Spain - House Price Index

Spain: House Price Index

Mnemonic HPI.IESP
Unit Index 2015=100, NSA
Adjustments Not Seasonally Adjusted
Quarterly 1.72 %
Data 2022 Q3 143.86
2022 Q2 141.43

Series Information

Source National Institute of Statistics (INE)
Release Housing price index
Frequency Quarterly
Start Date 3/31/2007
End Date 9/30/2022

Spain: Real Estate

Reference Last Previous Units Frequency
Building Completions Oct 2022 3,418 3,966 #, NSA Monthly
House Price Index 2022 Q3 143.86 141.43 Index 2015=100, NSA Quarterly
House Price Index for Existing Homes 2022 Q3 142.34 139.71 Index 2015=100, NSA Quarterly
House Price Index for New Homes 2022 Q3 154.93 153.51 Index 2015=100, NSA Quarterly
House Price Value for Existing Homes 2022 Q3 1,740 1,740 EUR per m², NSA Quarterly
Dwelling Stocks 2021 25,976,305 25,882,055 # Annual
Building Permits Feb 2020 1,622 1,518 #, NSA Monthly
Non-residential Building Permits Feb 2020 197 269 #, NSA Monthly
Residential Building Permits Feb 2020 1,425 1,249 #, NSA Monthly

Release Information

For Spain, the housing price index (HPI) primary objective is to measure the merchanting prices of free pirce housing evolution over time for both new and second-hand. Thus, this is an indicator strictly for comparisons over time. The HPI is able to serve as a comparative element between EU members. In order to calculate the HPI, protected housing is excluded due to inaccessibility to all buyers, and it not being governed by the usual market forces. The use of official records makes it possible to have available information for the whole of the population.


  • Measurement: Fixed-base index relative to 2015 (Index 2015=100)
  • Adjustment: Not seasonally adjusted (NSA)
  • Native frequency: Quarterly
  • Start date: 2007Q1
  • Geo coverage:
    • Country
    • 17 NUTS 2 areas


  • 2007=100 - 2007 to 2016

The General Council of Notaries, of the Notarial Certification Agency, provides the data used to calculate the indices. The INE receives information each month on transfers of real estate assets within Spain approximately six weeks after the end of the data reference period, as well as revisions to previous data. The HPI is a short-term indicator produced using the latest data available to the INE, which represents, on average, over 90% of the total transfers made in the quarter. 

Moody's Analytics supplements

For the existing-house index for the country and NUTS 2 areas, we compute seasonally adjusted versions.

Data is subject to regular revisions. Annually, the model will be subject to review, incorporating the latest available information into the variables created and adding possible new variables from notaries' databases. 

Further information

At the source: