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Weekly digest · Edition 3
The repealed housing decrees are back as RDL 29/2026, Euribor eases, new-build listings thin out.
Four days after Congress repealed RDL 26/2026 and 27/2026, the government approved RDL 29/2026 on 6 October; it was published in the BOE on 7 October and is in force from 8 October. It restores the extraordinary lease extension, the cap on seasonal and room rentals, the municipal IBI surcharge on tourist flats in tensioned areas and 10% VAT on furnished lets of 30 nights or fewer from 1 December; it must still be validated by Congress. The 12-month Euribor eased to 3.177% on 12 October from 3.303% on 1 October, the best mortgage offers are unchanged, and the INE's flash CPI for September (4.9%) awaits its final reading on 14 October. On the bay the habitaclia snapshot shows 1,533 homes for sale (−4), 87 rentals (−1) and, more notably, 73 new-build listings against 84 a week ago. No new price release arrived this week: idealista's next report is due in early November.
This week in numbers
Executive summary
- Regulation first. The repeal of 2 October lasted four days: the Council of Ministers approved Real Decreto-ley 29/2026 on 6 October, published in the BOE on 7 October (BOE-A-2026-20823) and in force from 8 October unless a provision says otherwise. Per the BOE text it restores the extraordinary lease extension of up to two years (contracts whose mandatory term ends before 31 December 2028, tenant up to date with rent), limits rent updates to 0% where the contract is above the reference-index ceiling and to 2% otherwise until 31 December 2027, brings seasonal and room rentals into the LAU (a missing documented reason turns the lease into a primary-residence lease), lets councils in tensioned areas surcharge the IBI of tourist flats by up to 50%, 100% (two or more) and 150% (four or more), and taxes furnished lets of 30 nights or fewer at 10% VAT from 1 December 2026. A companion RDL 28/2026 on lease stability was published the same day. Congress must still validate both.
- Money: the 12-month Euribor fixed at 3.177% on 12 October, down from 3.303% on 1 October and 3.362% on 29 September; the official September average stays 3.247%, and the first eight October fixings average 3.22% (our calculation, not the official figure, which comes on 2 November). Spain's flash CPI for September was 4.9% (core 3.1%, HICP 5.0%); the final reading is due on 14 October and Eurostat's final euro-area HICP on 16 October. The ECB deposit rate remains 2.50% until the 29 October decision.
- Mortgages: HelpMyCash's comparison of 7 October is unchanged for fixed loans (2.10% TIN via broker, Ibercaja 2.55%, Banca March 2.65%) and variable loans (Euribor + 0.30, + 0.49, + 0.50; TAE 3.82%, 4.11%, 4.46%); the only change is in mixed loans, where Ibercaja (2.00% for five years, TAE 4.02%) replaces Pibank in the top three.
- Prices and volumes: there was no new price or transaction release this week. idealista's September figures stand (Castell-Platja d'Aro 4,026 €/m², −1.2% m/m, +3.9% y/y; we could not re-open the portal this week, so these are carried and labelled as such); the INE's August home-sales figures are due on 19 October and its August mortgage statistics on 26 October.
- Inventory: 1,533 homes for sale across the four towns (−4 on 5 October: Platja d'Aro −6, S'Agaró +5, Castell d'Aro −9, Sant Feliu +6) and 87 rentals (−1). Two medians moved: Platja d'Aro houses 1,070,000 € (−2.7%) and S'Agaró houses 1,300,000 € (−6.5%), both thin samples. New-build listings fell from 84 to 73 (Castell d'Aro 12 to 4; Platja d'Aro 59 to 48; S'Agaró 8 to 16).
- Our positioning: last week we advised against signing the seasonal-rental clauses drafted for the repealed decree; that advice is reversed, because with RDL 29/2026 in force, new seasonal and room lets need a stated, documented reason, and licensed tourist-flat owners in Sant Feliu (tensioned area) should assume the IBI surcharge and the December VAT change are live until Congress decides. Fixed-rate buyers still have until the ECB meeting of 29 October; Euribor easing 13 bp this month makes a variable or mixed quote worth a second look but not a reason to wait.
1. Rates and mortgages
The 12-month Euribor fixed at 3.177% on 12 October (euribor-rates.eu, daily fixings), after 3.186% on 5 October, 3.194% on the 7th, 3.213% on the 8th and 3.191% on the 9th. It opened October at 3.303% (1 October) and 3.323% (2 October), so the first eight fixings average about 3.22%, below the official September average of 3.247% confirmed by the Banco de España on 1 October. That October average is our calculation from the daily fixings; the official figure that resets Spanish variable mortgages will be published on 2 November.
