MWCC, together with DS Ranking, has analyzed the evolution of the housing market in Spain at the end of 2025, confirming that the sector remains in an expansionary phase, albeit with growing territorial tensions and demand increasingly conditioned by rising prices and difficulties in accessing financing.

As stated in the report, the ISYRAV continued its upward trend throughout 2025, reaching 25.2 points in the third quarter of the year. This figure represents an increase of 3.6% over the previous quarter and 10% over 2024, reflecting, on average, a market that is still reasonable in terms of home purchases. However, MWCC and DS Ranking warn of tensions in certain autonomous communities, in line with the Bank of Spain's analysis.

In November, demand for housing increased by 1.8%, reaching 2.18 million applicants. However, the underlying trend has continued to decline since April, mainly as a result of prices that are clearly on an upward trajectory. In December, housing prices rose by 1.8% month-on-month and 20.5% year-on-year according to Fotocasa, and by 1.3% month-on-month and 16.2% year-on-year according to Idealista.

Despite the occasional growth in demand, this has not translated into an increase in sales. In November, transactions fell by 13.6% to 58,546, although year-on-year growth remains at 13.3%. Pending final data on mortgages, MWCC and DS Ranking indicate that there will likely be a decline in the number of loans granted, although not in their average amount. It is also noteworthy that mortgages exceeding 80% of the value of the property now account for more than 11% of the total, 50% more than in 2024.

Looking ahead to 2026, forecasts for growth in the Spanish economy and employment point to further price rises, albeit at a more moderate pace. In conclusion, MWCC and DS Ranking agree that the Spanish real estate market continues to expand without systemic risk, but with clear limitations derived from the exhaustion of demand and access to credit, which reduces the volume of transactions, especially among lower incomes, and reinforces the financial stability of households.