The Spanish property market grew robustly in August, according to the latest figures from the National Institute of Statistics (INE).
Excluding social housing, there were 39,250 house sales in August, up 1pc on July and 26.6pc on the same month last year.
As you can see from the chart above, the market is clearly recovering from a bottom last year, and the second half of the year could be the best since 2007.
In particular, resale properties had a good month in August, with sale up 34pc compared to last year. New build sales were up by a quarter.
The following table shows sales and rates of change in the year to August over the last 4 years.
Despite growth of 12pc this year, the market is still 24pc smaller by transactions than 2008, and 45pc smaller than 2007.
Assume that prices have fallen 20% since 2007, and that means the market is down 56pc by value compared to 2007. August may have been a good month for sales by recent standards, but the Spanish property market is still worth less than half what it was just 3 years ago. That has big implications for the Spanish economy.
And finally, the following table shows you the change in selected regional markets in the year to date. Barcelona is doing best, up 44pc on the same period last year, and Las Palmas in The Canary Islands is doing worst, down 15pc.