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# Spain’s housing shortage explains 39% of price increases, says CaixaBank Research
- URL: https://barna.news/spains-housing-shortage-explains-39-of-price-increases-says-caixabank-research/
- Published: 2025-09-05T08:07:44.000Z
- Updated: 2026-06-02T13:20:34.000Z
- Description: A severe housing deficit in Spain is responsible for nearly 40% of the rise in property prices in recent years, according to a new report from CaixaBank Research. The study, published in the bank’s sectoral real estate report, estimates that without the pressure caused by the accumulated shortage of
- Author: Barbara Town
- Tags: Economy & Finance

A severe **housing deficit** in Spain is responsible for nearly **40% of the rise in property prices** in recent years, according to a new report from **CaixaBank Research**.

![](https://barna.news/wp-content/uploads/2025/09/Construction-1024x683.png)

*Home Construction in Barcelona / David Zorrakino, Europa Press*

The study, published in the bank’s sectoral real estate report, estimates that without the pressure caused by the accumulated shortage of homes, prices would have grown at an average of **3.7% annually**, rather than the **6% observed**.

### **📊 Key findings from the report:**

- **Housing deficit:** 515,000 homes over the last four years, rising to 600,000 if unfinished homes are included, and up to 765,000 when factoring in properties used for alternative purposes.
- **Regional hotspots:** Madrid, Barcelona, Alicante, Valencia and Málaga show the greatest shortages due to population growth and tourism demand. Rural areas face much lower pressure.
- **Booming demand:** 700,000 transactions were registered in the 12 months up to June 2025, nearly 20% more than the previous year.
- **Construction recovery:** 132,000 new homes were approved in the past year (up 13% year-on-year).
- **Foreign buyers:** 18% of all home purchases (133,000) in the past year were made by foreigners, the highest on record. More than half were residents, while 44% were non-residents. Demand is concentrated on the Mediterranean coast and the islands, but also rising in **Castellón, Asturias, Huelva and Córdoba**.

The report concludes that **reviving residential construction** is urgent to ease price pressures and balance the housing market.

[Source](https://www.europapress.es/catalunya/noticia-deficit-vivienda-espana-explica-39-subida-precio-caixabank-research-20250905045949.html?ref=barna.news)