The Aragonese real estate market has started 2026 by consolidating a clearly expansive dynamic. Property sales remain close to the highs of the last two decades, prices are advancing at double-digit rates, and demand continues to show remarkable strength, especially in Zaragoza and its metropolitan area. All this occurs in a still favorable economic context, marked by demographic growth, the creation of new households, and a relatively solid labor market.
However, the new residential cycle is also beginning to show some structural tensions. Housing is becoming increasingly expensive relative to salaries, the new supply remains insufficient to absorb demand, and affordability indicators are starting to deteriorate gradually. Aragon is thus experiencing a unique moment: still far from the overheating levels of other major Spanish markets, but already fully integrated into the new national real estate upturn.
According to the report Real Estate Market of Aragon. First Quarter 2026, prepared by the Chair in Real Estate Market of the University of Zaragoza and Registrars of Spain, the community recorded 18,500 property sales in the past twelve months, a figure close to the highs since 2008.
Zaragoza concentrates the market’s strong momentum
The leadership of Zaragoza within the regional market is becoming increasingly evident. The province accounts for 70.4% of all property sales made in Aragon, with 13,031 transactions in the past year, while Huesca totaled 3,693 and Teruel 1,776.
The Aragonese capital acts as the main engine of the new real estate cycle. Zaragoza city registered 8,951 property sales in the past twelve months, a historical record for the series, driven by both the demand for replacements and growing investor interest, as well as residential expansion towards metropolitan municipalities.
The dynamism of the market is also reflected in the intensity of transactions: Aragon registers 13.39 property sales for every 1,000 inhabitants, a high ratio for a community with moderate demographic growth.
Demographics once again drive residential demand
One of the factors that best explains the strength of the market is demographic evolution. Aragon gained 29,212 inhabitants in the past year, of which over 26,300 were foreign residents.
This is accompanied by a significant increase in the number of households. The community reached 571,790 households in the first quarter of 2026, with a year-on-year growth of over 13,000 family units.
This phenomenon has a direct translation into residential demand: more households imply a greater need for housing, even in scenarios of moderate population growth. The Aragonese market is thus beginning to reproduce some of the dynamics observed in other Spanish urban centers, although still with relatively lower prices than Madrid, Barcelona, or the Balearic Islands.
Used housing continues to dominate the market
The market continues to rely fundamentally on used housing. Approximately 76% of transactions made during the first quarter corresponded to used homes, while new construction represented just under 24%.
The predominant type remains the apartment in residential blocks, which accounts for about 79% of property sales, compared to single-family homes, which maintain a greater relative weight in Huesca and Teruel.
The average size of the sold homes stands at 97.7 square meters, although the difference between new and used homes continues to be significant. While the average new home exceeds 106 square meters, much of the used stock is below 97 square meters.
Prices accelerate while salaries moderate
The key underlying issue of the Aragonese market is the rate of price growth. The average value of housing reached 1,803 euros per square meter during the first quarter, the highest since 2011, with a year-on-year increase of over 12%.
The average appraised price stands at 1,647 euros/m² in Aragon, although Zaragoza clearly raises the regional average to 1,818 euros/m².
In Zaragoza city, the price now reaches 2,306 euros/m², also at a high since 2011.
The rising prices are starting to open a growing gap with respect to the evolution of disposable income. While housing is advancing at double-digit rates, the wage cost in Aragon only grew by 1% year-on-year by the end of 2025.
The report itself warns that “the largest problem for the sustainability of this activity is the intensification of housing prices, which consolidate year-on-year growth rates in double digits, significantly moving away from the level of salary increases.”
Renting enhances investment attractiveness
The rental market continues to establish itself as one of the primary focuses of interest for small investors and real estate holders. The rental or leasing regime now represents 21.7% of Aragonese households, the highest percentage in recent decades.
The rental offer price reached 10.7 euros/m² per month in March 2026, a historical maximum for the series, with a year-on-year growth of 8.6%. The province of Zaragoza already exceeds 11 euros/m² monthly, while the capital reaches 11.5 euros/m².
Housing also continues to maintain comparatively high profitability compared to other financial assets. The annual evolution of residential prices in Aragon stands at 12.14%, clearly above the ten-year public debt yield, which is at 3.3%.
Promotions are responding, but supply remains insufficient
The response from the promotional sector is beginning to accelerate, although still far from fully balancing the market.
Aragon recorded 4,033 homes started during 2025, 40.5% more than the previous year. However, completed homes fell by 22.7%, reflecting the time lag between the initiation of new projects and their effective entry into the market.
One of the most relevant indicators from the report precisely shows this tension between supply and demand: the ratio of new building permits to new home sales stands at 0.93, implying that current demand exceeds the anticipated future supply by about 7%.
The increasing costs also continue to condition the promotional capacity. Construction costs grew by 3.5% year-on-year, with particular pressure on materials such as glass, concrete, and gypsum derivatives.
Mortgages: higher amounts and gradual deterioration of accessibility
The mortgage market still maintains a dynamic behavior. The number of mortgages on residential properties grew by 5.9% year-on-year, and the total amount of residential financing is approaching 1.57 billion euros.
The average mortgage amount exceeds 131,000 euros, and the debt per square meter reaches the highest levels since 2011.
However, the accessibility indicators are beginning to deteriorate. The payment
