Spain house price growth eases in 2026 Q2

Spanish house prices continued to climb strongly in 2026 Q2, although the pace of growth slowed slightly. According to Eurostat, nominal house prices in Spain were 12.1% higher in 2026 Q2 than a year earlier. In 2026 Q1, the annual rate was 12.8%. That makes the latest reading the lowest in the run of Eurostat data covered here, which goes back to 2025 Q2.

The easing is notable because annual growth had held very steady before it. Eurostat recorded year-on-year increases of 12.8% in 2025 Q2, 12.8% in 2025 Q3 and 12.9% in 2025 Q4, followed by 12.8% in 2026 Q1. Housing Market Group calculations based on the Eurostat figures show that the annual rate in 2026 Q2 was 0.7 percentage points lower than in 2026 Q1. Measured against 2025 Q2, when the rate also stood at 12.8%, the latest figure is again 0.7 percentage points lower. This means all of the slowdown over the past year happened in the most recent period, after several readings that barely moved.

A comparison with Germany shows how strong price growth in Spain remains by European standards. According to Eurostat, nominal house prices in Germany were 0.6% higher in 2026 Q2 than a year earlier. Housing Market Group calculations from the Eurostat data show that the German annual rate in 2026 Q2 was 2.7 percentage points lower than in 2025 Q2. Annual price growth has therefore cooled in Germany as well as in Spain over the past year. The fall in the German rate has been the sharper of the two, while the Spanish rate stands at 12.1%, far above the German figure of 0.6%.

It helps to be clear about what the latest Spanish figure does and does not show. A lower annual rate does not mean that prices fell. According to Eurostat, homes in Spain cost considerably more in 2026 Q2 than they did a year before. What changed is that the annual increase was somewhat smaller than the gains recorded in each period from 2025 Q2 through 2026 Q1. The figures refer to nominal prices, which means they show price changes as recorded, without any adjustment for inflation.

Taken together, the Eurostat data for 2026 Q2 describe a Spanish housing market in which prices are still rising rapidly compared with a year earlier, with a modest easing in that pace appearing in the latest figures. Germany, by contrast, shows only slight annual growth in 2026 Q2, so the gap between the 2 markets remains wide.