> **来源：[研报客](https://pc.yanbaoke.cn)** # Residential Market Summary - Q1 2026 ## Core Content The residential market in Spain for Q1 2026 reflects a strong demand environment, driven by a significant rise in mortgage transactions and household formation. Despite an increase in the supply of new housing, the demand continues to outpace supply, leading to persistent upward pressure on prices. ## Key Market Indicators ### GDP Growth - Spain's GDP growth in Q1 2026 is 0.6% compared to the previous quarter, making it one of the fastest-growing economies in the Eurozone. ### Housing Supply and Demand - **Housing Deficit (2022–2025):** A total of 817,348 units are missing to meet the demand for new households, highlighting a significant shortfall in housing supply. - **Building Permits (2025):** 150,000 permits were issued, up by 8.8% from 2024. - **Completion Certificates (2025):** 90,000 certificates were issued, down by 0.1% from 2024. ### Mortgage Transactions - **Mortgage Transactions (2025):** 730,717 transactions were recorded, marking the highest number since 2007. - **Mortgage Forecast (2026):** Expected to reach 530,000–540,000, with a 15% year-on-year increase. - **Mortgage Trends (2008–2026):** There has been a fluctuating trend in mortgage numbers, with notable increases in 2016, 2018, 2020, and 2024, and a projected increase for 2026. ### Property Prices - **Annual Price Increase (2025):** Both new-build and second-hand property prices rose by 13%. - **New-build Prices (2025):** Reached up to 2,600 €/sqm. - **Existing Houses Prices (2025):** Reached close to 2,220 €/sqm. - **Q1 2026 Price Increase:** Valencia saw the highest increase at 24.2%, followed by León (22.7%) and Ciudad Real (21.1%). - **Price Comparison:** Prices in these cities remain significantly lower than in Madrid (5,960 €/sqm) and Barcelona (5,176 €/sqm). ## Main Points ### High Demand - The demand for housing continues to rise, with a 14% increase in mortgage transactions up to February 2026. - The number of new households has increased by over 1.14 million since 2022, while the supply of new homes has only increased by 330,000, creating a deficit of around 817,000 units. ### Price Trends - Prices for both new-build and existing homes have seen a consistent annual increase, with a peak of 13% in 2025. - Valencia, León, and Ciudad Real have recorded the highest price increases in Q1 2026, though prices are still lower than in major cities like Madrid and Barcelona. ### Foreign Buyers - Foreign buyers continue to be a significant component of the market, with the European Union accounting for 45% of transactions, followed by the UK (7%), North of Africa (6%), and other regions. ## Conclusion The Spanish residential market is experiencing strong demand, driven by household formation and mortgage activity. Despite an increase in building permits, the supply of housing remains insufficient to meet the growing demand, resulting in upward pressure on prices. Foreign buyers, especially from Europe and the UK, continue to play a crucial role in the market. The market is expected to maintain its positive trajectory in 2026, with continued price growth and transaction activity.