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Weekly digest · Edition 4
Elections on 29 November put the housing decree in the hands of the Diputación Permanente; inflation is confirmed at 4.9%.
Edition #3 described RDL 29/2026 as awaiting Congress, but the Cortes had in fact been dissolved on 5 October (general election on 29 November), so the decree will be judged by the Diputación Permanente, which the press expects to vote on 12 November; we correct that omission here. Meanwhile RDL 29/2026 has been in force since 8 October. The INE confirmed September inflation at 4.9%, the highest since February 2023, and Eurostat confirmed 3.8% for the euro area. The 12-month Euribor closed the week at 3.215% (16 October), up from 3.177% on 12 October, and the best mortgage offers are unchanged. On the bay habitaclia shows 1,522 homes for sale (−11), 89 rentals (+2) and 69 new-build listings (73 a week ago). The INE's August home-sales release, due on 19 October, was not yet online when we checked.
This week in numbers
Executive summary
- Politics first, and a correction. The Cortes were dissolved on 5 October and a general election called for 29 November (press reports of the announcement; we have not read the dissolution decree). Edition #3 said Congress 'must still validate' RDL 29/2026 without mentioning this; with the Cortes dissolved, validation of RDL 28 and 29/2026 falls to the Diputación Permanente within thirty days of publication, which the press expects to vote on 12 November (the Mesa had not formally fixed the date in the sources we found). Press counts suggest RDL 29/2026 should survive while the narrower lease-extension RDL 28/2026, due to take effect on 15 November, could fall on a 34–34 tie; these are forecasts, not results. RDL 29/2026 itself has been in force since 8 October.
- What the BOE text adds that we had not reported: article 1 limits, until 31 December 2030, the purchase by large holders and by entities buying distressed assets or mortgage portfolios of homes below 70% of market value (independent appraisal required), with exceptions for affordable or social use and for entities adhering to the Code of Good Practices; article 2 suspends evictions of vulnerable households without a housing alternative. The lease, seasonal-rental, IBI and VAT provisions reported last week are unchanged.
- Money: the 12-month Euribor ended the week at 3.215% (16 Oct) after 3.177% on 12 Oct; the twelve October fixings average 3.216% (our calculation; the official figure is due 2 November), below the official September average of 3.247%. The INE's final CPI for September is 4.9% (core 3.1%, HICP 5.0%), identical to the flash and the highest since February 2023; Eurostat confirmed 3.8% for the euro area (August 3.2%). The ECB deposit rate is 2.50% as of edition #3 (not re-verified this week); the next decision is 29 October.
- Mortgages: HelpMyCash's ranking, re-opened on 19 October, is still the one updated on 7 October, so every line is unchanged: fixed 2.10% TIN via broker, Ibercaja 2.55%, Banca March 2.65%; variable Euribor + 0.30, + 0.49, + 0.50. On 300,000 € over 25 years the best fixed offer costs 1,286 € a month and the best variable (Euribor + 0.30 at today's 3.215%) 1,504 €.
- Prices and inventory: the INE's August home-sales release was not online when we checked on 19 October and idealista's portal returned HTTP 403, so no new price or transaction data are reported; September figures stand. habitaclia shows 1,522 homes for sale (−11: Platja d'Aro +8, S'Agaró −13, Castell d'Aro 0, Sant Feliu −6), 89 rentals (+2) and 69 new-build listings (73). Medians: S'Agaró apartments 425,000 € (−5.6%), Platja d'Aro houses 998,000 € (−6.7%).
- Our positioning: treat RDL 29/2026 as law until the Diputación Permanente says otherwise, but do not sign contracts that depend on RDL 28/2026 starting on 15 November. Sellers with a Platja d'Aro house priced near 1.07 million € should note that the median ask fell to 998,000 €; buyers in S'Agaró and Platja d'Aro have room to negotiate, and fixed-rate buyers still have until the ECB meeting of 29 October.
1. Rates and mortgages
The 12-month Euribor fixed at 3.215% on 16 October (euribor-rates.eu), after 3.177% on 12 October, 3.191% on the 13th, 3.201% on the 14th and 3.217% on the 15th: a rise of about 4 bp over the week. October opened at 3.303% (1 Oct) and 3.323% (2 Oct); the twelve fixings to date average 3.216%, just under the official September average of 3.247% (Banco de España, 1 October). The October average is our calculation; the official figure that resets Spanish variable mortgages is published on 2 November.
The INE confirmed on 14 October that September CPI was 4.9% (August 4.3%), the highest since February 2023, with core inflation at 3.1%, monthly +0.3%, and HICP 5.0% (monthly +0.6%); the data are definitive and identical to the flash. Eurostat's final euro-area inflation for September is 3.8% (August 3.2%), as reported by Eunews on 16 October; we did not open Eurostat's own release. The ECB deposit rate was 2.50% in edition #3 (not re-verified this week) and the next decision is on 29 October.
| 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 variable | 3.24% | unchanged |
| Mixed, Banco Sabadell | 1.80% 3 yrs, then variable | 4.03% | unchanged |
| Mixed, Ibercaja | 2.00% 5 yrs, then variable | 4.02% | unchanged |
| 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 and re-opened on 19 October: no change. Rates with linked products (payroll, insurance).