Spain's flash CPI for September, published by the INE on 29 September, was 4.9% (August 4.3%), core inflation 3.1% (August 2.9%), HICP 5.0%, monthly +0.3%. It is provisional: the final reading is scheduled for 14 October. Euro-area flash HICP (3.8%, Eurostat, 2 October) is carried from edition #2; the final reading comes on 16 October. The ECB's deposit rate remains 2.50% (rises of 25 bp in June and September) and the next decision is on 29 October, with a further one on 17 December; we did not find a new ECB communication this week.
| Best offers, 7 Oct 2026 (HelpMyCash) | Rate | TAE | Week on week |
|---|---|---|---|
| Fixed, via broker | 2.10% TIN | 2.35% | unchanged |
| Fixed, Ibercaja | 2.55% TIN | 3.49% | unchanged |
| Fixed, Banca March | 2.65% TIN | 3.01% | unchanged |
| Mixed, via broker | 1.40% 5 yrs, then Euribor + 0.40 | 3.24% | unchanged |
| Mixed, Banco Sabadell | 1.80% 3 yrs, then Euribor + 0.70 | 4.03% | unchanged |
| Mixed, Ibercaja | 2.00% 5 yrs, then variable | 4.02% | new in the top three (replaces Pibank, 3.40%) |
| Variable, via broker | Euribor + 0.30 | 3.82% | unchanged |
| Variable, Kutxabank | Euribor + 0.49 | 4.11% | unchanged |
| Variable, Banco Sabadell | Euribor + 0.50 | 4.46% | unchanged |
HelpMyCash ranking updated 7 October 2026; rates with linked products (payroll, insurance). Without linked products the best fixed rate is 2.80% TIN (3.00% TAE) via broker.
On a 300,000 € loan over 25 years the monthly payment is 1,286 € at the best fixed 2.10% and 1,498 € on the best variable (Euribor + 0.30) at today's 3.177% fixing, about 11 € less than at the 3.247% September average (1,509 €). The gap between the best fixed and the best variable is about 212 € a month.
What it means
The fixed shelf did not move and the Euribor eased, so there is no urgency premium this week; but one soft fortnight does not make a trend while CPI is 4.9% and the ECB meets on 29 October. Variable borrowers resetting in October–November are revised at 3.247%; the October average (published 2 November) is on course to be lower. Buyers with an arras signed should still have the FEIN in hand before 29 October.
2. Prices and inventory
No new local price release arrived this week. The latest idealista figures are the September report of 1 October, covered in edition #2: Castell-Platja d'Aro 4,026 €/m² (−1.2% m/m, +3.9% y/y), Sant Feliu de Guíxols 3,315 €/m² (+6.9% y/y) and Girona province 2,934 €/m² (+9.9% y/y, a record). The portal returned HTTP 403 when we tried to re-open it for this edition, so these figures are carried, not re-verified, and the October report is expected in early November. RealAdvisor's model and idealista's rental index are likewise unchanged until their November updates.
| Town (habitaclia, 13 Oct 2026) | For sale | Median apartment | €/m² | Median house | €/m² | Rentals |
|---|---|---|---|---|---|---|
| Platja d'Aro | 744 (−6) | 395,000 € (+0.6%) | 4,812 | 1,070,000 € (−2.7%) | 3,493 | 45 (−2) |
| S'Agaró | 126 (+5) | 450,000 € (0.0%) | 5,509 | 1,300,000 € (−6.5%) | 5,851 | 13 (0) |
| Castell d'Aro | 62 (−9) | 292,500 € (−0.8%) | 3,513 | 473,500 € (0.0%) | 2,211 | 1 (0) |
| Sant Feliu de Guíxols | 601 (+6) | 270,000 € (0.0%) | 3,051 | 580,000 € (0.0%) | 3,321 | 28 (+1) |
Emerald snapshot of habitaclia, 13 October 2026 (1,530 listing cards read; portal counts 1,533 for sale and 87 to let): asking prices; medians by property type. Change in brackets is since the 5 October snapshot. New-build: 73 listings (Platja d'Aro 48, S'Agaró 16, Sant Feliu 5, Castell d'Aro 4) against 84 on 5 October (59, 8, 5, 12). The S'Agaró house median is based on few listings.
Inventory is flat in total (1,533 against 1,537) but the mix moved: Castell d'Aro lost nine listings (−12.7%, inside our ±25% artefact threshold) and Platja d'Aro six, while Sant Feliu and S'Agaró gained six and five. Long-term rentals are 87 (−1), a ratio of 17.6 homes for sale per rental. The Platja d'Aro apartment median is 395,000 € (+0.6%) after last week's dip; the house medians fell in Platja d'Aro (−2.7%) and S'Agaró (−6.5%), which with few listings per category reflects the composition of what is on offer more than a repricing.
