Every region posted double-digit gains for the 46th consecutive quarter
A lo largo del tercer trimestre de 2025, el mercado inmobiliario español registró su mayor subida anual desde que existen registros estadísticos, con Andalucía creciendo un 12,4% —ligeramente por debajo de la media nacional del 12,8%—. Lo que distingue este momento no es solo la magnitud del alza, sino su universalidad: todas las regiones del país, sin excepción, encadenan ya 46 trimestres consecutivos de incrementos de dos dígitos. En el trasfondo late una pregunta que trasciende los datos: si el acceso a la vivienda es un pilar de la vida digna, ¿qué significa que ese pilar lleve más de una década encareciéndose sin pausa?
- La vivienda usada se dispara un 13,4% a nivel nacional —el mayor repunte de toda la serie histórica desde 2007—, mientras la obra nueva modera su crecimiento al 9,7%, revelando que es el stock existente, y no la nueva oferta, el motor de la presión.
- Murcia lidera el alza regional con un 15%, seguida de Aragón, Castilla y León y Madrid, todas por encima del 14%, lo que dibuja un mapa de tensión desigual pero sin ningún territorio a salvo.
- Andalucía crece un 2,7% trimestral —por debajo del 2,9% nacional—, una moderación relativa que no alivia la acumulación de subidas sostenidas durante más de una década.
- La uniformidad del fenómeno —doble dígito en cada región y ciudad autónoma— convierte la excepción en norma y eleva la presión sobre los responsables políticos para articular respuestas estructurales en materia de asequibilidad.
El mercado inmobiliario español cerró el tercer trimestre de 2025 con una subida anual del 12,8% en el precio de la vivienda libre, el mayor incremento desde que comenzaron a elaborarse estas estadísticas en 2007. Andalucía, la segunda región más poblada del país, creció algo menos —un 12,4%— situándose en el tramo medio del ranking autonómico, junto a Canarias, Cataluña y el País Vasco.
Las diferencias entre regiones fueron llamativas. Murcia encabezó el ascenso con un 15%, seguida de Aragón (14,6%), Castilla y León (14,4%) y Madrid (14,2%). En el extremo más contenido, Navarra registró el menor avance, con un 10,9%. Pese a esta dispersión, el dato más revelador fue la unanimidad: todas las comunidades autónomas y ciudades autónomas superaron el umbral del 10%, encadenando así 46 trimestres consecutivos de incrementos anuales de doble dígito.
El contraste entre tipologías de vivienda resultó especialmente significativo. La obra nueva moderó su crecimiento hasta el 9,7% interanual —el ritmo más lento desde el tercer trimestre de 2024—, mientras que la vivienda usada se disparó un 13,4%, el valor más alto de toda la serie histórica. Este desfase apunta a que la demanda está absorbiendo el parque existente a una velocidad que la nueva construcción no logra compensar.
En términos trimestrales, Andalucía avanzó un 2,7% respecto al segundo trimestre, ligeramente por debajo del 2,9% nacional y con una desaceleración respecto al 4% registrado en el periodo anterior. La vivienda nueva andaluza subió un 1,3% en ese intervalo y la usada, un 3%, ambas algo por debajo de sus equivalentes nacionales.
Más allá de los porcentajes, la persistencia de esta tendencia durante más de una década plantea interrogantes de fondo sobre la escasez estructural de oferta, la evolución de la demanda y la capacidad de las políticas públicas para reequilibrar un mercado que, trimestre tras trimestre, sigue marcando nuevos máximos.
Spain's housing market continued its relentless climb through the third quarter of 2025, with prices rising 12.8 percent nationally compared to the same period a year earlier—the sharpest annual increase since the statistical series began in 2007. Andalucía, the country's second-largest region by population, grew more slowly at 12.4 percent, placing it slightly behind the national pace but still firmly in the middle tier of regional performance.
The divergence between regions was notable. Murcia led the way with a 15 percent surge, followed by Aragón at 14.6 percent, Castilla y León at 14.4 percent, Madrid at 14.2 percent, and La Rioja at 14.1 percent. At the more moderate end, Navarra saw the smallest gains at 10.9 percent, with Catalonia at 11.3 percent and the Basque Country and Castilla-La Mancha both at 11.6 percent. Andalucía's 12.4 percent placed it among this slower-growing cohort, alongside Canarias at 12.2 percent. Every single region and autonomous city in Spain posted double-digit price increases—a remarkable uniformity that underscored the breadth of the market's momentum.
What made the third quarter particularly striking was the divergence between new and used housing. New construction prices grew a modest 9.7 percent year-over-year, actually decelerating from the previous quarter and marking the slowest pace since the third quarter of 2024. Used housing, by contrast, exploded upward at 13.4 percent—the highest rate in the entire historical record stretching back to 2007. This split suggested that existing stock was driving the market's heat while new supply struggled to keep pace with demand.
When measured quarter-to-quarter rather than year-over-year, Andalucía's housing prices rose 2.7 percent from the second quarter to the third, slightly below the national figure of 2.9 percent. This quarterly pace had moderated from the previous three-month period, when the national increase was 4 percent. New housing in Andalucía gained 1.3 percent quarter-over-quarter, while used housing climbed 3 percent—both slightly below their national counterparts of 0.6 percent and 3.3 percent respectively.
The consistency of these gains across 46 consecutive quarters of year-over-year increases spoke to a market that had found a new equilibrium at elevated price levels. Whether this reflected genuine scarcity, sustained demand, or structural shifts in how Spaniards valued property remained an open question. What was certain was that every region, without exception, was experiencing upward pressure on housing costs—a condition that had persisted through economic cycles and policy adjustments without interruption for more than a decade.
Citações Notáveis
The national housing price increase of 12.8% in Q3 2025 represents the sharpest annual gain since the statistical series began in the first quarter of 2007— Instituto Nacional de Estadística (INE)
A Conversa do Hearth Outra perspectiva sobre a história
Why is Andalucía lagging behind the national average when every region is posting double-digit growth?
It's not really lagging in any meaningful sense—0.4 points is a rounding error at this scale. Andalucía is simply in the middle of the pack. The real story is that some regions like Murcia and Aragón are running much hotter, probably because they're attracting migration or have tighter supply.
The used housing number is striking—13.4 percent, the highest ever recorded. What does that tell us?
It tells us that people are competing fiercely for existing homes while new construction can't keep up. New housing only grew 9.7 percent, which is actually slowing. So the market is being driven by scarcity of available stock, not by a flood of new supply.
Is this sustainable? Can prices keep rising at this rate indefinitely?
Probably not indefinitely, but the fact that we've had 46 consecutive quarters of gains suggests the market has found ways to absorb these increases. Whether through wage growth, credit availability, or just shifting household priorities, people are still buying. The question is what breaks first—affordability, credit conditions, or supply finally catches up.
Why would new housing growth be slowing while used housing accelerates?
New construction is expensive and takes time. Developers are probably being cautious about building at these price points. Meanwhile, existing homes are changing hands at whatever the market will bear, and right now it's bearing a lot. It's a supply-demand mismatch playing out in real time.
Does Andalucía's slightly slower pace suggest something different is happening there?
Not necessarily. It could just be that Andalucía has a different mix of new versus used sales, or that migration patterns favor other regions. But the fact that it's still at 12.4 percent shows the pressure is region-wide, not concentrated.