Resale property prices overtake offplan property!

Raymundo Larraín Nesbitt, September, 10. 2025

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By Raymundo Larraín Nesbitt
10^th of September 2025

Property prices continue to mount in Spain.

This last quarter, ending on July, marks the 45^th quarter, or 11 straight years, of continued growth in Spanish property prices.

Moreover, as explained in previous articles, Spanish property prices have reached an all-time high with no signs of abatement.

As highlighted previously, there is a supply crunch in new build property (off-plan) which causes property prices on new construction to appreciate by two digits all over Spain. However, the novelty this last quarter is that buyers are now turning their eyes to resale property due to the chronic shortage of new construction.

Before, resale property was growing at a healthy national average of 8%, whereas off the plan was appreciating by two digits. Now, because buyers are locked out of buying new build property, the demand for resale property has increased dramatically, leading to a sharp increase in resale prices of 12.8% year-on-year, which is bonkers.

In plain English, because so few new build properties are being built in Spain (for all the reasons highlighted in a previous article) this has led to a massive price spike; frustrated property buyers are now looking with renewed interest towards resales, as they are much cheaper and abundant when compared to their off-plan counterparts (by as much as 44% cheaper per m²).

The ongoing off-plan supply crunch goes on to explain why, according to the latest sales figures published by Spain’s Bureau of Statistics (INE), resale property has officially overtaken off-plan in price rises.

It’s not magic, it's economics; the law of demand and supply at work.

Source: Newspaper La Razon

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