2025 is proving to be an exceptional year for the mortgage market. The number of housing transactions is growing month by month and the official data from the National Statistics Institute (INE) already shows ten consecutive months of increases in signatures that could soon translate into a year of uninterrupted increase.
This strong start, however, coexists with the structural problem facing the country due to the scarce supply of housing, which has driven prices above an average of 300,000 euros, according to the latest data presented by the company Trioteca, specialized in the search and contracting of mortgages in Spain, in a press conference.
Specifically, according to the latest report from its study center, the average price of housing mortgaged by the company reached 307,000 euros in June. This represents an increase of 9.97% compared to the first quarter, when the average was 262,000 euros, and 22.23% more than in the same period of 2024, when the price was 251,000 euros.
Thus, the square meter marked a new record of 3,151 euros in the price of housing, the highest figure in the historical series.
“It is an abysmal increase that confirms a clear reactivation of demand and a rebound in prices, which responds to the drop in prices of fixed and mixed mortgages," highlights Ricard Garriga, CEO and co-founder of Trioteca. For the expert, “this rise combined with still very competitive interest rates makes it more urgent than ever to compare well before taking out a mortgage. Not doing so can be very expensive”.
For Garriga, access to housing for the vast majority of the population undoubtedly requires an urgent reform of the tax on Property Transfers: “Spain is the European country with the highest effective marginal tax rate and the second in the OECD, only behind Canada”, and he adds forcefully: “it is a model that does not adjust to the average income of families”.
The value of mortgages also increases
The increase in the value of housing has been accompanied by an increase in the average mortgaged amount. In June, the average mortgage amounted to 208,000 euros, 8.9% more than in April and almost 50,000 euros more than a year ago. The fixed-rate mortgage continues to be the dominant option (88.24%), although the mixed mortgage is gaining ground (11.11%).
“The Euribor has been anchored around 2.08% for three months, resisting piercing the psychological threshold of 2%. This stability has had a direct effect on fixed mortgages, which remain around 2.2%” explains Garriga. What is relevant, he points out, the CEO of Trioteca, is not only the stability of the price, but how banks are identifying the competition and more and more entities are offering attractive rates without requiring multiple bonuses. “Today it is common to see mortgages at 2.2% fixed only with direct deposit of the payroll, without the need to contract additional insurance or cards” he points out.
Regarding the new rebound of the mixed mortgage, Garriga details that “right now we find offers that are around 1.5% in the fixed period for most families and even 1.15% for high incomes”, which is why they have become a very attractive option in these last three months. The CEO also highlights an increase in mortgage renegotiations: “It is a sign that greater financial education is bearing fruit: decisions made from reason and not from fear”.
Historical rebound in sales
Despite the increase in prices, sales continue to grow. Gonzalo Bernardos, advisor of Trioteca and professor of Economics at the Universitat de Barcelona, highlights that in the first half of 2025 almost 396,000 homes have been sold, with more than 200,000 only between April and June. “We haven't seen figures like this since 2007”, he points out. And he predicts: “In the second half of the year, the situation will not worsen, but will improve slightly. We will close the year with about 825,000 operations, a figure that has not been reached between 2008 and 2024”.
Bernardos relates this boom to the combination of high demand, scarce supply and lower rates. “The price of housing has risen 12.2% year-on-year, and could reach 15% by the end of the year, but lower interest rates encourage families to buy”, explains Bernardos. “The entities believe that, in the medium and long term, mixed mortgages offer them less risk and greater profitability”, he concludes.