The Spanish property market expanded 10pc in February, according to the latest figures from the National Statistics Office (INE).
The year is off to an encouraging start with sales up in both January and February on an 12-month basis (next chart).
Excluding social housing there were 39,268 house sales in February, a rise of 9.9pc on the same month last year, but a small fall of 1pc compared to January.
The market has expanded by 27pc from the lows of February 2009, but is still 42pc down compared to February 2007.
There were 22,703 new-build sales in February, and 22,904 resales, so resales are back on top, albeit in a very small way.
Where do we go from here? It looks like a feeble recovery is under way, but that won’t be enough to solve the Spanish property market’s problems anytime soon.
The following table gives you all the key data for the latest transaction figures.