Spain’s housing market slowed across most price brackets in the first quarter of 2026, according to idealista data. Yet one segment moved in the opposite direction.
Homes priced above €1 million were the only properties to record rising demand nationwide, with contacts per listing increasing by 3%. While mid-market and upper-mid segments declined, activity at the top end held firm, and in several cities it accelerated.
Where €1 million-plus demand is rising
Demand for homes above €1 million increased by 3% nationwide, but the city-level data shows a clear divergence in where high-end buyers are concentrating.
Major cities – over €1 million segment
City | Change in demand |
|---|---|
Palma | +19% |
Bilbao | +19% |
San Sebastián | +15% |
Valencia | +10% |
Sevilla | +5% |
Madrid | +4% |
Barcelona | −14% |
Málaga | −19% |
In contrast, Málaga recorded the sharpest fall among the major markets in the luxury bracket, while Palma and Bilbao led growth.
Outside the largest markets, there were very sharp percentage increases in cities including Vitoria-Gasteiz (+385%), Almería (+181%), Girona (+147%) and Pamplona (+140%), although these reflect relatively low starting volumes of contacts.
Bilbao: consistent growth across every price bracket
Bilbao was the only major city analysed to record rising demand in all five price ranges in the first quarter of 2026.
In the most affordable segment, homes priced up to €210,000 saw demand increase by 29%, while properties in the €210,000–€360,000 bracket rose by 25%.
Growth continued further up the market. Demand for homes priced between €360,000 and €600,000 increased by 17%, and in the €600,000–€1 million segment it climbed by 38%.
Even at the top end, properties above €1 million recorded a 19% rise.
Pressure in the €600,000 to €1 million segment
This upper-mid price band recorded the largest national decline, down 6%, highlighting the contrast with the performance of €1 million-plus homes.
Major cities – €600,000 to €1 million segment
City | Change in demand |
|---|---|
Bilbao | +38% |
Alicante | +22% |
San Sebastián | +22% |
Madrid | −15% |
Málaga | −18% |
Bilbao posted the strongest increase in this bracket, while Málaga recorded the steepest drop.
The wider market backdrop
The figures underline how concentrated current growth is at the top end. With four of five price brackets in decline nationally, the €1 million-plus segment stands apart.
Price range | Change in demand (Spain) |
|---|---|
Up to €210,000 | −3% |
€210,000–€360,000 | −1% |
€360,000–€600,000 | −2% |
€600,000–€1 million | −6% |
Over €1 million | +3% |
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