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Weekly digest · Edition 5
The Euribor drifts up to 3.267% on the eve of the ECB, and the date of the housing-decree vote is no longer certain.
The 12-month Euribor fixed at 3.267% on 23 October, 5.2 basis points above a week earlier (3.215%), still below the 3.303% of 1 October and 2 bp above the 3.247% September average that resets variable mortgages this month. The ECB deposit rate stands at 2.50% (we re-opened the ECB page), and the next decision is on Thursday 29 October. HelpMyCash updated its mortgage ranking on 23 October: the best fixed rate (2.10%) is unchanged, but the third-placed fixed offer is now Banco Sabadell at 2.75% and Banca March has a new variable offer at Euribor + 0.45. On the decrees, edition #4 reported a 12 November vote in the Diputación Permanente; brainsre.news now reports that the Government left both decrees off the agenda of the Friday session and that a vote 'could' take place on 6 November. Neither date is official. On the bay habitaclia shows 1,517 homes for sale (−5), 90 rentals (+1) and 68 new-build listings (69). The INE's August home-sales and mortgage releases were not online when we checked.
This week in numbers
Executive summary
- Money first. The 12-month Euribor rose on seven of nine fixings from 12 to 23 October (3.177% → 3.267%) and ended at 3.267%, 5.2 bp above last Friday's 3.215%. It is still below the 3.303% of 1 October but above the official September average of 3.247%, so we do not call the direction of the October average, which is published on 2 November, because we have not seen every daily fixing. The ECB deposit rate is 2.50% (ECB page re-opened today; last change 16 September, from 2.25%), and the next decision is on 29 October.
- Mortgages: HelpMyCash's ranking was updated on 23 October. The best fixed rate is still 2.10% TIN via broker and Ibercaja still 2.55%, but Banco Sabadell (2.75% TIN, TAE 3.67%) is now third among fixed offers; in the variable ranking Banca March (Euribor + 0.45, TAE 4.00%) now sits second, ahead of Kutxabank (+0.49). The mixed offers now list their post-fixed-period spreads (broker + 0.40, Sabadell + 0.70, Ibercaja + 0.60). On 300,000 € over 25 years the best fixed costs 1,286 € a month and the best variable (Euribor + 0.30 at 3.267%) 1,513 €: a gap of 226 €.
- Politics: the date of the decree vote is less certain than in edition #4. Moncloa.com (17 Oct) reported 12 November for the Diputación Permanente; brainsre.news (15 Oct, updated 21 Oct) reports that the Government left RDL 28 and 29/2026 off the agenda of last Friday's session and that a vote 'could' take place on 6 November, a week before the campaign starts on 13 November. We could not find the official agenda, so both dates are unconfirmed press reports. RDL 29/2026 remains in force since 8 October; RDL 28/2026 is due to take effect on 15 November unless repealed.
- Data gaps: the INE's August home-sales (ETDP) and mortgage releases were not online on 26 October (the pages we expected returned 'not found'), and idealista again returned HTTP 403, so there is no new price or transaction figure this week. The latest verified INE data: July mortgages 43,372 (−3.5% year on year, 28 Sept; average rate 3.01%) and July home sales 61,417 (−5.1%, 25 Sept).
- Inventory: habitaclia shows 1,517 homes for sale (−5: Platja d'Aro +2, S'Agaró −2, Castell d'Aro −1, Sant Feliu −4), 90 rentals (+1) and 68 new-build listings (69; S'Agaró 16 → 15). Medians moved on thin samples: Platja d'Aro apartments 417,750 € (+3.1%), Platja d'Aro houses 978,000 € (−2.0%, after 998,000 € last week), S'Agaró houses 1,347,500 € (+5.7%), Sant Feliu apartments 270,000 € (+2.6%).
- Our positioning: the Euribor is climbing into an ECB meeting, so a buyer who wants a fixed rate should have the offer in writing before 29 October; the best fixed rate did not move this week. Do not sign anything that depends on RDL 28/2026 taking effect on 15 November, and treat any vote date as provisional until the Congress publishes the agenda. A Platja d'Aro seller pricing a house near the 1.07 million € of early October is now about 9% above the median ask of 978,000 €.
1. Rates and mortgages
The 12-month Euribor fixed at 3.267% on 23 October (euribor-rates.eu), after 3.262% on the 22nd, 3.263% on the 21st, 3.245% on the 20th and 3.233% on the 19th; the week before it was 3.215% (16 Oct), 3.217%, 3.201%, 3.191% and 3.177% (12 Oct). The 23 October value is 5.2 bp above last Friday's, 9 bp above 12 October, and 3.6 bp below the 3.303% of 1 October. The official September average, which resets variable mortgages in October and November, is 3.247% (Banco de España, 1 October). The official October average is published on 2 November; we do not estimate it because we have not collected every fixing of the month.
