The rising cost of the real estate market accelerates at the start of 2026 with increases well above inflation and an increase in the effort to access housing, especially in large urban centers. The price of finished housing, new and used, has risen by 14.3% year-on-year in the first quarter of 2026, according to the IMIE local markets 2026 Q1 report published by Tinsa by Accumin, in a context in which the real increase, discounting the inflation of 3.3%, stands at 11.8%. The increase occurs generally, although with special intensity in the capitals, where 30 of the 52 already exceed increases of 10%, compared to 20 in the previous quarter.
The greatest price tensions are concentrated in the main urban markets. Madrid, Barcelona and San Sebastián exceed 4,000 euros per square meter, while Palma de Mallorca and Bilbao reach 3,439 euros. In terms of growth, Santander (20.9%), Albacete (20.8%) and Pontevedra (19.8%) stand out, while Palencia is the only capital where the price falls, by 1%.
The price increase is notably raising the effort of access to housing. Nationally, households allocate on average 33.9% of their income to mortgage payments, but in cities like Madrid and Barcelona that effort already reaches 60% of income. After them, San Sebastián (59.2%), Palma (51.7%) and Málaga (50.3%) also exceed 50%, while 15 capitals are above the recommended threshold of 35%.
This scenario coincides with a more demanding financial context. Euribor has risen to 2.551% in March, breaking the downward trend and raising the cost of mortgages. For an average loan of 184,004 euros, with a payment of around 797 euros, annual revisions already represent an increase of 1.6% (around 142 euros more per year), while semi-annual revisions reach increases of 4%, with around 29 additional euros per month.
