Housing in November 2026: flat sales, rising prices and dearer financing

31st October 2026

The residential market closes October on a steadier footing: sales have stopped falling, prices keep rising with slightly less momentum and financing costs a little more.

The market in four figures

Sales are stabilising. According to INE, in August 49,319 home sales were signed in Spain, 3.4% more than a year earlier, after several months of decline. New-build grew slightly faster (+4.9%) than resale (+3.0%). Even so, the year-to-date figure is still negative (−2.3% from January to August): the market is not falling, but nor is it growing with the strength of 2025.
Prices keep rising, though with less momentum. INE's latest House Price Index (Q2 2026) shows an annual rise of 12.2% in Spain and 11.9% in Andalusia. The rate has eased by seven tenths of a point from the previous quarter, and new homes are rising less (+7.4%) than resale.
Financing costs a little more. The average rate on new home mortgages rose to 3.08% in August, and almost two out of three were signed at a fixed rate (64.1%). The 12-month Euribor closed October at an average of 3.239%, practically unchanged from September (3.247%) and more than a point above a year earlier.
Supply is still not catching up with demand. On 9 October the Bank of Spain reiterated that the housing shortfall could reach one million units by 2028, attributing the lack of supply to labour shortages, rising construction costs and, above all, slow urban development.

In short: a market that is not cooling, but is becoming more demanding on price and on financing. Getting each project's numbers right from day one matters more than ever.

What we have done at Vaguada this month

Ronda de la Feria (Mairena del Aljarafe): building permit granted. Six three-bedroom townhouses of 100 to 111 m², developed as a housing cooperative. Membership of the cooperative is now open.
Edificio Nuestra Señora (Cerro del Águila, Seville): deeds available now. Homes ready for completion and handover, with the last units available in an eleven-home building of one to four bedrooms, built by Grupo Batache.
Pipeline: planning and design work continues on Puerta del Aljarafe (Camas), Bella Beach (El Terrón, Lepe), Rosario Building (Algeciras) and Santiago Apóstol (Sanxenxo), the latter co-developed with Agea Studio.
New website: we have launched the new vaguadacapital.com in Spanish, English and Portuguese, with a page and the actual status of each development.