Every real estate statistic today reflects an infinite upward curve. The average estimated value per square meter stood at record levels in the third quarter of the year: 2,153.4 euros, the highest price in a historical series dating back to 1995, according to data published Wednesday by the Ministry of Construction. This latest record surpasses those recorded during the real estate bubble, when in the early stages of 2008 the amount reached 2,101.4 euros, a value that seemed insurmountable. Until now.
Although the trend was known, the results published this Wednesday exceeded all expectations. The increase recorded in the third quarter, compared to the previous one, was 59.9 euros per square meter (2.9% more). This once again places the average price per square meter above 2,000 euros. A barrier that was overcome during the year, and which had previously only occurred in 2008 and 2009. Compared to the data for the same period last year, the increase is much more significant: the amounts increased by 12.1%.
The result, derived from the continuous increases that occurred in the last 12 quarters (36 consecutive months), meant that the average price per square meter increased by 413.4 euros starting from the third quarter of 2022. That is, an increase of 23.76% in just three years. This has led free construction – that which is not subject to any protection regime, and, therefore, is governed by the market – to even exceed the values achieved during the real estate bubble. And, according to experts, there is no indicator that suggests that the brick will not continue to grow in the real estate oven.
Faced with this situation, which contributes to perpetuating the impossibility for the majority of citizens to access the purchase of a house, the National Federation of Real Estate Associations (FAI) this Wednesday asked the Government to immediately activate a National Emergency Plan. The market, the organization noted in a statement, is “in an unsustainable situation.” The escalation of prices and the structural deficit in supply are not being alleviated by the public policies implemented, according to the FAI, which warns that these, together with the lack of action and consensus on housing, “are eroding the quality of life of an entire generation”.
Faced with these statements, the Ministry of Construction underlines that the statistics published this Wednesday “refer to the average value of appraisals, not to the purchase and sale price”, which is why it refuses that these data exactly reflect the real situation of the market. In fact, as a more reliable basis, they appeal to the statistics developed by the General Council of Notaries on home sales. In it, the square meter in August 2025, the latest published data, was 1,727.99 euros per square meter, 425.41 euros less than the result known today. However, this series does not allow us to follow the evolution of the amounts since 1995, as the estimated value statistics do.
Alongside this differentiation, the same sources warn that updating the 2008 data according to the evolution of the consumer price index (CPI) since then, the 2,101.4 euros then would be equivalent to approximately 2,883.1 euros today. “This means that, in real terms, the current valuation is well below the 2008 level,” Propiedad says.
Territorial diversity
The Ministry’s statistics also reflect the evolution of prices of subsidized houses, which are well below those of the free category. The figure for the third quarter of 2025 is 1,195.7 euros, which is also the highest of the entire historical series, even if in this case it starts from 2005. The result reflects an increase of 0.6% compared to the second quarter and 2.4% compared to the same period last year. However, despite this growth – which occurs as a result of four quarters of growth, starting from the third of 2023 -, the average value of the square meter in this category is practically half that of the other (55.53%); A
By territory, the region with the highest record of free housing is once again the Community of Madrid, with 3,732.5 euros, 2.8% more than the previous quarter and 14% more than the price set in the same period last year. In second place the Balearic Islands, with 3,672.4 euros, 4.4% more than in the second quarter and 14.5% more than the same period in 2024. While third place goes to the Basque Country, with 2,866.1 euros (+2.6% in the quarterly rate and +11% in the interannual rate). However, the most marked increases compared to last year occurred in Cantabria (15.1%), Canary Islands and Valencian Community (both 14.5%). In the list of regions with slightly more accessible prices we find Extremadura (936.2 euros), Castilla-La Mancha (1,079.8 euros) and Castilla y León (1,203.7 euros).
