The Spanish property market moderates in August: sales ease 1.3% but prices continue to climb showed signs of cooling this summer, though not in the way buyers might hope. According to the latest data from the Centro de Información Estadística del Notariado (CIEN), home sales in August 2025 dipped slightly year-on-year, yet prices continued their upward march—and mortgage lending expanded again.
Fewer transactions, higher prices
Across Spain, 38,239 homes were sold in August, marking a 1.3% decrease compared with the same month last year. The slowdown in activity, however, failed to dampen pricing. The average price per square metre reached €1,728, up 5.6% year-on-year.
In short: fewer properties changed hands, but buyers paid more for them.

Flats down, single-family homes up
Performance varied sharply by property type:
- Flats bore the brunt of the adjustment, with sales falling 3.3%, although prices surged 8.1% to an average €1,993/m².
- Single-family homes, on the other hand, saw sales rise 4.5% and prices grow a modest 2.5% to €1,312/m².
This continues a pattern seen throughout 2025: apartments in major cities and coastal areas remain expensive, while detached homes—especially in secondary markets—are holding demand steady.

Regional picture: Madrid and the islands slow, inland Spain rises
The overall decline in sales was driven mainly by nine regions. The steepest drops came in:
- Madrid (-14.5%)
- Balearic Islands (-9.5%)
- Navarre (-7.0%)
Conversely, eight regions recorded year-on-year growth in transactions. Castilla y León (+12.6%), Aragon (+11.8%)and Extremadura (+11.5%) led the way—suggesting activity is shifting toward more affordable inland markets.
When it comes to prices, fifteen regions saw increases. The biggest spikes appeared in Cantabria (+21.6%), Extremadura (+20.2%), and the Balearic Islands (+20.1%). Only Castilla-La Mancha (-12.8%) and Asturias (-3.1%) registered price declines.
Mortgage lending expands further
Mortgage credit continued to climb in August, rising 3.3% year-on-year to 21,011 new housing loans nationwide.
More than half of all home purchases (54.9%) were financed with a mortgage, confirming the market’s growing reliance on credit. The average mortgage reached €161,692, a 9.4% increase, covering about 74% of the property’s value.
Regions showing the strongest growth in mortgage activity included Extremadura (+30.6%), Galicia (+16.8%), and Aragon (+12.8%).
What this means for Spain’s housing market
The August figures reinforce a broader trend: activity is moderating, but values remain sticky. Supply constraints, strong demand in premium segments, and higher-quality new developments continue to push average prices up despite a slowdown in volume.
Meanwhile, the continued rise in mortgage lending points to greater dependence on financing as affordability tightens and cash buyers retreat slightly from the market.
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