Tinsa’s October IMIE index confirms a gradual slowdown, with prices still rising far faster than inflation.
Spain’s housing market is losing momentum, but only slowly. According to Tinsa’s latest IMIE index, the median price of new and resale homes rose 0.9% in October. Year-on-year growth eased to 13.7%, down from 14.2% in September.
That is still well above consumer price inflation, which stood at 4.9% in October. In nominal terms, homes are now 3.5% above the 2007 peak, up from 2.5% a month earlier. Adjusted for accumulated inflation, they remain 31.6% below it.
Provincial capitals and large cities held up, rising 1.4% month on month after slowing in August and September. The year-on-year slowdown is sharpest in the islands and metropolitan areas.
The Mediterranean coast recorded the fastest annual growth of any group, at 16.7%. It is also, along with the smaller municipalities, one of only two groups still below their 2007 nominal peak, sitting 2.2% under it. The Balearic and Canary Islands, by contrast, are 28.1% above theirs.
Activity is mixed. Home sales in August rose 3.4% year on year to 49,319, though they are down 2.3% so far this year. New mortgages grew 2.3% in August, with the Euribor at 3.239% in October.
Cristina Arias, Head of Research at Tinsa by Accumin, notes that annual price growth remains strong in every area, above inflation and above the 9% threshold the European Commission uses in its macroeconomic imbalance procedure.
Source: Tinsa IMIE, October 2026.