The largest change is in new-build: 73 listings against 84. Castell d'Aro's Carrer d'Amadeu Vives 4 cluster fell from 12 units to 4, the Carrer de Roma 12 cluster (10 units last week) no longer reaches three listings, and Platja d'Aro new-build fell from 59 to 48; S'Agaró rose from 8 to 16 with a new cluster at Urbanització Oest Sant Pol 45 (8 units, 1,100,000–1,345,000 €, median 5,851 €/m²). We cannot tell from the portal whether units sold, were withdrawn or were re-tagged as second-hand; we report the count, not a cause.
What it means
For a buyer, a flat inventory with sellers trimming house prices keeps the negotiating window open; the second-hand apartment between 270,000 and 395,000 € is stable, and Platja d'Aro houses are the segment where asking prices gave way this week. For a seller, the thinner new-build supply helps resale apartments near the seafront, but only if priced to the September idealista index, not to the summer asks.
3. Transactions and demand
No transaction data were published this week. The latest INE figures (ETDP, July 2026, published 25 September) count 61,417 home sales in Spain, −5.1% on July 2025 (second-hand −6.1%, new −1.4%). The August figure is due on 19 October and the August mortgage statistics on 26 October; the Registradores' monthly statistics for August were not found at source this week and we do not quote one.
Demand on the bay remains foreign and European: the Registradores' Q2 data (25.48% foreign buyers in Girona province, 17.63% in Catalonia, 15.98% nationally) are the latest available, with the Q3 release in November. RDL 29/2026 contains no measure on non-resident buyers; the proposal for a 100% tax on non-EU non-resident purchases remains outside the decree.
What it means
Nothing here changes last week's reading: fewer transactions at rising registry prices. The next hard data point is 19 October; until then asking-price movements on the bay (see section 2) are the only weekly signal.
4. Regulation and policy
- Housing decree re-issued. Real Decreto-ley 29/2026, of 6 October, 'medidas urgentes para la protección de la función social de la vivienda y la ampliación de la oferta de vivienda asequible', was published in the BOE of 7 October (BOE-A-2026-20823) and entered into force on 8 October, except for provisions with their own dates. It replaces the substance of RDL 26/2026, which Congress refused to validate on 2 October (172–178). Congress has not yet voted on the new text; as an RDL it lapses if not validated within the constitutional period. The BOE preamble itself frames it as a response to the inflation of recent months.
- Leases (per the BOE preamble and article summary): extraordinary extension by annual terms, up to two additional years, for contracts whose mandatory or tacit term ends before 31 December 2028, on the tenant's request and if the tenant has paid on time for the previous eight months (disposición final quinta; the landlord may refuse where it needs the home for itself or family, or where a new agreement has been signed); rent updates between entry into force and 31 December 2027: none if the rent exceeds the reference-index ceiling, otherwise the agreed amount and in default of agreement no more than 2%; ban on passing management fees and housing taxes to tenants.
- Seasonal and room rentals: a documented reason for the temporary need is required, otherwise the contract is treated as a primary-residence lease; the sum of room rents cannot exceed the rent of the whole dwelling; regional rules that go further continue to apply.
- Tax: municipalities in tensioned residential-market areas may, by tax ordinance, surcharge the IBI of residential properties used as tourist accommodation by up to 50%, 100% for holders of two or more and 150% for holders of four or more (article 8); furnished lets of 30 nights or fewer, outside the landlord's own habitual home and without hotel-type services, are taxed at 10% VAT with effect from 1 December 2026 (article 7); SOCIMIs pay a 25% special levy on undistributed residential rental profits (article 9).
- Companion RDL 28/2026 (lease stability, same date) was also published in the BOE of 7 October; we have not read its text and do not report its content or entry date. Sant Feliu de Guíxols remains the one municipality on the bay declared a tensioned housing area (renewed in August 2026), so the surcharge would be its council's to adopt by ordinance; Castell-Platja d'Aro is not declared.
- Local: we found no Castell-Platja d'Aro or Sant Feliu council decision on housing, licences or planning this week. Taxes unchanged: ITP 10–13% on second-hand homes; 10% VAT plus 1.5% AJD on new homes.
What it means
Treat the decree as live. Owners with a seasonal let on the bay should document the reason for the let in the contract; owners of licensed tourist flats in Sant Feliu should ask the council whether an IBI surcharge ordinance is planned and should price the December VAT change into winter lets of 30 nights or fewer. The risk is a Congress vote that again rejects the text; contracts written to survive both regimes (a stated reason, a current licence file) remain the safe course.
5. New developments
No change in the private pipeline: we did not re-open Group de Palol's project page this week (last checked on 4 October: Sa Caleta, Lleida 41, Roma 12 and Selva I at the prices and dates in edition #2) and it is next due for a monthly check. The public pipeline is also unchanged (40 council flats in Platja d'Aro and 70 public rental homes in Sant Feliu, neither before 2027–28).
