With the number of residential properties sold in Spain rising by over 20% in 2014, new figures from the Ministry of Development in the country show that the value of sales also rose by a considerable 23% last year.

There were 365,000 residential property sales across Spain last year, with a combined value of €46.996bn, 23.4% up on 2013 and the first increase in three years. Though spending on new-build homes fell by 5.6% to €7.268bn, sales on second-hand homes rose to €39.727bn, up nearly 31% on the previous 12 months.

The provinces of Madrid, Catalunya, Andalucia and Valencia recorded the largest total spend. The most significant year-on-year increases came in Zaragoza (up 44%), Madrid (up 42%), Barcelona (up 38%), Salamanca (35%) and the Balearic Islands (up 34%). There was a downturn in just four of Spain’s 50 provinces, Tarragona, Almeria, Ciudad Real and Soria.

While positive for the sector, total property sales are at around 30% of the total at the peak of the market: nearly €158.7bn was spent on homes in Spain in 2006.