. The year-on-year pace has slowed for the second consecutive quarter — it was 16.4% in the first and 12.4% in the second — but price levels remain at the highs of the report's series and no province records declines.

The national picture: €2,085/m² and 17,910 euros more for a typical home

Gesvalt translates the figure into a standard home of 90 square metres, which costs 187,650 euros on average, compared with 169,740 euros a year ago: 17,910 euros more. The moderation in year-on-year growth therefore describes an increase that is still happening at a slower pace, not a correction of the accumulated price.

Regions: the interior and the Mediterranean in the lead

By autonomous community, the largest year-on-year increases are recorded in Castilla-La Mancha (14.6%), Aragón (13.1%) and the Valencian Community (12.9%). At the other end are the Balearic Islands (5.3%), the Basque Country (7.1%) and Extremadura (7.2%). In absolute terms the order is different: the Balearic Islands is the most expensive region at €3,535/m², followed by the Community of Madrid (€3,430/m²) and the Basque Country (€2,805/m²), while Extremadura (€951/m²), Castilla-La Mancha (€1,102/m²) and Castilla y León (€1,241/m²) are the most affordable. The pattern is the same as that pointed to by other recent residential indicators: the regions with the lowest starting prices are those growing most in percentage terms.

Provinces and capitals: all rise, with Zaragoza in the lead

The report records no province with falling prices. The largest year-on-year increases are in Zaragoza (17.2%), Valencia (14.7%) and Toledo (14.7%), and the smallest in Soria (1.7%), Ourense (3%) and Palencia (3.6%). Among provincial capitals, San Sebastián is the most expensive at €4,932/m², ahead of Madrid (€4,727/m²) and Barcelona (€4,424/m²).

Rental: rising in the interior and falling in Álava, Gipuzkoa and Barcelona

In the rental market, the largest year-on-year provincial increases are those of Toledo (12%), Huesca (10.9%) and Zaragoza (9.7%), while Álava (-3%), Gipuzkoa (-2.3%) and Barcelona (-1.1%) record declines. The highest monthly rent per square metre is in Barcelona (€23.39), Madrid (€23.14) and the Balearic Islands (€20.40), and the lowest in Jaén (€6.09), Cáceres (€6.61), Teruel (€6.74) and Cuenca (€7.14).

Sales, mortgages and new-build supply

The report includes other activity indicators. In the first seven months of 2026, 408,881 home sales were completed, 3% fewer than a year earlier, while home mortgages totalled 303,056 transactions, 5.4% more. On the supply side, building-supervision permits for the first four months of the year reach 49,863 units (+10.1%) and final completion certificates stand at 30,168 (+6.8%). Gesvalt notes that construction starts are growing faster than completions, which could keep pressure on prices in the medium term. The developer activity index (Irai) for the second quarter stood at 138.85 points, 5.4% more than a year earlier.

Why this matters to the real-estate investor

Sale prices are the starting point of any residential investment analysis: they determine the entry cost of a property and, together with rental income, the relationship between the two. The report's data show a wide territorial gap — from €951/m² in Extremadura to €4,932/m² in San Sebastián — and a dynamic of more intense increases in markets with lower absolute prices, such as Castilla-La Mancha or Aragón. The combination of falling sales and rising mortgages also points to a market in which access to financing weighs on the purchase decision. These are descriptive observations of the market as a whole and do not allow the behaviour of a specific project or asset to be extrapolated.

Investor takeaway

These figures should be handled with caution. They are appraisal values and aggregate averages that do not reflect the situation of each municipality, neighbourhood or property type, and comparing them with other indices — based on asking prices, deeds or transactions — may give different results owing to methodological differences. Past results are no guarantee of future results, and all real-estate investment carries risks of illiquidity, default and total or partial loss of capital.

At European level, the activity of crowdfunding platforms is governed by Regulation (EU) 2020/1503 and, in Spain, by the implementing and supervisory rules of the CNMV. This mention is purely contextual and does not constitute a recommendation.

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