Based on INE house price index data through Q4 2025, Spain’s housing market remained in a strong upswing rather than a late-cycle plateau. Annual growth moved from mostly mid-single digits in early 2024 to double digits by late 2024, and stayed elevated through 2025 as the index pushed to fresh highs. For long-term buyers and policy-aware readers, the key takeaway is not quarter-to-quarter noise but the persistence of broad-based price momentum across the latest run of observations.

The Q1 2024 to Q4 2025 sequence shows an acceleration phase, not a fading one

In the Q1 2024 to Q4 2025 run, the clearest pattern is that annual house price growth strengthened as the period progressed. In housing cycles, that kind of shift usually signals a market that is still climbing rather than one that has already rolled over.

The earliest 2024 readings in the dataset show year-on-year gains clustered between 4.70% and 7.90%, with quarterly moves between 1.70% and 5.40%. By Q2 2024, the annual range had shifted higher to between 5.30% and 10.30%, while quarterly growth mostly sat between 2.30% and 4.60%.

That step-up became more visible in Q3 2024. Year-on-year growth then ranged from 5.80% to 10.70%, and quarterly growth was still positive across the board, between 0.90% and 3.80%. By Q4 2024, the annual range had moved higher again, from 8.60% to 13.40%, with quarterly changes running from -0.10% to 3.30%.

The pattern carried into 2025 rather than reversing. In Q1 2025, year-on-year growth ranged from 10.00% to 14.00%, and quarterly growth from 2.20% to 5.10%. In Q2 2025, annual growth stood between 10.80% and 14.60%, with quarterly gains between 2.70% and 5.00%. In Q3 2025, the annual range was 10.90% to 15.00%, and quarterly growth remained positive at 2.20% to 4.50%. By Q4 2025, annual growth still sat between 10.90% and 15.30%, with quarterly changes between 0.30% and 3.00%.

Late 2024 was the turning point into clearly double-digit annual growth

In the Q4 2024 snapshot, the market appears to have crossed from strong growth into a distinctly hotter phase. A move into double-digit annual readings across much of the distribution is often where affordability pressure becomes more visible in public debate.

Earlier in 2024, double-digit year-on-year readings were present but not dominant: Q2 2024 peaked at 10.30%, and Q3 2024 peaked at 10.70%. By Q4 2024, the annual growth range had shifted materially higher, with multiple readings at 10.30%, 10.40%, 10.50%, 10.60%, 10.60%, 10.70%, 11.30%, 11.40%, 11.70%, 11.70%, 11.80%, 11.90%, 12.20%, 12.20%, 12.90%, 13.30% and 13.40%.

That matters because the acceleration was not limited to one or two outliers. The lower end of the Q4 2024 range was already 8.60%, well above the weakest readings seen in early 2024. Even where quarterly growth was more restrained, the annual backdrop remained firm enough to keep the broader index path rising.

A simple way to read the shift is this: Q1 2024 still looked like a market expanding at a healthy pace, but by Q4 2024 the dataset was dominated by readings that are harder to describe as merely steady. The market had entered a more forceful appreciation phase.

Through 2025, the index kept setting higher marks even as quarterly gains cooled from the fastest bursts

In the 2025 data, the market’s most important feature is resilience. In many housing upswings, quarterly growth cools before annual growth does, because year-on-year comparisons keep reflecting earlier strength.

The highest price index readings in the dataset all sit in 2025. Q1 2025 included values up to 192.34. Q2 2025 moved higher still, reaching 199.40 and 197.69. Q3 2025 then crossed the 200 mark several times, including 200.06, 204.06 and 204.60. By Q4 2025, the top readings had advanced again to 207.67, 209.08, 203.46 and 201.06.

At the same time, quarterly growth was no longer as stretched as in the fastest earlier bursts. Q1 2025 had quarterly increases as high as 5.10%, Q2 2025 peaked at 5.00%, and Q3 2025 peaked at 4.50%. By Q4 2025, the quarterly range had eased to between 0.30% and 3.00%.

That is not the same as a reversal. The key point is that quarterly changes remained positive throughout Q4 2025 in all but the earlier isolated negative reading of -0.10% seen in Q4 2024. In other words, the latest part of the series still shows upward movement in the index, even if the pace is less explosive than the strongest quarters of 2025.

The latest snapshot combines high annual growth with slower quarter-on-quarter gains

In the Q4 2025 snapshot, Spain’s house price trend looks mature in pace but not exhausted in direction. That mix is common when a strong run persists long enough for annual comparisons to stay elevated even as quarter-on-quarter momentum becomes more selective.

The Q4 2025 price index readings ranged from 145.39 to 209.08. Year-on-year growth remained firmly in double digits, spanning 10.90% to 15.30%. Quarterly growth, by contrast, was much tighter, running from 0.30% to 3.00%.

That spread tells readers two things at once. First, the level of the index is still high and advancing. Second, the market no longer needs exceptional quarter-on-quarter jumps to keep annual growth elevated, because it is building on a much higher base than it was in early 2024.

The latest quarter’s upper-end annual readings — 15.30%, 14.40%, 14.40%, 14.40%, 14.20% and 14.10% — show that strong appreciation was still present in the closing stretch of the dataset. Meanwhile, the presence of lower quarterly readings such as 0.30%, 0.50% and 0.60% suggests a market that is still rising, but with less uniformly rapid short-term acceleration.

Key figures from the latest Spain HPI sequence

In the Q1 2024 to Q4 2025 sequence, the broad story is straightforward: higher index levels, higher annual growth, and still-positive quarterly movement at the end of the period. For readers tracking cycles, that is the signature of an upswing that remained intact through the latest observation.

Taken together, these readings show a market that strengthened through 2024, entered a clearly double-digit annual growth phase by late 2024, and continued to print new highs in 2025. The pace of quarterly gains moderated by the end of the period, but the direction of travel remained upward.

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Published: May 8, 2026