The continuous growth of house prices in Spain in recent years has been an issue with economists and market participants. It is still an issue of debate whether the increases are based in fundamentals or whether they essentially constitute a bubble. In this work we study and document the price growth in housing of recent years and attempt to contribute to the above debate. Our work so far (within the framework of a specific asset pricing model described below) indicates that there are no obvious factors that can provide a strong explanation for the price hikes or the recent past. In this aspect our work can be seeing as supporting the bubble theory. But the later is something that also needs to be explored formally on the basis of existing work in the literature as well as in the direction of alternative pricing models.