On the portals new-build is 73 listings, 11 fewer than on 5 October: Platja d'Aro 48 (59), S'Agaró 16 (8), Sant Feliu 5 (5) and Castell d'Aro 4 (12). The Platja d'Aro clusters at Passeig Marítim 100 (14 units, median 11,287 €/m²), Carrer Lleida 40 (11 units, 680,000–1,160,000 €, median 7,982 €/m²), Passeig Marítim 94 (7 units, median 9,280 €/m²) and Les Escoles dels Estanys 52 (8 units, median 6,137 €/m²) are unchanged; the other clusters in the data are Urbanització Oest Sant Pol 45 (8 units, 1,100,000–1,345,000 €) and Carrer Agaró 55 (4 units, median 7,979 €/m²) in S'Agaró and París 3-7 in Platja d'Aro (3 units, median 2,715 €/m²). Carrer d'Amadeu Vives 4 in Castell d'Aro now shows 4 units (235,000–295,000 €, median 3,341 €/m²) against 12 last week.
6. Deals and capital markets
- No new institutional transactions on the Costa Brava were verified this week. A search for Costa Brava hotel and land deals returned only undated or older items (for example the Roses hotel bought by a local investor and rebranded Bakour Costa Brava, undated in the source); we do not report them as news.
- Carried from edition #2 and not re-verified: Blackstone's planned listing of Hotel Investment Partners (HIP) on the Spanish exchange between late October and November 2026 (Hosteltur, 2 September); no intention-to-float announcement had been published by 4 October.
- The CBRE and Colliers third-quarter investment reports are due in the second half of October.
7. Tourism and the local economy
No new tourism release this week. The latest figures remain the INE's FRONTUR/EGATUR for August (12.26 million international arrivals in Spain, +9.2%; Catalonia 2.38 million, +9.1%), reported in edition #2; the INE hotel survey for September is due on 23 October and will show how far the season stretched after the Pilar bridge of 10–12 October.
8. Outlook and the week ahead
Base case unchanged from edition #2: Castell-Platja d'Aro asking prices close 2026 some 2–4% above December 2025, with Sant Feliu nearer the top; transactions down mid-single digits on 2025; the Euribor between 3.2% and 3.6% into Q1 2027, subject to the 29 October ECB meeting and the 4.9% inflation print. Policy risk is now concrete rather than hypothetical: an RDL in force for at least a few weeks, with a Congress vote that can reverse it again. Upside: Middle-East de-escalation pulling energy and rates back. Downside: a third ECB rise and a validated decree.
Calendar
- 14 October: INE final CPI for September (flash 4.9%).
- 16 October: Eurostat final euro-area HICP for September.
- 19 October: INE home sales (ETDP) for August 2026.
- 23 October: INE hotel survey for September.
- 26 October: INE mortgage statistics for August 2026.
- 29 October: ECB monetary policy decision; 30 October: INE flash CPI for October.
- 2 November: Banco de España October Euribor average; idealista October price reports (early November).
- November: Congress validation vote on RDL 29/2026 and 28/2026 (date not yet set when checked); Registradores Q3 2026 statistics; early December: INE house price index, Q3 2026.
- Pending: Sant Feliu IBI surcharge ordinance (if any); the approved Pla Especial Mas Maig text; HIP intention-to-float.
Sources and data
- Banco de España — 12-month Euribor, September 2026 average 3.247% (1 Oct 2026)
- euribor-rates.eu — 12-month Euribor daily fixings to 12 Oct 2026
- INE — flash CPI, September 2026 (29 Sept 2026)
- BOE — Real Decreto-ley 29/2026, de 6 de octubre (BOE 7 Oct 2026, BOE-A-2026-20823)
- ICAB — Real Decreto-ley 28/2026, de 6 de octubre (BOE-A-2026-20822)
- Agencia Tributaria — tax measures of RDL 29/2026 (7 Oct 2026)
- HelpMyCash — Mejores hipotecas, updated 7 October 2026
- INE — Estadística de Transmisiones de Derechos de la Propiedad, July 2026 (25 Sept 2026)
- Eurostat — euro area flash HICP, September 2026 (2 Oct 2026; carried from edition #2)
- idealista — sale price report, September 2026 (carried from edition #2; portal not re-opened, HTTP 403)
- INE — release calendar, October 2026
- Hosteltur — HIP IPO planned for late October–November 2026 (2 Sept 2026; carried)
- Emerald Properties — habitaclia snapshot, 13 October 2026 (1,530 listing cards)
This material is general market information prepared by Emerald Properties from the public sources listed. It is not investment, legal or tax advice and not a valuation of any specific property. Figures are those published by the sources on the dates stated and may be revised; portal snapshots count asking prices, not closed sales.
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