On a 300,000 € loan over 25 years the monthly payment is 1,286 € at the best fixed 2.10% and 1,504 € on the best variable (Euribor + 0.30) at the 3.215% fixing; at the 3.247% September average it is 1,509 €. The gap between best fixed and best variable is about 218 € a month.
What it means
The fixed shelf did not move and the Euribor ticked up from its low, so the soft fortnight of early October has paused. With CPI at a 3½-year high and the ECB meeting on 29 October, fixing remains the defensive choice; the variable borrower resetting in October–November is revised at 3.247%, and the November reset should be slightly lower.
2. Prices and inventory
No new local price release was available. idealista's September report (Castell-Platja d'Aro 4,026 €/m², −1.2% m/m, +3.9% y/y; Sant Feliu 3,315 €/m²; Girona province 2,934 €/m²) is carried from editions #2–3: the portal returned HTTP 403 again on 19 October, so these figures are not re-verified. The October report is expected in early November.
| Town (habitaclia, 19 Oct 2026) | For sale | Median apartment | €/m² | Median house | €/m² | Rentals |
|---|---|---|---|---|---|---|
| Platja d'Aro | 752 (+8) | 405,000 € (+2.5%) | 4,817 | 998,000 € (−6.7%) | 3,493 | 44 (−1) |
| S'Agaró | 113 (−13) | 425,000 € (−5.6%) | 5,169 | 1,275,000 € (−1.9%) | 5,851 | 14 (+1) |
| Castell d'Aro | 62 (0) | 292,500 € (0.0%) | 3,513 | 467,000 € (−1.4%) | 2,211 | 1 (0) |
| Sant Feliu de Guíxols | 595 (−6) | 263,197 € (−2.5%) | 3,051 | 580,000 € (0.0%) | 3,405 | 30 (+2) |
Emerald snapshot of habitaclia, 19 October 2026 (1,532 listing cards read; portal counts 1,522 for sale and 89 to let): asking prices; medians by property type. Change in brackets is since the 13 October snapshot. New-build: 69 listings (Platja d'Aro 48, S'Agaró 16, Castell d'Aro 4, Sant Feliu 1) against 73 on 13 October (48, 16, 4, 5). The S'Agaró house median rests on few listings.
Total stock fell by 11 listings to 1,522 (−0.7%). S'Agaró lost 13 (−11.5%, inside our ±25% artefact threshold) after gaining five last week; Platja d'Aro added eight and Sant Feliu lost six. The Platja d'Aro apartment median is 405,000 € (+2.5%), while its house median fell to 998,000 € (−6.7%); S'Agaró apartments fell to 425,000 € (−5.6%). With few listings per category these medians reflect the mix on offer more than a repricing. Long-term rentals are 89 (+2): 17.1 homes for sale per rental.
New-build is 69 listings against 73: the loss is entirely Sant Feliu (5 to 1); Platja d'Aro (48), S'Agaró (16) and Castell d'Aro (4) are unchanged in count. We report the counts, not a cause.
What it means
For a buyer, S'Agaró apartments and Platja d'Aro houses are where asking prices gave way; the second-hand apartment between 263,000 and 405,000 € is otherwise stable. For a seller, a house priced off last summer's 1.07 million € median is now above the market's 998,000 €.
3. Transactions and demand
The INE's August home-sales figure (ETDP) was scheduled for 19 October; the release page was not yet online when we checked, so we report nothing for August. The latest published INE data remain July 2026 (25 September): 61,417 sales in Spain, −5.1% on July 2025. The August mortgage statistics are due on 26 October.
On foreign demand, the Registradores' Q2 data (25.48% of purchases in Girona province by foreign buyers; Catalonia 17.63%; Spain 15.98%) are the latest; the Q3 release is due in November.
What it means
No new hard data this week. The election campaign and the pending decree vote are likely to weigh on investor sentiment more than on end-user demand; watch the INE figure when it appears.
4. Regulation and policy
- Elections and the decree vote. The press reports that Pedro Sánchez announced the dissolution of the Cortes on 5 October, after Congress rejected RDL 26/2026 and 27/2026 on 2 October, with a general election on 29 November. We did not read the dissolution decree. Edition #3 omitted this and described RDL 29/2026 as awaiting Congress; that was incomplete.
- With the Cortes dissolved, the Diputación Permanente validates or repeals decree-laws (article 78.2 of the Constitution), each in a single vote without amendments, within thirty days of publication (LegalToday, 8 October). Moncloa.com (17 October) reports that it plans to vote on 12 November, the day after a general strike on housing, and counts 69 members (PP 27, PSOE 25, Vox 6, Sumar 6, one each ERC, PNV, Junts, Bildu, Podemos); it expects the broad decree to pass and the lease-extension decree to fall on a 34–34 tie if the PNV votes against. Another outlet (El Riu) gives 13 November, the start of the campaign, as the deadline. Dates and outcomes are press forecasts, not official.
