The price per m2 of Spanish building land increased by 2.7pc in 2012, according to figures from the Ministry of Public Works (Fomento).

The average price of building land now stands at 187.4 €/m2, down from a peak of around 290 €/m2 in 2007.

The market for building land, however, shows no signs of recovery. It has been falling or flat lining since about 2005, and fell another 13pc last year.