In 2025, Spain recorded over half a million mortgage signings, the highest number seen in 15 years, according to data from the National Statistics Institute (INE). This surge, reaching a total of 501,073 contracts, represents a year-on-year increase of 17.8% compared to 2024. This growth comes despite the average price per square meter reaching a historical peak of 2,230 euros, indicating a robust real estate market.

The latest statistics indicate a paradox in the Spanish housing market, where rising property prices do not seem to be hindering buyers' willingness to obtain mortgages. Analysts have noted a consistency in housing demand, suggesting that buyers are undeterred by higher prices and are instead responding to favorable mortgage conditions. This trend marks a significant shift in the market, reminiscent of the years leading up to and during the previous housing bubble between 2004 and 2010.

As the housing market continues to evolve, experts are observing potential implications for both economic stability and future regulations. The increasing number of transactions raises questions about market sustainability and the risk of another property bubble. Policymakers may need to monitor these trends closely, balancing economic growth with potential market corrections that could arise from excessive speculation and high debt levels among buyers.