MWCC has presented its report entitled “Evolution of the Housing Market in Spain. December 2025,” a detailed analysis confirming that the Spanish residential market remains in an expansionary phase, albeit with growing signs of tension and risk in certain areas. This report was prepared in collaboration with DS Ranking, a partner of MWCC.

The study indicates that the Housing Purchase Sensibility and Risk Index (ISYRAV) continues its upward trend, standing at 25.2 points in the third quarter of 2025, representing a quarterly increase of 3.6% and a year-on-year increase of 10%. This value reflects, in general terms, a market that is still sensible, although the report warns of increasingly high levels of risk in some autonomous communities and large cities, especially in Madrid.

According to the analysis, housing demand shows an irregular trend throughout 2025. In October, there was a monthly drop of 12.8%, accumulating an annual decline of 6.7%, although the number of households actively searching for housing reached 2.5 million, 10.7% more than a year ago, which shows sustained structural pressure on the market.

Despite the increase in prices, the number of sales rose again in October by 6.3% month-on-month and 13.9% year-on-year, which has led to an increase in the number of mortgages granted to 52,198, with monthly growth of 13.2%. The average mortgage amount is now close to €168,000, with an average term of 25.3 years, which increases the financial burden on households.

The report also highlights that 11.1% of mortgages granted exceed 80% of the value of the property, a percentage 50% higher than that recorded in 2024. Although financial institutions have acted as a brake on possible imbalances, the Bank of Spain is already studying the implementation of stricter regulatory limits in this area.

MWCC concludes that, although the housing market in Spain is not yet in a bubble situation, it is showing clear signs of wear and tear and localized risk, which could gradually spread to the market as a whole if the current dynamics of prices, financing, and accessibility persist.