Housing hits a record in Spain's provincial capitals: up 12.1% in the second quarter of 2026, with none correcting downwards

27/09/2026 – ⏱ 4 min

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

The Residential Market Barometer for Provincial Capitals, produced by the valuation firm Gloval with data from the second quarter of 2026, puts the average price of housing in Spanish capitals at 2,327 euros per square metre, 12.1% more than a year earlier. The figure is consistent with the 12.2% year-on-year increase calculated by the National Statistics Institute (INE) for the country as a whole. What matters is not only the size of the rise but its distribution: of the capitals analysed, none records a downward correction in year-on-year terms. This differs from the appraised value published by the Ministry of Housing, which in the same quarter set its own record at 2,355 euros per square metre with a rise of 12.5%, because it comes from a different source and methodology, although both indicators describe the same underlying trend.

The second-quarter snapshot: 2,327 euros per square metre

Gloval's barometer analyses price developments in provincial capitals on the basis of its own database of valuations and transactions, and is published quarterly. In this edition, the year-on-year rise of 12.1% combines with a 1.7% increase on the first quarter of 2026, which points to a growth rate that remains sustained quarter after quarter. As it is an average across 50 capitals, the aggregate figure hides notable differences: while some markets exceed 18% or 19% annual growth, others move below 5%, a range worth bearing in mind before extrapolating the national figure to any specific local market.

No capital corrects downwards

The finding that most distinguishes this edition of the barometer is the complete absence of corrections: all 50 capitals analysed close the second quarter in positive territory compared with a year ago. Leading the rise are Ciudad Real (20.1%), Segovia (19.5%), Santa Cruz de Tenerife (18.6%), Pontevedra (18.5%) and Oviedo (17.9%), followed by Toledo, León, Huelva, Ávila and Castellón, all above 15%. In total, 37 of the 50 capitals exceed 10% year-on-year growth. The pattern matches that shown by other residential indicators in 2026: much of the most intense growth is concentrated in mid-sized capitals with good high-speed rail or motorway links to Madrid, which absorb part of the demand that cannot find supply or an affordable price in the capital and its immediate metropolitan area.

Where the rise is more moderate

At the other end, Ceuta (4.2%), Huesca (5.6%), Melilla (5.8%), Cádiz (7%), Alicante (7.2%) and San Sebastián (7.6%) record the lowest year-on-year increases in the barometer. These are rises markedly below the national average, but they are still rises: even the capitals with the most restrained growth show no price falls in this edition of the report, which reinforces the reading of a market without generalised short-term corrections anywhere on the map.

Prices rising, activity moderating

Roberto Rey, chairman of Gloval, sums up the quarter's picture as follows: prices continue to grow across the board while activity has moderated markedly. It is a combination that points to a market with fewer closed transactions but at higher prices, consistent with a context of more expensive financing following the European Central Bank's rate rises in 2026 and with a supply of new housing that still fails to keep pace with household formation. The Bank of Spain itself recently put the accumulated housing deficit in Spain at around 755,000 units since 2021, with the risk of it exceeding one million by 2028 if the imbalance between supply and demand is not corrected.

Why this matters to the real-estate investor

A sustained price rise without corrections, combined with cooling transactional activity, is a signal that the real-estate investor usually reads with twofold attention. On the one hand, the appreciation of the underlying asset benefits those who already hold a position in the Spanish residential market; on the other, fewer transactions may foreshadow a phase of greater buyer caution, especially in the markets where the price increase has been sharpest in relative terms. When the purchase price rises faster than rental income, gross rental yield tends to compress in the most expensive markets and to remain more favourable in more affordable entry-level capitals; this estimate is subject to investment risk and is not guaranteed. For the developer and the financier of residential projects, the underlying message is the same as that conveyed by other 2026 indicators: demand for new housing still does not find sufficient supply, which sustains interest in the asset financed by many real-estate crowdfunding projects.

Reading for the investor

These figures should be handled with the prudence that any market indicator requires. Gloval's barometer is compiled with the valuation firm's own methodology and database, different from those used by the Ministry of Housing or the INE, so direct comparisons between sources should be made with caution, even though all three agree on the direction of the cycle. A quarterly figure does not on its own anticipate the future course of prices, and the absence of corrections in the quarter analysed does not mean they cannot occur in specific capitals later on. Past results do not guarantee future results, and all real-estate investment carries risks of illiquidity, default and total or partial loss of the capital invested. At European level, the activity of crowdfunding platforms is governed by Regulation (EU) 2020/1503 and, in Spain, by the implementing rules and supervision of the CNMV.

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