- Spain’s resale housing index rose 12.9% year on year in Q2 2026, while new housing rose 7.4%. The 5.5-percentage-point gap is much larger than the 0.7-point gap recorded a year earlier.
- The same split is visible over the quarter. From Q1 to Q2 2026, used-home prices rose 3.7% nationally, compared with 1.0% for new homes; the overall index rose 3.4%.
- Andalucía is following the same direction. In Q2 2026, the regional index rose 11.9% year on year: 12.5% for used homes and 9.0% for new homes.
- Resale still dominates transaction volume. Spain’s property registrars recorded 133,015 used-home sales and 34,919 new-home sales in Q2 — about 79.2% versus 20.8% of the 167,934 total.
- New housing still carries a national registered-price premium. Registradores put Q2 average prices at €2,636/m² for new homes and €2,448/m² for used homes, a gap of about 7.7%.
- Bottom line: faster resale inflation does not mean new build has become the weaker product. It means buyers should compare location, specification, timing and the actual premium rather than assume that “new” automatically rises faster — or that “resale” automatically offers better value.
On Monday, 7 September, Spain’s official housing index put a 5.5-percentage-point gap into the market. In the second quarter of 2026, prices for used homes were 12.9% higher than a year earlier. New homes were up 7.4%. Both figures describe a strong market; one is simply moving much faster.
For a Costa del Sol buyer, that is more useful than it first appears. New build is normally discussed as the premium product: newer specification, better energy performance, larger terraces, underground parking, modern communal facilities and, increasingly, a long delivery timetable. Resale is treated as the established alternative. The latest data complicate that neat hierarchy. Older stock is not sitting still while new developments pull away. It is being repriced aggressively too.
The 5.5-Point Gap Is Real — but It Is Not a New-Build Slump
The most important thing about the latest INE Housing Price Index is its methodology. It is not an asking-price portal index. The INE says the HPI is built from administrative transaction records covering around 95% of home purchases in the quarter and adjusts for changes in the composition and quality of the homes sold. That makes it a particularly useful measure of how transaction prices are changing.
Spain’s overall HPI rose 12.2% year on year in Q2 2026. Within that figure, new housing rose 7.4% and second-hand housing 12.9%. Over the quarter, the difference was also clear: new homes rose 1.0% from Q1, used homes 3.7%, and the total market 3.4%.
The divergence has widened quickly. In Q2 2025, new housing was rising at 12.1% and used housing at 12.8% — only a 0.7-point gap. By Q1 2026, the split had become 9.1% versus 13.5%, a 4.4-point gap. Three months later it was 7.4% versus 12.9%, or 5.5 points.
That is not the same thing as saying a particular resale apartment gained 12.9% while a particular new-build apartment gained 7.4%. National indices combine thousands of transactions across very different places and price bands. Nor does a slower rate of growth mean new-build prices are falling: the new-home index is still 7.4% above a year earlier. What has changed is the relative speed.
Andalucía Is Showing the Same Split
The national pattern is not being created somewhere far from the Costa del Sol. Andalucía’s overall housing index rose 11.9% year on year in Q2 2026. Used homes rose 12.5%; new homes rose 9.0%. On a quarterly basis, the regional split was sharper again: 3.1% for used homes and 0.4% for new homes, according to the INE regional tables reported on 7 September.
| Market / measure | Q2 2026 YoY | Q2 2026 QoQ | Buyer reading |
|---|---|---|---|
| Spain — all homes | +12.2% | +3.4% | Broad market remains strongly positive |
| Spain — new | +7.4% | +1.0% | Still rising, but at a slower pace |
| Spain — used | +12.9% | +3.7% | Resale is currently doing more of the price acceleration |
| Andalucía — all homes | +11.9% | +2.6% | Very close to the national annual rate |
| Andalucía — new | +9.0% | +0.4% | New build is still appreciating strongly year on year |
| Andalucía — used | +12.5% | +3.1% | Established stock is repricing faster |
FAQs
Frequently Asked Questions
Are resale prices rising faster than new-build prices in Spain in 2026?
Yes. The INE Housing Price Index for Q2 2026 showed used-home prices up 12.9% year on year, compared with 7.4% for new homes. Both segments were still rising; the difference is the speed of the increase.
Is new build becoming cheaper than resale in Spain?
Not on the national registered-price averages. Registradores reported €2,636/m² for new homes and €2,448/m² for used homes in Q2 2026, so new housing still carried an average premium of about 7.7%. Individual Costa del Sol markets can differ substantially from that national average.
How much of the Spanish housing market is new build?
In Q2 2026, Registradores recorded 34,919 new-home sales out of 167,934 total home sales, or about 20.8%. Used homes accounted for 133,015 transactions, roughly 79.2% of the market.
Is the new-build-versus-resale pattern the same in Andalucía?
Broadly, yes. Andalucía’s Q2 2026 housing index rose 11.9% year on year, with used homes up 12.5% and new homes up 9.0%. The regional resale segment was therefore also rising faster, although both categories remained strongly positive.
Does faster resale price growth mean resale is the better investment?
No. An index measures market price movements, not the future return of an individual property. Location, purchase price, condition, renovation needs, running costs, rental rules, liquidity and the quality of the specific home matter more than one quarter’s national category ranking.
What should a Costa del Sol buyer compare beyond price per square metre?
Compare exact location, orientation, terraces, parking and storage, energy performance, renovation requirements, community facilities and fees, completion timing and how easily the home works for the way you will actually use it. A new and a resale property with the same bedroom count can be very different products.
