It is extremely encouraging to see that the volume of the Spanish Housing Market expanded by 10.3% in September, as compared with the same month last year, according to the Association of Spanish Notaries. The actual number of home sales witnessed by notaries in September was 34,918 (this representing a rise of 10.3% year-on-year), with apartment sales up 10.1% and single-family home sales up by 11.1%. This shows that although the Spanish Housing Market is still just half the size of its 'bubble' proportions of July 2007, the market has now recovered from a low of just 30% of the 2007 figures at the end of 2012.

The average price of property sold was 1,236€ per m², which was down by 3.5% against the average price during September last year. So, there was yet another month of home sales rising, whilst the national average price of property fell slightly (disguising big local differences). This shows that the Spanish property Market continues its patchy recovery, with sales and prices rising in some areas (mainly where overseas buyers purchase) and falling in others.

Nevertheless, the Housing Index in Spain is expected to be 1,525€ per m² by the end of this quarter - rising to 1,551€ per m² in 12 months' time. In the long-term, however, the Spanish House Prices Index is projected to reach a more realistic 1,832€ per m².