“We are seeing investor interest in Spanish real estate, something we haven’t seen for the last four years,” says Colin Dyer, head of Jones Lang Lasalle, an international real estate consultancy.

According to press reports, Dyer has praised the structural reforms undertaken in Spain, and says that these combined with a strong tourist sector and increasing levels of building refurbishment will increase activity in the real estate market and bring an end to property price declines in 2014 to 2015.

Foreign investors are finally starting to get interested in Spanish real estate. “Investors are starting to compete for the best assets of the bad banks, so we are seeing real interest, something that has been lacking in the last four years,” said Dyer, quoted in the press. “Two years ago I was in Spain and there were no foreign funds. In two years the situation has clearly improved.”

But financing will have to return to normal for a genuine recovery to take place, warns Dyer. “We have seen it in the recovery in other countries: the key to bringing back demand is that credit starts flowing again.”

He didn’t say when credit will start flowing again. I can tell you it won’t be this year; the banks are still too busy writing down their losses, principally on real estate, to start lending again.