Aragon’s real estate market continues to operate at a brisk pace, but against a backdrop increasingly shaped by rising prices and difficulties in expanding supply. Between April and June, 4,683 home sales were recorded in Aragon, just 1% fewer than in the previous quarter and 0.5% more than a year earlier. The figure marks the third-best quarterly result since the third quarter of 2007 and confirms that demand remains resilient despite higher home prices.
Prices are rising far more sharply than transaction volumes. The average home price reached €1,839 per square meter, its highest level since 2011, after increasing 2% during the quarter and 12.4% year over year. Existing homes led the gains, rising 13.2% in a year to an average price of €1,743 per square meter, while new homes stood at €2,243, up 8.4% from 12 months earlier.
The data are part of the Aragon Real Estate Market Report for the second quarter of 2026, prepared by the University of Zaragoza’s Chair in Real Estate Markets in collaboration with the Property Registrars Association, Ibercaja, Grupo Plaza 14, the Official Association of Real Estate Agents of Aragon and Ingennus. The study was presented at Ibercaja’s Espacio Xplora by the chair’s director, Luis Fabra, alongside representatives of the participating organizations.
Demand supported by population growth, households and employment
The stability in home sales is underpinned by economic and demographic indicators that continue to support demand. Aragon’s population has reached 1,385,220 after adding more than 31,000 people in one year, growth driven mainly by the foreign-born population. At the same time, the number of households has increased to 576,345, while the labor market remains favorable, with 643,300 employed people, more than 651,000 Social Security contributors and an unemployment rate of 8.2%.
This backdrop helps explain why transactions remain close to historical highs despite rising prices. Over the past 12 months, 18,525 home sales have been recorded in Aragon, 2.2% more than in the previous period and close to the highest levels seen since 2008. The rate stands at 13.37 transactions per thousand inhabitants.
The breakdown of those sales, however, reveals sharply different trends. Existing homes accounted for 3,841 transactions during the quarter, up 6.6% from the previous three months and the strongest reading since 2005. New homes moved in the opposite direction, with 842 sales, down 25.4% quarter over quarter.
For Luis Fabra, the chair’s director, stable activity should not obscure the risk posed by sustained double-digit price increases. The report’s lead author warns that this trend could progressively make housing less accessible and ultimately weigh on demand.
The trend is not unique to Aragon. Data released Monday by Spain’s National Statistics Institute, or INE, show that home prices across Spain rose 12.2% year over year in the second quarter of 2026, close to the 12.4% increase reported in the Aragon study. Existing homes are also driving national growth, with an increase of 12.9%.
The supply of new homes, one of the main challenges
The relationship between supply and demand is emerging as one of the key factors shaping the market in the coming months. Over the past 12 months, 3,511 new-construction permits were issued, compared with 3,739 new-home sales, a gap suggesting that future available supply is not expanding at the same pace as demand.
Fernando Montón, chief executive of Grupo Plaza 14, believes the situation will continue to put pressure on prices and marketing periods. As he explained during the presentation of the report, the current volume of permits will not be sufficient to sustain new-home sales at levels similar to today’s in the immediate future.
In addition to the availability of land and housing, there is the cost of building it. Construction costs have risen 4.1% over the past year, with particularly strong effects on materials such as flat glass, concrete and gypsum-based products. Fernando Used, a partner architect at Ingennus, pointed to industrialization, energy efficiency and cost optimization as some of the tools needed to respond to a market in which both selling prices and construction costs remain high.
Financing continues to support a significant share of demand, although signs of deteriorating affordability are also beginning to emerge. Over the past 12 months, 12,171 residential mortgages were originated, equivalent to 65.7% of home sales, with a total value of nearly €1.63 billion. The average rate on new mortgage loans stands at 3.08%, while the average monthly payment has reached €675.
The effort required to pay a mortgage now accounts for 29.7% of wage costs, according to the indicators included in the report. Jorge Aguerri, head of Developer Business Development at Ibercaja, said mortgage lending remains dynamic despite the rise in financing costs, in a context in which Euribor reached 2.8% at the end of the second quarter. Pressure on housing access also extends to the rental market. The asking price reached €11.1 per square meter per month in Aragon in June, the highest level in the historical series. It rose 3.3% during the second quarter and 10.5% from the same period a year earlier.
Other real estate assets also showed robust activity. Commercial premises recorded 489 sales during the quarter and 1,895 transactions over 12 months, the highest level since late 2007. Industrial properties totaled 145 quarterly transactions and 830 over the past year, up 7.2%, while 521 storage units and 1,669 garages were sold between April and June.
The second quarter thus leaves Aragon’s real estate market with a volume of home sales close to historical highs, even as the factors that could limit its growth are intensifying. Population and household growth and a strong labor market continue to fuel demand, but rising prices, the limited addition of new homes and the greater financial burden required to buy or rent are making it increasingly difficult to maintain that balance.