- RDL 29/2026 (BOE 7 October) has been in force since 8 October. Article 1 limits, until 31 December 2030, acquisitions of homes by large holders and by entities buying distressed assets or defaulted mortgage portfolios at less than 70% of appraised market value, with exceptions (affordable or social use, care homes, third-sector entities, adherence to the Code of Good Practices, certain foreclosures); article 2 suspends evictions of vulnerable households without a housing alternative. The lease extension, seasonal-rental, IBI and VAT provisions summarised in edition #3 are in the same text.
- RDL 28/2026 (lease stability) takes effect on 15 November according to LegalToday; if repealed before then it will not apply. We have not read its text.
- Local: we found no Castell-Platja d'Aro or Sant Feliu council decision on housing, licences or planning this week (a search returned nothing dated October 2026). Taxes unchanged: ITP 10–13% on second-hand homes; 10% VAT plus 1.5% AJD on new homes.
What it means
Legal risk is now dated: 12 November is the first day on which the decree can be struck down. Owners of tourist flats and seasonal lets should keep their contracts compliant with RDL 29/2026 until then; buyers using a large-holder or distressed-asset vehicle should have the independent appraisal required by article 1 in the file. Nothing here changes before the vote.
5. New developments
No change we can verify in the private pipeline: we did not re-open Group de Palol's project page this week (last checked on 4 October; next monthly check due). The public pipeline is unchanged from edition #3 (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 69 listings. Platja d'Aro (48): Passeig Marítim 100 (14 units, 795,000–1,495,000 €, median 11,287 €/m²), Carrer Lleida 40 (11 units, 680,000–1,160,000 €, 7,982 €/m²), Les Escoles dels Estanys 52 (8 units, 395,000–775,000 €, 6,137 €/m²), Passeig Marítim 94 (7 units, 9,280 €/m²), París 3-7 (3 units, 2,715 €/m²). S'Agaró (16): Urbanització Oest Sant Pol 45 (8 units, 1,100,000–1,345,000 €) and Carrer Agaró 55 (4 units, 7,979 €/m²). Castell d'Aro: Carrer d'Amadeu Vives 4 (4 units, 235,000–295,000 €, 3,341 €/m²). Sant Feliu is down to a single new-build listing.
6. Deals and capital markets
We did not search for or verify any institutional Costa Brava transaction this week, so we report none. Carried from edition #2 and not re-verified: the planned listing of Hotel Investment Partners (Hosteltur, 2 September). The CBRE and Colliers third-quarter investment reports are expected in the second half of October. Note that article 1 of RDL 29/2026 restricts large-holder purchases of homes below 70% of market value, which bears on portfolio and distressed-asset deals in Spain.
7. Tourism and the local economy
No new tourism release was verified 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.
8. Outlook and the week ahead
Base case unchanged: Castell-Platja d'Aro asking prices end 2026 some 2–4% above December 2025 with Sant Feliu nearer the top, transactions down mid-single digits on 2025, and the Euribor between 3.2% and 3.6% into Q1 2027 subject to the ECB on 29 October. Policy risk has a calendar: the Diputación Permanente vote (expected 12 November) and the 29 November election. Upside: energy-price relief pulling inflation and rates down. Downside: a third ECB rise or a repeal that reopens regulatory uncertainty during the campaign.
Calendar
- 19 October: INE home sales (ETDP) for August 2026 (not yet online when checked).
- 23 October: INE hotel survey for September.
- 26 October: INE mortgage statistics for August 2026; edition #5 of this digest.
- 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).
- 12 November (expected, press): Diputación Permanente vote on RDL 28/2026 and 29/2026; 15 November: RDL 28/2026 due to take effect; 29 November: general election.
- November: Registradores Q3 2026 statistics; early December: INE house price index, Q3 2026; 17 December: ECB.
- Pending: Sant Feliu IBI surcharge ordinance (if any); Group de Palol monthly check; 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 16 Oct 2026
- INE — final CPI, September 2026 (14 Oct 2026)
- INE — flash CPI, September 2026 (29 Sept 2026)
- Eunews, relaying Eurostat — euro area final HICP, September 2026 (16 Oct 2026)
- BOE — Real Decreto-ley 29/2026, de 6 de octubre (BOE 7 Oct 2026, BOE-A-2026-20823)
- LegalToday — the housing decree-laws: repeal, re-approval and validation during dissolution (8 Oct 2026; press pointer)
- Moncloa.com — the Diputación Permanente expected to vote on 12 November (17 Oct 2026; press pointer)
- Diario de León — Sánchez calls general elections for 29 November (5 Oct 2026; press pointer)
- HelpMyCash — Mejores hipotecas, updated 7 October 2026 (re-opened 19 Oct)
- INE — Estadística de Transmisiones de Derechos de la Propiedad, July 2026 (25 Sept 2026; August release not yet online on 19 Oct)
- idealista — sale price report, September 2026 (carried; portal returned HTTP 403 on 19 Oct)
- Emerald Properties — habitaclia snapshot, 19 October 2026 (1,532 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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