The Spanish property market is steady in volume terms, but still falling in value terms.

There were 22,972 home sales in November (excluding social housing), 4pc less than the same time last year, and 2pc more than the previous month. So after another month’s data it still looks like the Spanish property market has found its floor (see graph above).

But in value terms (transactions x prices) the market shrank by 10pc or more thanks to house price falls in the double digits last year.

And the elimination of tax breaks for buyers at the start of January could mean lead to another lurch-down in sales in the first half of this year.

The following table summarises all the key transaction data for the last six years.