Spain real estate market — prices, rental yield and trend

• Average price: $3,390 / m²
• Gross rental yield: 6.19%
• 12-month price change (USD): 8.7%
• Net rental yield: 5.01%
• Transaction cost: 15.3%
• Bubble-risk band: elevated
• Price basis: national average

Residential property in Spain averages $3,390 per square metre, +8.7% in dollar terms over the last twelve months. That makes it the 140th most expensive of the 264 markets in the set.

What a buyer pays in Spain

The $3,390 figure is a national average across all residential property types, which flattens a wide spread — the capital typically runs far above it and small towns far below. Buying costs — transfer tax or stamp duty, notary, registration and agency — come to about 15.3% of the price here. On a 100 m² apartment at the average price that is roughly $51,867 on top of the $339,000 purchase price. That is above the 9.5% median across the set — the entry cost is part of the investment case here. Of that, the transfer tax alone is 4–13% depending on the buyer and the property; the rest is notary, registration and agency fees. Inside Spain we track 11 local markets separately: Madrid (city) at $7,501 (121.3% above the national figure) down to Torrevieja at $2,870.

What it earns

A square metre lets for about $17.5 a month. Against a purchase price of $3,390 per square metre that is 6.2% gross, before tax. Both figures come from the same source and the same period, so you can check the arithmetic yourself. It ranks 75th of 311 markets by gross yield. Rental income is taxed at 19–24% — the rate is not a single number here. That is the difference between 4.7% and 5% net on the same property. The 5% net figure we publish uses 19%. On the way out there is a third tax: a non-resident seller pays 19% on the gain.

How the tax works. 19% or 24% depending on where the owner is tax-resident, not on the rent level. Owners resident in the EU/EEA pay 19% on net income after deductible expenses (TRLIRNR arts. 24.6 and 25.1.a); owners resident outside the EU/EEA pay 24% on the gross rent with no deductions (art. 24.1). The 50–60% long-term letting relief of the resident regime does not apply to non-residents. A 2025 National Court ruling (SAN 3630/2025) would extend deductions to non-EU owners, but the tax agency has not yet accepted it. Source: agenciatributaria.gob.es.

Where the price sits against its own history

Prices are +44.4% over five years and +94.9% over ten in local terms. Today’s level sits 43.2% above the country’s own long-run trend. A gap that size does not have to close, but it is the number to watch. Glopra’s bubble-risk score for Spain is 61 out of 100 — elevated risk. Of the 65 markets scored, 30 read higher. It combines the deviation from trend, price-to-income and the pace of recent growth — a warning light, not a forecast.

Spain house price index, 2016–2026 (2016 = 100)

Rebased to 100 in 2016, the index stands at 185.5 in 2026. The series is in local currency, and the twelve-month numbers above show how much of that a dollar buyer actually keeps.

Who can buy in Spain

Freehold, no restrictions. That is the rule a foreign buyer meets first, not legal advice — check the current position locally before you commit.

How this figure is built

The price figure for Spain is built from asking prices from listings. It was last refreshed on 2026-11-12. We rate our confidence in this market’s data medium: the series is usable, but thinner or less current than our best-covered markets. We recompute every market the same way; a figure that fails our checks is suppressed, not guessed.

Sources: elespanol.com · infobae.com · tinsa.es · ec.europa.eu. Snapshot: 2026-11-12.