2026年第二季度西班牙新建住宅快照

Q22026 The sector indicators are compiled quarterly following a detailed studycarried out by the professionals of the Spain office, based on real dataand market trends. knightfrank.es/research Supply shortages and rising prices willcontinue to limit the number oftransactions in 2026. Although the number of home sales is moderating, the firstquarter of the year is beginning with an increase in pricesfor both new-build and resale homes. Spain Jan-Feb 2026 vs Jan-Feb 2025 +9.3%24,991Buildingstartpermits+1.8%13,614Completion certificates SITUATION IN SPAIN The number of mortgages in the firstfour months of the year has increasedby around 8% year-on-year. However,the ECB's interest rate hike in themiddle of this year could contribute to amoderation in mortgage activity in thecoming months, as financing conditionsbecome more expensive. As a result, thenumber of mortgages is expected todecline during the second half of theyear, ending up 5% below the levelreached at the close of 2025.. Building start permits andcompletioncertificates maintainedgrowth in the first two months of theyear higher than that recorded during2025, with a year-end forecast of an 8%and 2% increase, respectively. T1 2026 vs T1 2025 -11%159,317numberoftransactions+17.2%2,709€/m² The mismatch between the growth innew household formation and theincrease in housing stock is projected toresult in a deficit of close to 765,000homes by 2031. Source: Ministry of Public Works Free-market housing. Building permits andcompletion certificates TRANSACTIONS AND PRICES IN SPAINThe volume of housing transactions in Spain is expected toclose 2026 at a figure roughly 5%below that recorded in 2025, due to acombination of a lack of availablesupply, the continued increase inprice levels, worse financingconditions, and the need for buyersto draw more heavily on theirsavings. Regarding buyers, foreignnationals account for 14% oftransaction volume, coming mainlyfrom Europe and the UnitedKingdom. According to data published bythe Ministry of Housing, at the closeof the first quarter of 2026, bothnew-build and second-hand housingrecorded annual increases of close to14%, accumulating a rise of over40% over the past five years. New-build housing prices exceed€2,680/m², while second-handhousing prices are above€2,300/m²,marking the highest levels in the lastyears. At the close of the first half of2026, the provinces with the largestincreases in housing prices wereCiudad Real (+25.4%), León (+21.1%),and Cantabria (+18.4%), withincreases exceeding 18%. However, Madrid, Barcelona, andSan Sebastián continue to record thehighest price levels in their urbanareas. We like questions. If you have any regardingour reports or require property consultancy,we would like to hear from you. Carlos ZamoraPartner, Head ofResidential+34 600 919 041carlos.zamora@es.knightfrank.com Daniel CaprarinHead of Research, Marketing & PR+34 600 919 087daniel.caprarin@es.knightfrank.com