The latest Global House Price Index from The Economist magazine makes it easy to compare how Spanish house prices have fared since 2007 compared to other housing markets around the world.
If you go back to the end of 2008, when housing booms in places like Ireland and Spain were coming to an end, Spanish house prices have fallen almost 40% in nominal terms, the same as in Ireland and Greece, whilst prices have risen by 20% to 30% in Britain and Germany over the same period (chart above).
If you go back to 2012 (next chart), only Greece has done worse than Spain in terms of crashing property prices. Ireland has had a turnaround, with prices up more than 20% since around mid-2013.
Will Spain now follow Ireland with fast rising house prices? I doubt it. There are still too many headwinds like high unemployment, low incomes, high transaction costs, and a glut of poor quality homes for sale. Prices might surge in some segments like prime Barcelona, Madrid, and the best areas of the coast, but I expect the average national price to stagnate for the foreseeable future.