There are no real signs of any green shoots in the wider Spanish property market, though I still think the market has found a floor in terms of transactions.

There were 23,881 house sales in May (excluding social housing), down 2pc on the same time last year, but up 13pc compared to the previous month, all according to the latest figures from the INE, illustrated by the chart above.

House sales in May were the lowest since the property crash began, and down 66pc on the same month in 2007, so clearly no recovery underway. But a 2pc annualised decline suggests that the market is hardly shrinking anymore, and may have found a floor.

Year to date, the Spanish property market was 8pc bigger in the first five months compared to the same period last year, but that can be explained by fiscal changes which brought forward sales into the first 2 months of the year, and robbed them from later months.

In value terms, measured in Euros, the Spanish property market is around 80pc smaller than it was in 2007.

The following table summarises Spanish house sales over the last 7 years: