Expats home owners will be cheered by the latest house price news from Spain.
Home values were up 6.3% year on year in the first three months of 2016 according to the latest official data published by the National Statistics Institute.
The increase marks the largest rise since Q3 in 2007, when prices surged by 9.3%.
The current price level is also a significant increase on the figures for the last quarter of 2015.
Then, prices registered a 4.2% increase.
The latest results are the eighth quarter in a row that house prices have gone up in Spain after a drop of between 33% and 50% after the financial crisis.
Every region reports rising values
Splitting the data, the cost of a new home was up 6.1%, while the cost of a pre-lived in property rose by 6.4%.
The value of a secondhand property delivered the biggest increase for nearly a decade.
Every region in Spain showed a property price increase.
Madrid (9.7%) and The Balearic Islands (8.8%) showed the greatest increases and have consistently been out in front of other regions.
Properties on the coast sell for more
Overall, 103,288 homes changed hands in Spain in the first three months of 2016, a 20% increase over the previous quarter.
Reuters reports house price growth is gaining despite political uncertainty in Spain.
A general election is on the way for June 26 after minority political parties have not forged a coalition since the last election in December.
“It’s not only sales of second-hand housing that are growing, it’s new houses too, a clear indicator of the market’s recovery,” Manuel Gandarias, director of research at property website pisos.com, said in a statement.
Gandarias also explained that prices are going up in towns and cities along the coast rqther than the interior of the country.
Splitting those figures out, rents are up just over 7% and selling prices soared by 11.64%.
Meanwhile, a shortage of homes in Spain can only be met if at least 140,000 homes are built every year up to 2025, when prices are expected to settle at the peak last seen in 2007.