Figures from the property register confirm the housing market expanded last year for the first time in 4 years.

It’s the first bit of good news from the Spanish property market in 4 years. There were 445,885 house sales last year, an increase of 5.38pc on 2009, according to the latest figures from Spain’s property register.

However, the increase might have been driven by temporary factors such as the elimination of mortgage tax relief at the start of this year, and the increase in VAT on new home sales mid-way through last year.

Furthermore, sales in Q4, at 93,003 transactions, were down 1.85pc on the same period last year, suggesting the market has yet to find the legs for a sustained recovery.