Used home prices break 43 months of monthly rises: down 0.3% in August but still 12.5% above 2025

04/09/2026 – ⏱ 6 min · By Realty Investor Editorial Team

This article is for informational purposes only and does not, under any circumstances, constitute investment advice or a recommendation.

idealista's property price index for August 2026 contains two figures that point in opposite directions and are worth reading together. The first is one of continuity: used homes in Spain stood at €2,924 per square metre, 12.5% more than twelve months earlier, which makes it the twentieth consecutive month of double-digit year-on-year rises. The second is one of rupture: compared with July, the price slipped 0.3%. It is the first month-on-month fall at national level since late 2022 and ends a streak of 43 consecutive months of month-on-month gains. Over the last quarter as a whole, the index is still up 1.5%.

What exactly this figure measures

The distinction between the three readings — year-on-year, quarterly and monthly — is what gives the headline its meaning. The year-on-year rate describes where the market stands relative to last year and remains at very high levels. The monthly rate describes where it is moving right now and, for the first time in almost four years, points downwards. A single negative month does not make a change of cycle, and August is also the month with the least activity of the year in the Spanish residential market, with fewer active listings and a narrower sample that amplifies variability. But it is the first time since 2022 that the indicator has broken its monthly momentum, and that nuance explains the attention the figure has received.

A methodological clarification should be added. In July 2026, idealista updated the calculation of its index to exclude products that do not reflect the conventional residential market — such as seasonal or holiday rentals — and strengthened the detection of outliers with more robust statistical techniques. The new methodology was applied retroactively to the entire historical series, so year-on-year comparisons remain consistent. Anyone comparing these figures with publications prior to July should make sure they are working with the recalculated series.

All autonomous communities rise, with Cantabria in the lead

The regional map shows no region in negative territory year on year. Cantabria leads the rises with 17.2%, followed by Castilla-La Mancha (16.4%), Aragón (15.4%), Asturias (14.1%), the Region of Murcia (13.8%), Castilla y León (13.5%) and Catalonia (12.9%). Below the national average are Euskadi (11.6%), Galicia (10.9%), Andalusia (10.9%), Navarra (10.6%), the Comunitat Valenciana (9.8%) and Extremadura (9.3%). In the lower band are La Rioja (7.8%), the Community of Madrid (7%), the Canary Islands (6.7%) and the Balearic Islands (5.1%), which record the smallest increase of all.

In absolute terms the order is different. The Balearic Islands are the most expensive region at €5,595 per square metre, ahead of the Community of Madrid (5,059), Euskadi (3,784), the Canary Islands (3,336), Catalonia (3,081) and Andalusia (2,938). At the opposite end, Extremadura (1,049), Castilla-La Mancha (1,157) and Castilla y León (1,388) are the most affordable. The gap between the Balearic Islands and Extremadura now exceeds €4,500 per square metre.

Ourense, the only province that falls

As many as 49 provinces show prices higher than in August 2025, with Ourense (-5.4%) as the only exception. The largest rise is in Toledo, where sellers' expectations have grown by 19.9%, followed by Burgos (17.4%), Cantabria (17.2%), València (17.1%) and Zaragoza (16.9%). The province of Barcelona rises 12% and that of Madrid 7%.

The Balearic Islands confirm their position as the most expensive province in which to buy a used home (€5,595/m²), ahead of Madrid (5,059), Gipuzkoa (4,688), Málaga (4,293), Biscay (3,590), Santa Cruz de Tenerife (3,500) and Barcelona (3,493). Ciudad Real is the most affordable at €857 per square metre, followed by Jaén (879), Teruel (888) and Cuenca (902).

The capitals: Ciudad Real and Salamanca above 20%, Madrid at 2.2%

None of the capitals analysed falls year on year. The largest increase is recorded in Ciudad Real, where the price grew 22.7% over the last year, followed by Salamanca (20.7%), León (20%), Pontevedra (16.9%) and Ceuta (16.6%). At the other extreme, Madrid and Melilla share the smallest rise at 2.2%, along with San Sebastián (2.6%).

Among the large markets, prices are rising in Seville (11.5%), Bilbao (10.6%), Alicante (6.8%), Barcelona (6.3%), Valencia (6.1%), Málaga (5.1%) and Palma (4.9%). With these changes, Madrid stands at €6,471 per square metre and Barcelona at 5,440. San Sebastián remains the most expensive capital in Spain at €6,680/m², while Zamora (1,449), Jaén (1,465) and Lleida (1,515) mark the floor of the market.

A territorial divergence that keeps recurring

The pattern traced by these figures matches the one that other Spanish residential indicators have been showing during 2026: the large markets are stabilising at very high levels while price pressure shifts towards secondary locations. The city of Madrid is up 2.2% year on year and its August price is below the one recorded in May; in parallel, capitals such as Ciudad Real, Salamanca or León exceed 20%. The usual explanation combines two factors: smaller housing stocks are more sensitive to modest changes in demand, and markets with low entry prices have absorbed part of the demand pushed out of the expensive locations by the price level reached and by the rising cost of financing.

Why this matters to real estate investors

The sale price is the denominator of any rental yield calculation. When prices rise faster than rents, the gross yield compresses; when the opposite happens, it expands. The data available for August 2026 indicate that used home prices are rising 12.5% year on year while average rents are rising 5.8%, a differential that, in aggregate terms, puts downward pressure on gross yields, especially in the most expensive markets. Any return estimate derived from these data is indicative; this estimate is subject to investment risk and is not guaranteed.

At the same time, the financing environment has tightened. The Euribor closed August 2026 at 2.95%, its highest level in two years, and is starting September above 3%. A higher cost of credit reduces households' purchasing capacity and makes the debt of developers and lenders more expensive, two effects that act on transaction volume before they act on price. The combination of prices at highs, more expensive financing and a first monthly decline in the index describes a market that is beginning to show mixed signals after almost four years of a uniform trajectory.

Reading for investors

These figures call for caution in their interpretation. They are asking prices published on a property portal, not transaction prices or an administrative register: they measure what is asked, which does not always coincide with what is signed. The statistics of notaries, land registrars and the INE, compiled on completed transactions, offer different readings and with a lag of several months. The methodological change of July 2026 improves the quality of the series but limits comparability with previous publications. And the volume of listings in August is below the annual average, which amplifies variability in small locations: a rise of 22.7% in Ciudad Real operates on a very different sample base from that of Madrid. None of this invalidates the figure, but it advises reading it as a snapshot of the trend and not as an exact measurement. Past performance is not a guide to future results, and any real estate investment carries risks of illiquidity, default and total or partial loss of capital.

In a context of high prices and more expensive financing, some private capital has in previous cycles explored routes of exposure to real estate other than the individual purchase of a property, including regulated crowdfunding formulas. This is an observed dynamic, not a recommendation. At European level, the activity of crowdfunding platforms is governed by Regulation (EU) 2020/1503 and, in Spain, by the implementing legislation and CNMV supervision, including Circular 2/2020. Authorised platforms are subject to obligations regarding pre-contractual information, assessment of investor knowledge and investment limits for non-sophisticated investors.

Realty Investor

Your real estate crowdfunding, in one app.

Discover new opportunities. Invest through leading platforms. Manage your whole property portfolio from a single place.

The Realty Investor beta is now available. Explore the market, discover new projects and get to know the platform with simulated money, without putting in any capital.

Download the beta and start discovering a new way to manage your real estate investments.