The ECB deposit facility rate is 2.50%, in force since 16 September 2026 (it was 2.25% from 17 June), according to the ECB's key-rates page that we re-opened on 26 October; the next monetary-policy decision is on 29 October. Spanish CPI for September was confirmed at 4.9% by the INE on 14 October (core 3.1%, HICP 5.0%); it is carried here because the October flash is only due on 30 October.
| Best offers, 23 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, Banco Sabadell | 2.75% TIN | 3.67% | now third (Banca March 2.65% not in the top three shown) |
| Mixed, via broker | 1.40% 5 yrs, then Euribor + 0.40 | 3.24% | unchanged rate; spread now shown |
| Mixed, Banco Sabadell | 1.80% 3 yrs, then Euribor + 0.70 | 4.03% | unchanged rate; spread now shown |
| Mixed, Ibercaja | 2.00% 5 yrs, then Euribor + 0.60 | 4.02% | unchanged rate; spread now shown |
| Variable, via broker | Euribor + 0.30 | 3.82% | unchanged |
| Variable, Banca March | Euribor + 0.45 | 4.00% | new in the top three |
| Variable, Kutxabank | Euribor + 0.49 | 4.11% | unchanged rate; now third |
HelpMyCash ranking updated 23 October 2026 and opened on 26 October. Rates with linked products (payroll, insurance). Last week's table (7 Oct ranking) also listed Banca March fixed at 2.65% (TAE 3.01%) and Banco Sabadell variable at Euribor + 0.50 (TAE 4.46%); neither is among the three offers per category that we read this week, which does not mean the bank withdrew it.
On a 300,000 € loan over 25 years the monthly payment is 1,286 € at the best fixed 2.10% and 1,513 € on the best variable (Euribor + 0.30) at the 3.267% fixing; at the 3.247% September average it is 1,509 €. The gap between best fixed and best variable widened to about 226 € a month from 218 € a week ago.
What it means
The Euribor has climbed for two weeks into the ECB meeting and the best fixed offer has not moved, so the cost of waiting is the risk on the variable side, not a better fixed rate. A borrower with a reset in October–November is revised at 3.247%; one resetting in December will see the October average (2 November), which on the fixings so far should land close to it. Buyers who need a fixed rate should ask for a binding offer before 29 October.
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 #2–4: the portal returned HTTP 403 again on 26 October, so these figures are not re-verified. The October report is expected in early November.
| Town (habitaclia, 26 Oct 2026) | For sale | Median apartment | €/m² | Median house | €/m² | Rentals |
|---|---|---|---|---|---|---|
| Platja d'Aro | 754 (+2) | 417,750 € (+3.1%) | 4,833 | 978,000 € (−2.0%) | 3,493 | 43 (−1) |
| S'Agaró | 111 (−2) | 425,000 € (0.0%) | 4,942 | 1,347,500 € (+5.7%) | 5,851 | 14 (0) |
| Castell d'Aro | 61 (−1) | 292,500 € (0.0%) | 3,513 | 467,000 € (0.0%) | 2,211 | 1 (0) |
| Sant Feliu de Guíxols | 591 (−4) | 270,000 € (+2.6%) | 3,051 | 580,000 € (0.0%) | 3,375 | 32 (+2) |
Emerald snapshot of habitaclia, 26 October 2026 (1,524 listing cards read; portal counts 1,517 for sale and 90 to let): asking prices; medians by property type. Change in brackets is since the 19 October snapshot. New-build: 68 listings (Platja d'Aro 48, S'Agaró 15, Castell d'Aro 4, Sant Feliu 1) against 69 on 19 October (48, 16, 4, 1). The S'Agaró and Castell d'Aro medians rest on few listings.
Total stock is 1,517 (−5, −0.3%): the week's moves are all well inside our ±25% artefact threshold. Platja d'Aro added two listings; S'Agaró lost two, Castell d'Aro one and Sant Feliu four. Medians shifted more than counts: Platja d'Aro apartments +3.1% to 417,750 €, Platja d'Aro houses −2.0% to 978,000 € (998,000 € last week), S'Agaró houses +5.7% to 1,347,500 € on 64 listings, and Sant Feliu apartments +2.6% to 270,000 €. S'Agaró apartments and the Castell d'Aro medians are unchanged. These swings reflect the mix of what is on offer more than a repricing. Long-term rentals are 90 (+1): 16.9 homes for sale per rental.
New-build is 68 listings against 69: the loss is one S'Agaró listing (16 to 15); the counts for Platja d'Aro (48), Castell d'Aro (4) and Sant Feliu (1) are unchanged. We report the counts, not a cause.
What it means
For a buyer the pattern of the past fortnight holds: Platja d'Aro houses keep sliding from the summer's 1.07 million € median, while apartments there and in Sant Feliu are asked slightly more. For a seller, the market is not rewarding price rises on houses; a house priced above 1 million € in Platja d'Aro competes with a median ask now below 980,000 €.
3. Transactions and demand
The INE's August home-sales release (ETDP, scheduled for 19 October) and its August mortgage statistics were not online when we checked on 26 October (the expected pages returned 'not found'), so we report nothing for August and cannot say whether the release was delayed or the date was misreported. The latest verified data are: July 2026 home sales of 61,417 in Spain, −5.1% on July 2025 (INE, 25 September), and July 2026 home mortgages of 43,372, −3.5% on July 2025 and −5.5% on June, at an average rate of 3.01% on new home mortgages (INE, 28 September, provisional). For comparison, June had 45,907 mortgages (+10.8%, Catalonia +14.0%; average rate 2.96%; INE, 26 August).
