Spain’s new-build housing market is undergoing a boom. A combination of high demand, limited supply and rising prices has driven some provinces to record unprecedented growth over the past decade, culminating in 2024.
According to Tinsa's New Construction Housing 2025 report by Accumin, the average price per square metre of new-build housing in Spain has reached €2,528 – 66% higher than at the market’s low point during the 2008 crisis. However, growth is uneven: while some provinces are seeing moderate increases, others are soaring.
Top 10 provinces where new-build prices have increased the most
Malaga +24.4%
The Costa del Sol remains one of the most sought-after real estate destinations. A blend of favourable climate, international tourism, cultural attractions and strong transport links via high-speed rail and air travel has pushed the average price per square metre to €3,084. Towns such as Marbella, Benalmádena and Vélez-Málaga have reached record property values, strengthening their appeal to foreign buyers and high-net-worth individuals.
Balearic Islands +19.8%
New housing is scarce in the Balearic Islands. Limited land availability and restrictive planning regulations mean supply is expanding only slowly. Combined with strong international demand, this has pushed the average price to €4,399 per m² – the highest in Spain. For many European buyers, investing here is considered a haven.
Madrid +15.7%
In the Community of Madrid, growth is centred in the metropolitan area, where towns such as Pozuelo de Alarcón, Alcobendas and Rivas-Vaciamadrid have even outpaced the capital’s own rate of growth. With land in the city centre increasingly scarce, new developments are moving to well-connected areas, bringing the province’s average price to €3,753 per m².
Cantabria +15.7%
Santander’s growth, together with the arrival of remote workers and international buyers, has given the property market a strong boost.
Alicante +12%
This trend is most evident in coastal towns such as Benidorm, Torrevieja and Orihuela, where purchasing power is more than 70% above the average income.
Lleida +12%
The allure of the Costa Brava, combined with Barcelona’s market potential, has pushed up prices – even in inland areas.
Pontevedra +12%
Notably, Vigo, in the province of Pontevedra, recorded the sharpest rise in new-build prices in 2024, with growth of 25%.
Badajoz +11.5%
Although it remains one of the cities with the lowest prices for second-hand homes, the cost of new-build properties has risen sharply.
Murcia +10.4%
The property boom in the province of Murcia, across both the capital and its coastal areas, has driven up prices for new-build homes.
Ávila +9.4%
Its proximity to Madrid and other major cities, including Valladolid, Segovia and Salamanca, has pushed Castilla-La Mancha into the top 10.
Why are new-build prices rising so much?
International demand: Buyers from the UK, Germany, France and Nordic countries continue to dominate the coastal property market.
Limited land: In capital cities and popular tourist areas, opportunities for new development are extremely limited.
Energy efficiency: Ninety-five per cent of new-build properties have an A or B energy rating, lowering running costs and enhancing market value.
Changing priorities: Terraces, green spaces, and dedicated remote-working areas have become essential features since the pandemic.
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