Latest figures from the Spanish property authorities show transaction levels up more than 5 per cent compared with 2018, the highest amount of activity in a decade.

Standout regions include La Rioja (up by 71 per cent), Gallicia (22 per cent) and Castilla-La Mancha (21 per cent), while activity in the Canaries and Balearics was subdued by comparison. Sales in Madrid and Catalunya were strong, at around 6 per cent higher than in 2018.

In Vallencia, the proportion of transactions per residents was the highest in the country, at 164 per 100,000 residents, thanks to the high number of sales involving overseas buyers. Overall, there were more than 500,000 property sales in the past 12 months in Spain, almost 75 per cent more than at the bottom of the market in 2014 and a 7.5 per cent rise on last year, on average.

Meanwhile, political commentators expect a hung parliament when Spain goes to the polls on 28 April, since no party is showing a commanding lead. The ruling PSOE socialist party is likely to remain in power, in alliance with others.

Of the foreign buyers of Spanish property, the British remain far above the rest, with almost 15 per cent of sales (with an increase during 2018) whereas the number of both French and German buyers decreased during the year.