he supply of homes for sale in Spain dropped by 16% during the first quarter of 2025, compared to the same period in 2024, according to a study published by Idealista, the leading real estate marketplace in Southern Europe. This marks the largest year-over-year decrease since Idealista began tracking data in 2000.
All Capital Cities See Shrinking Housing Supply
Every provincial capital in Spain now has fewer homes on the market than a year ago. The steepest drop was recorded in Oviedo, where listings fell by a staggering 42%. It’s followed by Burgos, A Coruña, and Zaragoza, each with a 39% reduction. Other cities with significant declines include Logroño (-37%), Cuenca (-33%), Vitoria, Sevilla (-32% each), and Ciudad Real, Teruel, and Albacete (-31% each).
Among Spain’s largest urban markets, Madrid experienced a 29% drop, while Bilbao saw a 26% decline. Valencia’s inventory shrank by 23%, more than Barcelona and Palma (-22% each), Alicante (-20%), and San Sebastián (-17%). Málaga stood out with the smallest decrease: just 2%.
Largest Provincial Declines in Zaragoza, Vizcaya, Madrid, and Asturias
At the provincial level, the trend is equally striking. Zaragoza province led with a 32% year-over-year drop in housing supply. It was followed by Vizcaya (-30%), Madrid (-29%), Asturias (-29%), Álava (-28%), Burgos (-26%), Cantabria (-25%), and Valencia (-25%). In the Barcelona province, the reduction was more moderate at 17%.
Provinces with the smallest declines include Badajoz (-2%), Girona (-3%), Cáceres (-6%), Málaga and Jaén (-7%), and both Alicante and Lleida (-10%).
Spanish Property Magazine Analysis: When demand outstrips supply, prices will go up.
According to James Brinton from Spain Unfiltered, “XXXX Once again, we’re seeing a record-breaking drop in the number of homes available for sale. Demand remains undeniably strong, yet supply continues to dwindle month after month. This ongoing imbalance is driving significant price increases, with year-over-year rises exceeding 20% in places like Madrid.”
He added, “Unfortunately, it’s likely that this tension in the market will persist in the coming months. There are currently no signs of a short-term surge in housing supply. However, it’s encouraging to see initiatives aimed at accelerating the construction of new housing developments in the medium term.”
