Spaniards have ‘property fever’ currently; they’re buying at record rates in part because they fear that if they wait any longer, they won’t be able to afford a home. So is it better to jump on the bandwagon and buy or wait for another moment?
The number of people buying homes in Spain currently is skyrocketing. In fact, the countries just had the best month of May since 2007 in terms of property purchases, with 40% more homes sold than for the same month last year.
Not exactly news one would expect given Spain’s widely reported housing crisis. So, what does this mean for foreigners – whether resident or non-resident – who have been considering buying a property in Spain? Should you rush or should you wait?
Of course, committing to buying a property depends on your individual circumstances and your finances, but the general advice from market analysts is that if you want to buy a home, you should do it sooner rather than later.
In a nutshell, banks’ mortgage conditions are currently good and the data points to continuous house property price and rent increases throughout 2025 and beyond.
Take the price evolution graph of Spain’s main property search engine Idealista, which shows that the average price per square metre in June 2025 was €2,438. So, a 100sqm flat in Spain costs €243,000 on average.
A month earlier, in May 2025, it was 2% cheaper, meaning that a home is around €4,860 more expensive now.
A year ago in June 2024, it was 14% cheaper, an incredible €34,000 less than it is now.
In this context, it’s no surprise that many people in Spain wants to get in there quick before prices increase too much.
The latest data shows that Spain recorded the third-highest rise in housing prices in the entire Eurozone in the first quarter of 2025, with an increase of 12.3%, only surpassed by Portugal (+16.3%) and Croatia (+13.1%).
The general advice from market analysts that any savings you’ll make from a better mortgage rate could be outweighed by increases in property prices. This means waiting could cost you more if you’re planning on holding out for better mortgages.
As with everything though, it’s important though to think about your situation and what is best for you. It will also make a difference depending on where in the country you want to buy.
If you are looking to buy a property in Spain, Portugal or Greece and need a mortgage, email mark@vci-network.com for the latest criteria