Tinsa: Spanish house prices up 14.7% but starting to slow. What it means on the Costa del Sol

House prices in Spain rose 14.7% year on year in the third quarter of 2026, according to Tinsa, compared with 15.5% in the previous quarter. Prices are still climbing fast, but for the first time in months the pace is easing across much of the country. The median appraisal value now stands at €2,129/m², and the city of Malaga has reached €3,003/m².

The figures come from the IMIE Local Markets report that Tinsa by Accumin released on 30 September. Unlike property portals, Tinsa does not track asking prices but appraisal values: what a valuer considers a specific home to be worth when a mortgage is requested. That makes it one of the most useful benchmarks for knowing how much a bank will lend.

How much have house prices risen according to Tinsa?

These are the headline figures for Spain as a whole in the third quarter of 2026:

At this level, the nominal price is now 2% above the peak of the 2007 bubble and 80% higher than the lows of the Great Recession. But once the inflation built up since then is taken into account, housing is still 32% below that peak in real terms. It is an important nuance: prices are at a record in euros, not in purchasing power.

Are house prices slowing down in 2026?

Yes, although from very high rates. Every region is rising, with increases ranging from 3.4% in Extremadura to 21.9% in the Valencia region, but in real terms most are growing more slowly than before. In 20 provinces growth has slowed, and in another 7 it has held steady without accelerating.

• Provinces with the biggest rises: Gipuzkoa (25.0%), Toledo (24.2%), Valencia (23.8%), Albacete (22.1%) and Cantabria (18.7%).
• Provinces with the smallest rises: Cáceres (2.5%), Badajoz (3.4%) and Cuenca (3.4%).
• The province of Madrid slows from 16.7% to 13.1% year on year, while Barcelona rises 12.4%.
• Fifteen provinces are already above their all-time nominal highs, including Madrid, the Balearic Islands, Gipuzkoa and both Canary Islands provinces.

This reading matches what the INE already showed for the second quarter, when Andalusia eased from 13.3% to 11.9% year on year: prices are not falling, but the surge of 2025 and early 2026 is starting to fade.

How much does a square metre cost in Málaga according to Tinsa?

The city of Málaga stands at €3,003/m² in appraisal value, the sixth most expensive provincial capital in Spain. Only San Sebastián, the only one above €5,000/m², Madrid, Barcelona, Palma and Bilbao are ahead. In total, 39 capitals are rising by more than 10%, and 13 have already passed their 2007 nominal highs, with Seville joining the list this quarter.

Appraisal value versus asking price on the Costa del Sol

Anyone house hunting on the Costa del Sol will see much higher figures on the portals. In our October 2026 market report, based on more than 9,100 active listings, the median asking price is €4,670/m² for the Costa del Sol as a whole, €4,684/m² in the municipality of Málaga and €5,972/m² in Marbella. En Benalmádena it is €4,419/m², in Mijas €4,286/m² and in Estepona en 4.661 €/m².

The two figures do not contradict each other; they measure different things. Appraisals cover real homes of every type and age that are bought with a mortgage, while a listing shows what the seller is asking, and on the coast the homes for sale are concentrated in new builds and frontline properties. The practical consequence is clear: if the valuation comes in below the agreed price, the bank lends on the lower figure and the difference comes out of your own pocket.

What does it mean for buying or selling on the Costa del Sol?

Tinsa attributes the pressure to a shortage of supply, while inflation and higher interest rates are eroding household purchasing power. The effort ratio, the share of income spent on paying for a home, has risen to 36.9%. A few practical takeaways follow from this:

• If you are buying with a mortgage, get a valuation or a value estimate before signing the deposit contract, especially for new builds and in high-demand areas.
• Plan your deposit with a margin: on top of the usual 20% and taxes, keep a buffer in case the valuation does not cover the full price.
• A slowdown is not a fall. With supply this tight, waiting for prices to drop can be expensive; the sensible move is to negotiate harder, not to wait.
• If you are selling, the market is still on your side, but buyers are watching valuations more closely. A realistic asking price shortens the time to sell.

Conclusion

The Tinsa report confirms a change of phase: prices at nominal highs and still rising at double-digit rates, but with momentum cooling in most provinces. On the Costa del Sol, the lack of supply continues to support values, so the key is to buy well informed and with your financing in place. At EVS we can help you value your home or find one that fits your budget in Málaga, Marbella, Benalmádena or anywhere along the coast.

Frequently asked questions