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
The July mortgage count fell after June's jump, while the average rate rose from 2.96% to 3.01%: financing is getting dearer as the Euribor rises. August is the first month that will show whether the summer slowdown in sales continued; we will report it when published.
4. Regulation and policy
- The decree vote date is in doubt. Edition #4 reported, from Moncloa.com (17 October), that the Diputación Permanente planned to vote on RDL 28/2026 and 29/2026 on 12 November. brainsre.news (15 October, updated 21 October) reports that the Government left the two housing decrees off the agenda of last Friday's session in favour of the Middle East and Valencia flood-aid decrees, and says the vote 'could' take place on 6 November, a week before the campaign starts on 13 November. We could not find the Congress agenda or a formal announcement; treat 6 and 12 November as unconfirmed press reports. The constitutional 30-day limit runs from each decree's publication in the BOE.
- RDL 29/2026 (BOE 7 October) has been in force since 8 October; our reading of article 1 (limits, until 31 December 2030, on purchases of homes by large holders and distressed-asset buyers at less than 70% of appraised market value, with exceptions) and article 2 (suspension of evictions of vulnerable households without a housing alternative) is as in edition #4 and was not re-read this week. RDL 28/2026 (lease stability) is due to take effect on 15 November; if repealed before then it will not apply.
- The press counts of the 69-member Diputación Permanente reported last week (a broad decree expected to pass, the lease decree expected to fall on a 34–34 tie) are forecasts, not results, and we have not re-verified them.
- Local: we found no new 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
Legal risk is dated but the date is uncertain. Keep seasonal and tourist lets compliant with RDL 29/2026, and do not make a purchase or a lease conditional on RDL 28/2026 starting on 15 November. If the vote comes on 6 November the uncertainty ends earlier than planned, ahead of the 29 November election.
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; the monthly check is 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 68 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, 375,000–436,500 €, 2,891 €/m²). S'Agaró (15): Urbanització Oest Sant Pol 45 (8 units, 1,100,000–1,345,000 €), Carrer Agaró 55 (4 units, 650,000–750,000 €, 7,979 €/m²). Castell d'Aro: Carrer d'Amadeu Vives 4 (4 units, 235,000–295,000 €, 3,341 €/m²). Sant Feliu has a single new-build listing.
6. Deals and capital markets
We did not verify any institutional Costa Brava transaction this week, so we report none. For the market context, Colliers' first-half 2026 hotel report (found in a search, not opened at the source this week) put hotel investment in Spain at about 2,460 million € (+26.5%); we have no Costa Brava breakdown. The CBRE and Colliers third-quarter investment reports were not found. Carried from edition #2 and not re-verified: the planned listing of Hotel Investment Partners. 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 INE hotel survey for September (scheduled for 23 October) could not be opened. The latest figures we have confirmed 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.
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. The Euribor's two-week climb to 3.267% is still inside that range and is the main number to watch. Policy risk has a calendar, now uncertain: the Diputación Permanente vote (6 or 12 November, press) 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
- 29 October: ECB monetary policy decision; 30 October: INE flash CPI for October.
- 2 November: Banco de España October Euribor average; edition #6 of this digest; idealista October price reports (early November).
- 6 November (possible) or 12 November (reported): Diputación Permanente vote on RDL 28/2026 and 29/2026; 13 November: campaign starts; 15 November: RDL 28/2026 due to take effect; 29 November: general election.
- Pending, dates not confirmed by us: INE home sales (ETDP) and mortgage statistics for August 2026; INE hotel survey for September.
- 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 23 Oct 2026
- ECB — key interest rates (deposit facility 2.50% since 16 Sep 2026; re-opened 26 Oct)
- INE — final CPI, September 2026 (14 Oct 2026; carried)
- INE — Estadística de Hipotecas, July 2026 (28 Sept 2026)
- INE — Estadística de Hipotecas, June 2026 (26 Aug 2026)
- INE — Estadística de Transmisiones de Derechos de la Propiedad, July 2026 (25 Sept 2026; August release not found online on 26 Oct)
- BOE — Real Decreto-ley 29/2026, de 6 de octubre (BOE 7 Oct 2026, BOE-A-2026-20823; carried from edition #4)
- Moncloa.com — the Diputación Permanente expected to vote on 12 November (17 Oct 2026; press pointer)
- brainsre.news — the Government leaves the housing decrees off the Diputación Permanente agenda; a vote 'could' be held on 6 November (15 Oct 2026, updated 21 Oct; press pointer)
- HelpMyCash — Mejores hipotecas, updated 23 October 2026 (re-opened 26 Oct)
- idealista — sale price report, September 2026 (carried; portal returned HTTP 403 on 26 Oct)
- Emerald Properties — habitaclia snapshot, 26 October 2026 (1,524 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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