Property sales rise in Spain

Following three years of sharp declines, it has been revealed that property sales in Spain increased by 5.9 per cent in 2010.

This is according to figures released by the country's housing ministry, which reported that there were 491,061 transactions over the course of the last year, AFP reported.

However, despite the increase, the level of sales remains well below the 950,000 seen at the peak of the market in 2006, the organisation said.

The data is sure to be welcomed by investors and those looking to buy property in Spain, as it indicates that confidence is beginning to return to the battered market.

Indeed, sales crashed 12.4 per cent the following year before further accelerating to 32.6 per cent in 2008 and 17.8 per cent in 2009.

The news follows the release of figures from the Department for Housing which show that the average price for a house in Spain has fallen by 3.5 per cent over the course of the past 12 months.

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