GLOPRAGlobal Property Radar

Spain construction output falls 10.6% year on year in September 2026

Spain's construction production index fell 10.6% year on year in September 2026, with building construction down 38.7%, while house prices keep climbing.

The facts

  • Spain's construction production index posted -10.6% year on year in September 2026 in the seasonally and calendar adjusted series, and -9.8% in the unadjusted series, on provisional figures published by the national statistics institute INE on 13 November 2026.
  • Month on month the adjusted index fell 1.0% between August and September, which INE describes as one point lower than the previous month's rate.
  • All three divisions fell on the year in the adjusted series: building construction by 38.7%, civil engineering by 8.6% and specialised construction activities by 2.6%.
  • Building construction covers every type of building, residential and non-residential together. INE publishes no residential-only figure in this release.
  • Month on month only building construction fell, by 3.8%, while specialised construction activities recorded the largest rise at 1.9%.
  • The index measures the short-term evolution of value added in construction, with 2021 as its base year, and the September data are published as provisional.

What it means for your money

  • Thinner supply: a dearer entry, a firmer resale. Glopra puts Spanish homes at 3,390 dollars/m², +12.8% in a year.
  • If you already own there, a thinner pipeline would support resale values, because the stock that will compete with your flat in 2028 is being approved and built now.
  • None of this is residential-only. The 38.7% fall covers offices, retail and industrial buildings as well, so it is not a housing-starts figure.
  • Civil engineering fell 8.6% and specialised activities only 2.6%, so the weakness is concentrated in putting up buildings rather than across the whole sector.

What to watch

  • INE revised the last 13 months of this index in the same release, and revises the adjusted series back to its start, so September's -10.6% should be expected to move as well.
  • INE will publish this index on the new CNAE-2025 activity classification from March 2028, which breaks comparability with the current series.

Sources: INE https://www.ine.es/dyngs/Prensa/es/IPCO0926.htm

Market data: Almeria · Murcia (Costa Calida) · Spain · Las Palmas