Spanish Home Prices Rose 12.2% Year on Year in Q2, INE Reports

Spain's National Statistics Institute (INE) published its house price index for the second quarter of 2026 on 7 September: prices rose 12.2% year on year. That's 0.7 percentage points below the first quarter's 12.9%, but it still marks the sixth straight quarter above 12% growth.

New and resale homes are moving at different speeds. New-build prices grew 7.4% year on year, a noticeably slower pace than before. Resale homes kept up a much stronger rate: 12.9% annually, barely down from the previous quarter. Quarter on quarter, from April to June, new builds gained 1% while resale homes added 3.7%.

The gap comes down to a simple imbalance: there isn't enough new stock, and buyer demand, both domestic and foreign, hasn't eased. Until supply catches up, double-digit growth looks set to remain the norm for the Spanish market regardless of mortgage rates.

For anyone house-hunting in Spain, the takeaway is practical. Waiting for prices to soften is unlikely to pay off, and decisions on properties that fit the brief are better made now, particularly as resale homes keep outpacing new builds.